Thermal Energy Storage Market To Reach $2,391.6 Million by 2030

The thermal energy market will grow at a CAGR of 6.5% between 2024 and 2030 and reach USD 2,391.6 million by 2030. This can be attributed to the rising electricity consumption, increasing number of green buildings, surging environmental concerns, and the ability of TES systems to increase load flexibility.

This technology enables the storage of heat energy, which can be applied to a variety of projects as and when required. Thermal energy can be stored in various ways, such as via chemical reactions that use the special thermal properties of certain materials and by varying the way heat is generated or accumulated.

Rising Demand of Concentrated Solar Power

CSP systems use only 2–3 cu m of water per MWh of electricity output for mirror surface washing and cooling. Whereas, coal-fired thermal power plants use 5–7 cu m of water per MWh of energy generated. Further, renewable energy sources are gaining traction in the world's energy systems due to the increase in the awareness of environmental protection and resource conservation over the past few decades.

Energy generated through CSP plants can be stored as heat and used any time, even under gray skies, when solar PV plants do not function. CSP is a cost-effective technology that can reduce carbon emissions by replacing fossil-fuel-based thermal power plants. It can also be used in concurrence with other electricity generation systems to create hybrid systems.

Moreover, in the U.S., concentrating solar power will become an important source of electricity by 2050 if its levelized cost of electricity can be brought down to the levels specified by the Department of Energy (DOE) in 2016. Research shows that CSP could be more-widely used in the American energy grid at such costs.

The requirement for storage will increase as variable renewable energy sources, such as wind and photovoltaics, become more prevalent in the energy industry. Here, CSP integrated with storage technologies could efficiently supplement the sporadic output of solar energy systems.

Residential Category Is Largest in End User Segment

The residential category in the end user segment is the largest, and it will grow at a CAGR of 6.8% in the forecast period. Residential buildings are typically more vulnerable to changes in the weather. Building envelopes serve as the interface between the indoor and outdoor environments, minimizing heat gain in the summer and heat loss in the winter. When energy storage technologies are used properly, they can considerably lower energy consumption in residential buildings and improve the indoor environment.

For these reasons, while creating apt energy storage systems for residential use, a number of crucial criteria must be considered. These include energy density, efficiency, power production, longevity, toxicity, dependability, and self-discharge, storage time, and expense.

The U.S. Energy Information Administration found that on average, in almost 59% of the residential areas, 12% of the energy is used for space or water heating, refrigeration, and air conditioning. Additionally, 29% is allocated to other electrical requirements. Further, as present-day buildings and structures have one or more HVAC systems, thermal energy storage is highly in focus among researchers.

Some key players in the thermal energy storage market are Abengoa, Evapco Inc., Baltimore Aircoil Company, Caldwell Tanks, Dunham-Bush Holding Bhd., Steffes LLC, Goss Engineering, FAFCO Inc., and DC Pro Engineering LLC.