Published: July 2018 | Report Code: PE11069 | Available Format: PDF | Pages: 155
The thermal energy storage market revenue stood at $3,000.9 million in 2017, and it is expected to reach $7,472.9 million by 2023, advancing at a CAGR of 15.9% during 2018–2023. The major growth drivers for the market include the accelerating adoption rate of concentrated solar power (CSP) systems and escalating demand for energy storage solutions for heating, ventilating, and air conditioning (HVAC) systems.
A thermal energy storage system enables the storage of surplus thermal energy and its utilization during periods of peak demand. It is used for power generation and heating and cooling applications.
In 2017, the CSP category, within the type segment, dominated the thermal energy storage industry, with an over 90.0% volume share. This was due to the considerable surge in the installation of CSP systems in the U.A.E, Australia, and Morocco.
The sensible heat category, under the technology segment, dominated the market during 2013–2017, accounting for an over 60.0% revenue share in 2017. The large-scale adoption of the sensible heat storage technology can be owed to its ability to facilitate the charging and discharging of heat in an energy storage system for an unlimited number of cycles.
GLOBAL THERMAL ENERGY STORAGE MARKET, BY TYPE, MW (2013-2023)
The combined heating and cooling category led the thermal energy storage market in the past, within the application segment. This can be ascribed to the increasing adoption of thermal energy storage systems for district heating and cooling (DHC) purposes.
Further, within the combined heating and cooling application, the commercial and residential category held the largest market share, in terms of value and volume, in the past owing to the vast demand for thermal energy storage systems for temperature regulation in residential and commercial facilities.
Globally, North America dominated the market for thermal energy storage systems, with a more than 75.0% volume share, in 2017. This was due to the extensive installation of CSP plants in the U.S. Moreover, the huge demand for power backup for HVAC systems in the North American countries stimulated the market growth in the region.
The surging adoption of energy storage technologies in environment-friendly buildings, or green buildings, is a major market trend.
The shift toward green buildings has become a prominent trend in recent years. Such buildings use eco-friendly materials, which help in reducing the carbon footprint. These buildings are increasingly installing energy storage solutions for power generation so that the consumption of the energy supplied by the utilities can be minimized.
The thermal energy storage market growth is driven by the escalating demand for electricity owing to the rapid urbanization around the world. This has resulted in the installation of several types of power production systems, including CSP plants. In recent years, the largest number of CSP plants have been installed and operationalized in Asia-Pacific (APAC). According to the National Energy Administration of China, nearly 111 CSP plants are under installation in the country, which have a capacity of over 9 Gigawatts (GW). The first lot of CSP plants, with a capacity of 1,349.0 Megawatts (MW), has become operational, and more plants will be commissioned soon.
Moreover, a significant surge in power consumption for DHC purposes is adding to the progress of the market for such solutions. Owing to the limited availability of independent cooling and heating systems for commercial and residential buildings, these facilities rely on power utilities to cater to the power demands. As a result, power utilities are largely adopting energy storage systems to meet the electricity demand in these buildings.
Thermal storage is a relatively new technology, and it consists of different components, each costing separately. Currently, the high initial cost of establishing this system and power generation through it is restraining the thermal energy storage market growth. The cost of power generation with a thermal energy storage system is nearly four times the cost of electricity generation using fossil fuels, including natural gas and coal.
Some of the major players operating in the global thermal energy storage market are Abengoa Solar S.A., SolarReserve LLC, CALMAC, BrightSource Energy Inc., Baltimore Aircoil Company, Caldwell Energy Company, Cryogel, DC PRO Engineering, CRISTOPIA Energy Systems, and Dunham-Bush Holding Bhd.
Get a bespoke market intelligence solution
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws