Thermal Energy Storage Market worth over $55bn by 2024
Published Date: November 28, 2018 Authors: Ankit Gupta, Aditya Singh Bais
Thermal Energy Storage Market size is predicted to surpass USD 55 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Favorable government initiatives toward renewable energy-based power generation along with increasing demand for uninterrupted power supply will augment the thermal energy storage market value. In addition, increasing customer focus toward energy efficiency coupled with the implementation of energy storage plants will further complement the industry landscape.
Molten salt technology, in 2017 estimated at USD 9 billion. Surging demand for large scale storage capacity across the industrial and commercial establishments along with rising deployment of CSP plants will increase the product penetration. Further, limited heat loss coupled with the ability to provide superheated steam are some of the underlying features stimulating the product adoption across various applications.
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Recent advancements in storage materials and manufacturing will improve the economics of storage and thus will positively influence the market growth. Further, increasing need for technologies to accommodate supply and demand mismatch on account of improving the profitability of infrastructure investments will increase the product adoption.
The U.S. thermal energy storage industry, in 2017 was valued over USD 6 billion. Increasing funding toward research, design and development programs coupled with high fuels costs will stimulate the industry size. In 2017, nearly 41.8 megawatts of energy storage were installed across the region accounting for 46% of year-over-year growth. Further, utilities across 14 states have deployed around 2 gigawatts of energy storage into Integrated Resource Planning (IRP).
Browse key industry insights spread across 425 pages with 606 market data tables & 35 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-Use (Residential & Commercial, Industrial, Utility), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Increasing focus toward grid modernization on account of growing energy demand, renewable integration and technological advancements will drive the market size. Rising demand for Heating, Ventilation and Air Conditioning (HVAC) systems complemented by ongoing investments toward the infrastructure development will accelerate the business growth.
Increasing applicability across district heating and cooling systems along with rising demand for solar thermal systems will augment the sensible heat market share. This storage technology will be driven by molten salt-based systems being installed in Concentrated Solar Power (CSP). Relatively simpler designs and rapidly decreasing levelized cost of electricity will accelerate the business growth.
China thermal energy storage market size is predicted to grow substantially during the forecast period owing to high electricity prices along with rapid development of renewable energy sources. Increasing energy demand owing to high economic growth coupled with increasing investments toward energy storage will fuel the product penetration. In the first half of 2018, Jiangsu, Henan, Qinghai and Guangdong provinces announced the construction of energy storage projects with varying capacities totaling 340.5 megawatt.
Eminent industry players across the market include Abengoa Solar, Ice Energy, Tessol, Baltimor Aircoil Company, SolarReserve, TAS Energy, DN Tanks, Steffes Corporation, Goss Engineering, Burns & McDonnell, Caldwell Energy Company, Fafco, BrightSource Energy, Evapco and Cryogel amongst others.
The thermal energy storage market research report includes in-depth coverage of the industry with estimates & forecast in terms USD from 2013 to 2024, for the following segments:
By Storage Material
- Molten Salt
- Sensible Heat
- Latent Heat
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
By End Use
- Residential & Commercial
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America