404
+1-313-307-4176
Thermal Energy Storage Market Growth Analysis | 2023-2028
Thermal Energy Storage Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The thermal energy storage market was estimated at USD 260 million in 2022 and is likely to grow at a CAGR of 15.0% during 2023-2028 to reach USD 608.27 million in 2028.
Want to know more about the market scope? Register Here
Thermal energy storage refers to one form of energy storage. In this, a material gathers energy when increasing its temperature, and loses it while decreasing. Utilizing the advantage of this property makes it possible to use different materials with different thermal properties and achieve various results which can lead to different thermal energy storage applications (e.g., heating and cooling).
Major factors driving the growth of the thermal energy storage market are:
Furthermore, by increasing the government’s support towards sustainable technology, the surge in demand for energy-efficient and cost-competitive sources will stimulate the progress of the industry over the forecast period.
Want to have a closer look at this market report? Click Here
The following are the key players in the thermal energy storage market (arranged alphabetically).
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at [email protected]
|
Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
|
Storage Material-Type Analysis |
Water, Molten Salt, PCM, and Others |
The molten salt segment is expected to witness a significant growth rate in the market during the assessment period. |
|
Technology-Type Analysis |
Sensible Heat, Latent Heat, and Thermochemical |
The sensible heat technology type is expected to dominate the market. |
|
Application-Type Analysis |
Power Generation, District Heating & Cooling, and Process Heating & Cooling |
The power generation segment is predicted to witness a higher growth rate during the assessment period. |
|
End-Use-Type Analysis |
Residential & Commercial, Industrial, and Utility |
The industrial segment holds more than 40% market share in 2021 and is estimated to account for the major share of the market during the assessment period. |
|
Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
North America is estimated to be the leading region in the market during the forecast period. |
"The molten salt segment accounted for the largest market share."
The market is segmented as water, molten salt, PCM, and others. The molten salt segment holds more than 30% market share in 2022 and is expected to witness a significant growth rate in the market during the assessment period owing to its high storage capacity coupled with the ability to endorse stable and dispatchable power delivery. Moreover, high boiling point and heat capacity coupled with low vapor pressure are certain advantages provided by the material, which will boost the progress of molten salt in the market.
"The sensible heat segment accounted for the largest market share."
The market is segmented as sensible heat, latent heat, and thermochemical. The sensible heat technology type holds more than 45% market share in 2022 and is expected to dominate the market owing to the growing demand for solar thermal systems along with its wide-scale usage in district heating and cooling systems. Sensible heat technology is also growing rapidly as it’s distinctive in performing complete reversible charging and discharging operations for infinite times of cycles. In addition, the thermochemical segment grows at a CAGR of more than 14% during the assessment period.
"The industrial segment accounted for the largest market share."
The market is segmented as residential & commercial, industrial, and utility. The industrial segment holds more than 40% market share in 2022 and is estimated to account for the major share of the market during the assessment period on account of the increasing adoption of heating, ventilation, and air-conditioning (HVAC) systems using large quantities of hot water for economic operation.
"The power generation segment accounted for the largest market share."
The market is segmented into power generation, district heating & cooling, and process heating & cooling. The power generation segment is predicted to witness a higher growth rate during the assessment period. The increase in uninterrupted and affordable power supply from off-the-grid and remote areas is likely to rise the demand. Power-generating segment growth will be aided by the introduction of many government schemes addressing energy generation from solar power plants. When excess power is sold back to the grid under the feed-in tariff schemes, the supplier of renewable energy receives a retail electricity price for each unit produced. In addition, the district heating & cooling segment market share more than 35% in 2022.
"North America accounted for the largest market share."
North America is estimated to be the leading region in the market during the forecast period. The growth of the region’s market is driven by the US, where the majority of renewable-based power generation projects are present. Furthermore, increasing R&D activities for energy storage coupled with consumers’ positive response for renewable-based power generation is stimulating the market demand.
Know the high-growth countries in this report. Register Here
In November 2022, The Enel Group and Brenmiller Energy have started a sustainable energy storage system in Santa Barbara, Tuscany. The goal of the thermal energy storage (TES) project is to build a thermal storage system in Santa Barbara which is completely sustainable.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s thermal energy storage market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our thermal energy storage market report from the industry stakeholders, we have tried to further accentuate our research scope to the thermal energy storage market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The thermal energy storage market is segmented into the following categories:
By Storage Material Type
By Technology Type
By Application Type
By End-Use Type
By Region
Click here to learn the market segmentation details.
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].
Thermal energy storage refers to one form of energy storage. In this, a material gathers energy when increasing its temperature, and loses it while decreasing. Utilizing the advantage of this property makes it possible to use different materials with different thermal properties and achieve various results which can lead to different thermal energy storage applications.
The thermal energy storage market was estimated at USD 260 million in 2022.
The thermal energy storage market is likely to reach USD 608.27 million in 2028.
The thermal energy storage market is likely to grow at a CAGR of 15.0% during 2023-2028.
North America is estimated to be the leading region in the market during the forecast period.
Ice Energy, Abengoa Solar, Solar Reserve, Baltimore Aircoil Company, TAS Energy, Steffes Corporation, Burns & McDonnell, DN Tanks, Caldwell Energy Company, Goss Engineering, Fafco, Bright Source Energy, Cryogel and Evapco. are the key companies in the market.
The molten salt segment has the largest share in the market.
Major factors such as the growing adoption of renewable energy sources coupled with increasing demand for Concentrating Solar Power (CSP), and the increasing requirement for improving energy efficiency will drive the market.
WE ACCEPT
