Thermal Energy Storage Market Size Projected to Garner USD 45.4 Billion by 2032 growing at 8.2% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

The Global Thermal Energy Storage Market Size is predicted to reach USD 45.4 Billion by 2032 from USD 20.8 Billion in 2022, at a CAGR of 8.2% between 2023 and 2032, as per the Acumen Research and Consulting

In recent years, thermal energy storage (TES) has been gaining significant traction in the energy sector due to its potential to address intermittency issues associated with renewable energy sources like solar and wind. One notable advancement is the increasing adoption of TES systems in conjunction with concentrated solar power (CSP) plants. These plants utilize mirrors or lenses to concentrate sunlight onto a receiver, generating high-temperature heat that can be stored in molten salts or other mediums. The stored heat can then be used to produce steam and drive turbines to generate electricity, even when the sun is not shining, thereby enabling continuous power generation.

Additionally, advancements in materials and engineering have led to more efficient and cost-effective TES technologies. Innovations such as phase change materials (PCMs) and advanced thermal insulation techniques have enhanced the storage capacity and efficiency of TES systems, making them more viable for widespread deployment. Furthermore, the integration of TES into conventional power plants and industrial processes has been increasing, enabling better management of energy demand and grid stability. The growing emphasis on decarbonization and the need to transition towards a more sustainable energy landscape have also propelled the expansion of TES in recent years.

Thermal Energy Storage Market Analysis

Thermal Energy Storage Market Statistics

  • Global thermal energy storage market value was worth USD 20.8 Billion in 2022, with an 8.2% CAGR from 2023 to 2032
  • Europe thermal energy storage market share occupied around 37% in 2022
  • Asia-Pacific region is expected to expand at the highest CAGR between 2023 and 2032
  • By technology, the sensible segment captured the largest market share in 2022
  • Growing demand for automation and efficiency in transactions, propel the thermal energy storage market revenue

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Thermal Energy Storage Market Trends

The thermal energy storage market has experienced significant growth in recent years, driven by several key factors. One primary driver is the increasing adoption of renewable energy sources such as solar and wind power. The thermal energy storage systems play a vital role in enhancing the reliability and efficiency of renewable energy by storing excess energy generated during periods of high production and delivering it when demand is high or when renewable generation is low. This capability helps to mitigate the intermittency issues associated with renewables, making them more viable alternatives to traditional fossil fuel-based power generation.

Moreover, government initiatives and policies aimed at reducing greenhouse gas emissions and promoting sustainable energy solutions have further propelled the Thermal Energy Storage Market growth. Many countries have implemented renewable energy targets and incentives to encourage the adoption of TES technologies as part of their efforts to transition towards a low-carbon economy. Additionally, advancements in TES technologies, including improvements in storage capacity, efficiency, and cost-effectiveness, have made these systems increasingly attractive to a wide range of end-users, including utilities, commercial and industrial facilities, and residential applications.

Thermal Energy Storage Market Segmentation

Acumen Research and Consulting has segmented the global thermal energy storage market by technology, storage material, application, end-user, and region.

  • By technology, the industry is categorized into latent, sensible, and thermochemical.
  • By storage material, the market is divided into molten salts, phase change materials, water, and others.
  • By application, the market is classified into process heating and cooling, district heating and cooling, and power generation.
  • By end-user, the market is split into utilities, industrial, and residential & commercial.
  • By region, the market is classified into Asia-Pacific, North America, Europe, Latin America, and the MEA.

Thermal Energy Storage Market Regional Overview

According to the thermal energy storage industry analysis, the Asia-Pacific region has emerged as a significant growth center in the thermal energy storage (TES) market due to several factors driving demand and adoption in the region. One primary driver is the rapid economic growth and urbanization in countries like China, India, and Southeast Asian nations. This growth has led to increased energy consumption and heightened demand for reliable and sustainable energy solutions. TES systems offer an effective means of balancing energy supply and demand, particularly in densely populated urban areas where grid infrastructure may be strained. Furthermore, the Asia-Pacific region is witnessing a substantial shift towards renewable energy deployment, driven by government policies, environmental concerns, and the declining costs of renewable technologies. TES technologies complement renewable energy sources like solar and wind power by providing energy storage capabilities to mitigate intermittency issues and ensure a stable and consistent power supply. Governments across the region are implementing ambitious renewable energy targets and incentivizing the adoption of TES systems as part of broader efforts to transition towards cleaner and more sustainable energy systems.

Thermal Energy Storage Market Players

Some of the prominent thermal energy storage market companies are DN Tanks, Caldwell Energy Company, Terrafore Technologies LLC, Abengoa SA, Siemens Gamesa Renewable Energy, S.A, Burns & McDonnell, Baltimore Aircoil Company, Dunham Bush, Goss Engineering, FAFCO, Inc., and Deepchill Solutions Inc.

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Mr. Frank Wilson

Acumen Research and Consulting

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