Thermal Energy Storage Market size valued at USD 16 billion in 2017 and is set to exceed cumulative deployment of 13,000 MW by 2024. Increasing adoption of renewable energy sources coupled with growing demand for Concentrating Solar Power (CSP) will drive the market growth. In addition, rising need for improving energy efficiency along with ongoing energy utilization efforts will have a positive impact on the systems demand.
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|Market Size in 2017:||16 Billion (USD)|
|Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||18.5%|
|2024 Value Projection:||55 Billion (USD)|
|Historical Data for:||2013 to 2017|
|No. of Pages:||382|
|Tables, Charts & Figures:||641|
|Segments covered:||Storage Material, Technology, Application, End-Use and Region|
|Pitfalls & Challenges:|
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Increasing government measures toward sustainable technology adoption will help achieve the established carbon emission reduction targets and thus will stimulate the market demand. Growing demand for energy efficient and cost competitive sources coupled with continuous and reliable power requirements across various industries will complement the industry landscape.
Molten salt based thermal energy storage market will grow rapidly owing to large scale storage capacity along with ability to enable stable and dispatchable power delivery. High boiling point & volumetric heat capacity along with low vapor pressure are some of the key parameters stimulating the systems adoption.
Phase change material segment is set to grow owing to the material’s capability to store within a small temperature range along with its substantial heat storage capacity. Ongoing research and development initiatives toward the material’s applicability in medium and high temperature applications including the CSP and thermal power plants will propel the business landscape.
Sensible heat market size is set to register high gains to 2024 on account of increasing demand for solar thermal systems coupled with its applicability across large scale district heating and cooling systems. Ability to perform completely reversible charging and discharging operations for an infinite number of cycles is an underlying feature of the technology that will further boost its adoption.
Latent heat technology segment will grow owing to its isothermal nature of the storage process along with high storage density. High suitability across the industrial establishments and space heating and cooling in buildings will boost the business growth.
Increasing demand for cost efficient and uninterrupted power supply from off grid and remote areas will boost the thermal energy storage market revenue. In addition, introduction of various government schemes pertaining to electricity generation from solar power plants will further propel the industry growth. Under the Feed-In Tariff scheme, the renewable power generation provider receives the equivalent of retail electricity price for each unit produced and the extra power they sell back to the grid.
Rising inclination toward the renewable energy-based electricity generation in district heating systems along with ability to provide augmented efficiency will positively influence the market share. Increasing focus toward R&D with an aim to decrease the levelized cost of electricity for CSP plants will increase the product adoption.
Growing spending toward infrastructure establishment and development will drive the demand for Heating, Ventilation & Air-Conditioning (HVAC) systems and thus will boost the industrial end-use segment in the market. Furthermore, increasing adoption of these systems across industries using large quantity of hot water for economic operation will accelerate the industry growth.
Ongoing replacement and refurbishment activities across the commercial and residential establishments along with escalating electricity demand will positively influence the market size. Increasing expenditure toward the modernization of electric infrastructure will enhance the development of grid systems and thereby will propel the product adoption.
Increasing research & development activities aimed toward energy storage along with positive consumer outlook toward renewable based power generation will boost the U.S. thermal energy storage market growth. In 2018, the U.S. accounted for 41% of the total 1,361 operational projects and 33% of the 18 under construction projects globally.
Growing measures toward limiting carbon footprint along with greater investments in solar energy will increase the thermal energy storage systems installation in Europe. Government targets for energy efficiency and renewable energy will create significant growth opportunities for the industry. Lombardia, Italy in August 2017 adopted an incentive program with a budget of around USD 4.5 million and provide rebates of over USD 3,000 that covers up to 50% cost for purchasing and installation of energy storage systems.
Key market players in the thermal energy storage industry comprises Ice Energy, Abengoa Solar, SolarReserve, Baltimore Aircoil Company, TAS Energy, Steffes Corporation, Burns & McDonnell, DN Tanks, Caldwell Energy Company, Goss Engineering, Fafco, BrightSource Energy, Cryogel and Evapco amongst others.
Eminent players are introducing technological advancements in the existing technology to increase the systems demand by providing enhanced thermal energy management systems. The industry giants are focusing on inorganic growth ventures as a part of their strategy for expansion.
Thermal energy storage is a technology that allows temporary storage of energy from heat, ice, cold air or water for later utilization. The system provides energy storage by heating, cooling, melting, vaporizing or solidifying a material and the energy becomes available when the process is reversed. These systems are primarily deployed for meeting the off-peak energy requirements and to increase the energy efficiency of heating and cooling systems.