Who are the Major Players in the Thermal Energy Storage Market?

• Published Date: May 17, 2024

What is the Role of Thermal Energy Storage in Renewable Energy?

Renewable energy and electrification are key for global decarbonization efforts because they have the potential to cut emissions substantially. Emission reduction of around 90% can be accomplished via energy efficiency as well as electrification driven by renewable sources, which are progressively becoming affordable. 

The reliability of renewable energy output depends on effective energy storage solutions so that the demand is sustained during low production periods. Although battery technology growth is impressive, thermal energy storage is also an important solution to renewable energy intermittency as well as grid stability. 

Thermal energy storage technology assists in storing heat or cold energy, to be later employed for different purposes. There are various approaches for storing thermal energy, such as changing how heat is released or collected and carrying out chemical reactions that employ a material's distinctive characteristics. 

Common approaches comprise the storage of cooled and ice water, latent and sensible heat (kinds of heat transfer), phase-change materials, and thermochemical conversion. A major benefit of this technology is that it assists in enhancing the load flexibility of the electricity system as a whole. 

The global demand for thermal energy storage was USD 1,559.8 million in 2023, which will increase to USD 2,391.6 million by 2030.

Now, let’s look at some of the key companies in the thermal energy storage market.

EVAPCO Inc.

Establishment: 1976

Headquarters: U.S.

Website: evapco.com

EVAPCO Inc. is a major manufacturing company with worldwide resources as well as solutions for global heat transfer applications. The company designs as well as manufactures products for the industrial refrigeration and evaporative cooling industry globally. 

The company’s products are engineered as well as manufactured in 36 locations in 14 nations and supplied via a sales network of over 200 offices. Moreover, as a major manufacturer of evaporative condensers, closed circuit coolers, and cooling towers, the company is equipped to design and build every component of thermal storage solution.

Cox Energy Solar S.A.

Establishment: 2014

Headquarters: Spain

Website: www.coxenergy.com

Cox Energy Solar S.A. is a renewable energy production business. The company operates in 2 regions, covering more than 10 nations. Cox Energy Solar S.A. has a distinctive portfolio of projects in various phases of development & identified openings to perform their activities within a sustainable development framework. 

Moreover, the company also operates throughout the value chain, with a presence in the distributed generation and/or self-consumption business, as well as an energy supplier. 

Amsted Industries

Establishment: 1902

Headquarters: U.S.

Website: amsted.com

Amsted Industries is a diversified worldwide manufacturer of industrial components serving mainly the automotive, railroad, commercial vehicle, building, and construction sectors. The company has 4 business units: Amsted Automotive Group, Amsted Rail, Baltimore Aircoil Company, and ConMet.

Furthermore, the company has more than 75 facilities in 13 nations, and the company employs more than 13,000 people all across the globe. 

Caldwell Tanks Inc.

Establishment: 1887

Headquarters: U.S.

Website: caldwelltanks.com

Caldwell Tanks Inc. plans, engineers, and builds tanks for the wastewater, water, coal, energy, and grain sectors. The company has around 500 total workforces with 206 workforces in Louisville at its 20-acre headquarters site. Furthermore, the company has two major facilities: in Georgia and Kentucky.

Specifically, for solar power projects, the company has manufactured Process Water Tanks, Firewater Tanks, and Thermal Energy Storage Tanks. Mainly, solar plants generate thermal energy via molten salt storage. Caldwell Tanks Inc. has also provided field-erected vessels & tanks for the biomass and alternate energy sectors.

Moon Environment Technology Co. Ltd.

Establishment: 1956

Headquarters: China

Website: moonoverseas.com

Moon Environment Technology Co. Ltd. is a diversified as well as global inclusive equipment industrial company. The key business comprises low-temperature refrigeration, environmental protection heating, central air conditioning, chemical & energy equipment, smart services, precision castings, and hydrogen energy development.

Moreover, Moon Environment Technology Co. Ltd. has established sales offices in over 20 nations and the products were sold to over 80 nations globally.

In the past few years, the company has continuously won the titles of Top 100 Enterprises of National Machinery Sector, Top 30 Enterprises with Core Competitiveness in China's Machinery Sector, Demonstration Enterprise for Ozone Layer Protection, and Meritorious Enterprise of Equipment in China. 

Steffes LLC

Establishment: 1988

Headquarters: U.S.

Website: steffes.com

Steffes LLC is a lean-operating OEM headquartered in Dickinson, North Dakota with other manufacturing sites in Shelby, North Carolina, and Grand Forks, North Dakota. The company specializes in electrical and steel fabrication services for a wide range of sectors such as contract manufacturing, electric thermal storage, and oil & gas.

The company’s electric thermal storage systems work cleaner, greener, and smarter to make the home more comfortable. Moreover, Steffes LLC electric thermal storage systems also offer effective, off-peak performance that reduces energy consumption and costs by storing heat and using energy during the right time of the day.

Goss Engineering Inc.

Establishment: 1994

Headquarters: U.S.

Website: gossengineering.com

Goss Engineering Inc. specializes in the management, design, planning, and commissioning of heating, ventilation, and air conditioning systems for private & public organizations. The company has effectively implemented projects at key hospitals, universities, schools, private firms, governmental agencies, and even at large theme parks. 

The company aims to deliver exceptional engineering services that offer its clients solutions that not only meet their project necessities but also generate opportunities to enhance energy savings, boost system reliability, and decrease costs.

FAFCO Inc.

Establishment: 1969

Headquarters: U.S.

Website: fafco.com

FAFCO Inc. is a solar manufacturing business, and it is the oldest solar thermal collector manufacturer in the U.S. The company is recognized for producing COOLPV, a hybrid solar system that can produce electricity as well as heat water via the same solar panel. 

Moreover, the company specializes in thermal energy storage, solar water heating applications, combined solar thermal and PV, and specialty applications.

DC Pro Engineering LLC

Establishment: 2006

Headquarters: U.A.E.

Website: dcproeng.com

DC Pro Engineering LLC is a key company in the fields of Co-generation, Tri-generation, renewable energy, and District Energy. The company is also well-known for sustainability in the area of Green Building MEP Designs. 

With over 4 million Tons of District energy, 800,000 m2 of green buildings & Net Zero designs, and 130 MW of IT load data centers, the company was involved with several landmark projects in the GCC and across the globe. Moreover, the company has the 3 ISO Certifications (ISO 14000, 18000, and 9001) and has more than 50 professionals working from 6 offices.