Home > Pressrelease > Thermal Energy Storage Market worth over $91.5 Bn by 2032

Thermal Energy Storage Market worth over $91.5 Bn by 2032

  • Published Date: January 6, 2023

Thermal Energy Storage Market size is set to surpass USD 91.5 billion by 2032, according to a new research report by Global Market Insights Inc.

The report identifies the increasing need for comfortable cooling in homes and businesses and escalating use of concentrated solar electricity as the chief drivers of the thermal energy storage industry trends. Furthermore, attractive market prospects are being created by favorable government incentives to encourage the deployment of renewable energy technologies. A favorable legislative environment that promotes the adoption of energy storage technology and aims to minimize carbon emissions across regions. A positive outlook toward the adoption of renewable energy sources for electricity generation is also foreseen to aid industry progress.

Positive outlook for waste heat utilization to push PCM-based thermal energy storage demand

The PCM storage material segment is anticipated to reach over USD 1 billion by 2032. The adoption of more affordable and effective units is highly prioritized in order to meet district cooling requirements, protect against thermal fluctuations in buildings, and store solar thermal energy for seasonal use. The industry scenario is poised to be positively impacted by the growing emphasis on efficient waste heat utilization operations and increased investment across industrial establishments.

Increased utilization in district heating & cooling to increase latent heat industry share

Thermal energy storage market from the latent heat technology segment is speculated to exhibit a more than 3.5% growth rate during the forecast period. Due to enhanced energy density and a significant reduction in losses, this technology is commonly used for district heating and cooling applications. High adaptability in the industrial sector and space heating and cooling in residential and commercial structures is slated to foster segment growth.

Rising use of stationary storage technology to accelerate utility-based product uptake

In terms of end-user, the utilities segment is estimated to attain nearly 7.5% gains through 2032. This growth is attributed to snowballing investments in the construction of CSP-based power production plants and declining peak load requirements. The industry scenario is also being positively impacted by the growing usage of stationary storage technology, which is highly employed in utility-scale and decentralized PV rooftop power plants, along with electromobility and heat.

Browse key industry insights spread across 410 pages with 717 market data tables & 26 figures & charts from the report, “Thermal Energy Storage Market Size By Storage Material (Water, Molten Salt, PCM), By Technology (Sensible Heat, Latent Heat, Thermochemical), By Application (Power Generation, District Heating & Cooling, Process Heating & Cooling), By End-User (Residential & Commercial, Utilities, Industrial), COVID- 19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:

Strong emphasis on energy efficiency to augment thermal energy storage system

The power generation application in the thermal energy storage market is poised to depict over 7.5% CAGR by 2032. The utilization of technology in the power production industry is anticipated to increase with the introduction of several energy-efficient regulations and measures. The strong consumer focus on energy efficiency and the widespread implementation of energy storage facilities are likely to stimulate segment revenues.

Supportive government regulations to boost industry growth across Europe

Europe thermal energy storage market is slated to progress at more than 4% growth rate from 2023 to 2032 owing to rising consumer demand for effective energy technology systems and environmental restrictions on their implementation. The deployment of these thermal energy storage systems in Europe is foreseen to increase on account of the favorable regulations to reduce carbon footprint and high deployment costs for solar energy systems.

Production diversification to remain a key growth strategy

The competitive landscape of this thermal energy storage market is expected to witness a series of production expansion efforts and growth mergers by industry players. For instance, in July 2022, Burns & McDonnell, a construction engineering firm, announced the expansion of its corporate office to the Whitehall Corporate Center, with a larger capacity to accommodate the employee’s needs to support the prominent infrastructure development in the region.

Some of the key participants profiled in the thermal energy storage industry report include CALMAC, Abengoa, DN Tanks, Burns & McDonnell, Baltimore Aircoil Company, New BrightSource, Ltd., Dunham Bush, Steffes, and more.

Authors: Ankit Gupta, Abhishek Chopra