Thermal Energy Storage Market Trends, Analysis, Statistics 2023- 2030
With the rapid urbanization and industrialization driving an insatiable global appetite for energy, the need for efficient energy storage systems is becoming increasingly paramount. Thermal Energy Storage (TES) systems have emerged as a solution to mitigate the challenges posed by intermittent energy sources, providing stability and flexibility to energy supplies. Recent research indicates that Europe is poised to become a key player in this domain, spearheading the thermal energy storage market in the years ahead.
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Key Insights from the Report
The thermal energy storage market is projected to reach a valuation exceeding US$8 billion by 2026. EnergyNest, based in Norway, stands out as the largest global thermal energy storage company. Among the various technologies, molten salt TES systems have gained widespread adoption. The commercial and industrial sector is expected to emerge as the largest application segment within the thermal energy storage industry. Notably, Europe is forecasted to command a significant share of the market during the projected period.
Driving Forces Behind Growth
Rising Demand for Solar Energy Generation: The global shift towards decarbonization and the reduction of carbon emissions to combat climate change has ignited a strong focus on renewable energy sources. Solar energy, in particular, has witnessed remarkable growth. As solar and wind energy generation continue to surge, the demand for efficient energy storage solutions, including thermal energy storage, is expected to follow suit.
Supportive Policy Environment: Robust federal policies promoting clean energy adoption, such as investment tax credits for solar power, have spurred interest in energy storage solutions. Thermal energy storage, integral for storing solar thermal energy in power generation, aligns well with these policies, driving further market expansion.
Sensible Heat Storage Surge: Sensible heat storage technology is poised to lead the growth trajectory due to its cost-effectiveness and adaptability. Widely used molten salt offers exceptional thermal characteristics, making it a favored choice for various commercial and
industrial applications. Sensible heat storage's reversibility and endless cycling potential contribute to its increased adoption.
Challenges to Address
High Initial Costs and Competition from Alternatives: The implementation of thermal energy storage systems entails significant upfront costs, potentially deterring adoption. Awareness about the benefits of these systems also needs to be raised. Moreover, alternatives like pumped hydro storage and battery storage, with lower initial costs and better familiarity, could pose competition.
Segment Overview
The market includes various Concentrated Solar Power (CSP) thermal energy storage technologies, such as single-tank thermocline, two-tank indirect, and two-tank direct systems. These solutions enhance overall efficiency, reduce expenses, and minimize carbon emissions, making them a pivotal component of CSP facilities and driving market growth.
Regional Opportunities
Europe Leading with Renewable Focus: Europe took the lead in renewable energy in 2021, with Spain emerging as a key contributor to the thermal energy storage market due to its operational TES projects and presence of major players like Abengoa Solar. The continent's commitment to renewable district heating, coupled with the demand for seasonal and shortterm storage solutions, positions Europe as a growth hotspot for thermal energy storage projects.
Key Players in the Landscape
Prominent companies in the global thermal energy storage market include BrightSource Energy Inc., SolarReserve LLC, Vantaa Energy, Ice Energy, Abengoa SA, and others. These industry leaders are actively engaged in product innovation, collaborations, acquisitions, and partnerships to maintain a competitive edge.
Browse Thermal Energy Storage Market Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030:
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