Thermal Energy Storage Market Introduction and Overview
According to SPER Market Research, the Global Thermal Energy Storage Market is estimated to reach USD 65.94 billion by 2033 with a CAGR of 8.73%.
The report includes an in-depth analysis of the Global Thermal Energy Storage Market, including market size and trends, product mix, end users, and supplier analysis. Thermal energy storage is a fascinating concept that allows us to store heat for later use. It's similar like storing heat in a particular container until we need it. Thermal energy storage, like storing water in a tank, stores heat in diverse materials. These materials were chosen because they can effectively retain heat for an extended period of time. There are various methods for storing thermal energy. One popular method is to use customized tanks loaded with materials such as boulders or molten salts. These materials may absorb heat when it is accessible, such as when the sun is shining brightly, and store it until we need it, such as at night or on overcast days.
- Demand for Renewable Energy is Growing: As the world transitions toward cleaner and more sustainable energy sources, demand for renewable energy, such as solar and wind power, is growing rapidly. Thermal heat storage technologies are critical in renewable energy systems because they store excess heat created during peak production periods and release it when energy demand is high or during non-production periods. This improves the dependability and flexibility of renewable energy sources, encouraging the use of thermal heat storage technologies.
- Industrial Applications: Thermal heat storage is widely used in a variety of industrial activities, including manufacturing, district heating, and cooling systems. Industries can use stored heat to sustain a continuous and stable process even amid interruptions in energy supply. This results to increased production, decreased downtime, and enhanced operational efficiency, which drives the use of thermal heat storage technologies.
Market Opportunities and Challenges
The global thermal heat storage industry offers multiple opportunities for growth in a variety of industries. Integration of thermal heat storage with renewable energy sources represents a big opportunity. Thermal heat storage technologies can supplement renewable energy output, such as solar and wind power, as the globe moves toward a cleaner and more sustainable energy mix. Thermal heat storage improves the reliability and flexibility of renewable energy systems by absorbing excess heat generated during peak energy generation and storing it for later use, ensuring a continuous and stable energy supply.
Furthermore, global population expansion and industrialization are driving up energy demand. As it tackles the difficulty of balancing energy supply and demand, this presents a significant market opportunity for thermal heat storage. Thermal heat storage can assist relieve strain on energy systems by storing extra heat during low-demand periods and releasing it at peak use, lowering energy costs and guaranteeing a steady and consistent energy supply.
Despite its excellent growth possibilities, the global thermal energy storage market confronts a number of challenges that impede mainstream adoption and deployment. The high initial cost of building thermal energy storage devices is a big challenge. While these technologies provide long-term cost savings and energy efficiency benefits, the initial expenditure may be prohibitive for some individuals and enterprises, particularly in areas with limited financial resources or uncertain economic conditions. Another barrier is potential users' lack of awareness and understanding of thermal energy storage systems. Many consumers and organizations may be unaware of the advantages and applications of these technologies, resulting in slower adoption rates.
Market Competitive Landscape
The worldwide thermal heat storage market is characterized by a dynamic and competitive landscape that includes multiple significant companies and technology innovators. These firms are actively engaged in the research, development, and commercialization of thermal heat storage technologies for a wide range of industries and applications. The competitive landscape is characterized by fierce rivalry, with businesses attempting to acquire a competitive advantage through product differentiation, cost optimization, and strategic collaborations.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Technology, By Storage Material, By Application, By End User
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| Regions covered | Asia Pacific, Europe, Middle East and Africa, North America, Latin America
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| Companies Covered | BRIGHTSOURCE ENERGY INC., CALDWELL ENERGY, ABENGOA SOLAR, EVAPCO INC., Goss Inc, BALTIMORE AIRCOIL COMPANY INC., Steffes Corp., MAN Energy Solutions, Dunham-Bush Holding Bhd., Terrafore Technologies LLC
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COVID-19 Impact on Global Thermal Energy Storage Market
The global thermal energy storage market was significantly impacted by the COVID-19 epidemic. As governments enforced lockdowns and limitations to stem the spread of the virus, several businesses encountered operational interruptions, slowing demand for thermal energy storage technologies. The construction industry, a major end-user of thermal energy storage systems, has experienced delays and uncertainty, impacting new project installations. Furthermore, supply chain and transportation logistics interruptions impeded the manufacturing and delivery of crucial components, resulting in project delays and increased expenses. The energy sector also suffered difficulties as a result of the pandemic, which resulted in lower energy consumption due to economic slowdowns and reduced industrial activity.
Key Target Audience
- Power Generation Companies
- Industrial Sector
- Renewable Energy Developers
- Building and Construction Sector
- Research Institutions and Academia
Our in-depth analysis of the Thermal Energy Storage Market includes the following segments:
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By Technology:
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Latent Heat Storage
Sensible Heat Storage
Thermochemical Storage
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By Storage Material:
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Molten Salts
Phase Change Materials
Water
Others
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By Application:
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District Heating & Cooling
Power Generation
Process Heating & Cooling
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By End User:
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Commercial
Industrial
Utilities
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Key Topics Covered in the Report
- Global Thermal Energy Storage Market Size (FY’2023-FY’2033)
- Overview of Global Thermal Energy Storage Market
- Segmentation of Global Thermal Energy Storage Market By Technology (Latent Heat Storage, Sensible Heat Storage, Thermochemical Storage)
- Segmentation of Global Thermal Energy Storage Market By Storage Material (Molten Salts, Phase Change Material, Water Others)
- Segmentation of Global Thermal Energy Storage Market By Application (District Heating & Power Generation, Process Heating & Cooling)
- Segmentation of Global Thermal Energy Storage Market By End User (Commercial, Industrial, Utilities)
- Statistical Snap of Global Thermal Energy Storage Market
- Expansion Analysis of Global Thermal Energy Storage Market
- Problems and Obstacles in Global Thermal Energy Storage Market
- Competitive Landscape in the Global Thermal Energy Storage Market
- Effects of COVID-19 and demonetization on Global Thermal Energy Storage Market
- Details on Current Investment in Global Thermal Energy Storage Market
- Competitive Landscape of Global Thermal Energy Storage Market
- Prominent Players in the Global Thermal Energy Storage Market
- SWOT Analysis of Global Thermal Energy Storage Market
- Global Thermal Energy Storage Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Thermal Energy Storage Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Thermal Energy Storage Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Thermal Energy Storage Market
7. Global Thermal Energy Storage Market, By Technology (USD Million)
7.1. Global Thermal Energy Storage Market Value Share and Forecast, By Technology, 2023-2033
7.2. Latent Heat Storage
7.3. Sensible Heat Storage
7.4. Thermochemical Storage
8. Global Thermal Energy Storage Market, By Storage Material (USD Million)
8.1. Global Thermal Energy Storage Market Value Share and Forecast, By Storage Material, 2023-2033
8.2. Molten Salts
8.3. Phase Change Materials
8.4. Water
8.5. Others
9. Global Thermal Energy Storage Market, By Application (USD Million)
9.1. Global Thermal Energy Storage Market Value Share and Forecast, By Application, 2023-2033
9.2. District Heating & Cooling
9.3. Power Generation
9.4. Process Heating & Cooling
10. Global Thermal Energy Storage Market, By End User (USD Million)
10.1. Global Thermal Energy Storage Market Value Share and Forecast, By End User, 2023-2033
10.2. Commercial
10.3. Industrial
10.4. Utilities
11. Global Thermal Energy Storage Market Forecast, 2019-2033 (USD Million)
11.1. Global Thermal Energy Storage Market Size and Market Share
12. Global Thermal Energy Storage Market, By Technology, 2019-2033 (USD Million)
12.1. Global Thermal Energy Storage Market Size and Market Share By Technology (2019-2026)
12.2. Global Thermal Energy Storage Market Size and Market Share By Technology (2027-2033)
13. Global Thermal Energy Storage Market, By Storage Material, 2019-2033 (USD Million)
13.1. Global Thermal Energy Storage Market Size and Market Share By Storage Material (2019-2026)
13.2. Global Thermal Energy Storage Market Size and Market Share By Storage Material (2027-2033)
14. Global Thermal Energy Storage Market, By Application, 2019-2033 (USD Million)
14.1. Global Thermal Energy Storage Market Size and Market Share By Application (2019-2026)
14.2. Global Thermal Energy Storage Market Size and Market Share By Application (2027-2033)
15. Global Thermal Energy Storage Market, By End User, 2019-2033 (USD Million)
15.1. Global Thermal Energy Storage Market Size and Market Share By End User (2019-2026)
15.2. Global Thermal Energy Storage Market Size and Market Share By End User (2027-2033)
16. Global Thermal Energy Storage Market, By Region, 2019-2033 (USD Million)
16.1. Global Thermal Energy Storage Market Size and Market Share By Region (2019-2026)
16.2. Global Thermal Energy Storage Market Size and Market Share By Region (2027-2033)
16.3. Asia-Pacific
16.3.1. Australia
16.3.2. China
16.3.3. India
16.3.4. Japan
16.3.5. South Korea
16.3.6. Rest of Asia-Pacific
16.4. Europe
16.4.1. France
16.4.2. Germany
16.4.3. Italy
16.4.4. Spain
16.4.5. United Kingdom
16.4.6. Rest of Europe
16.5. Middle East and Africa
16.5.1. Kingdom of Saudi Arabia
16.5.2. United Arab Emirates
16.5.3. Rest of Middle East & Africa
16.6. North America
16.6.1. Canada
16.6.2. Mexico
16.6.3. United States
16.7. Latin America
16.7.1. Argentina
16.7.2. Brazil
16.7.3. Rest of Latin America
17. Company Profile
17.1. ABENGOA SOLAR
17.1.1. Company details
17.1.2. Financial outlook
17.1.3. Product summary
17.1.4. Recent developments
17.2. BALTIMORE AIRCOIL COMPANY INC.
17.2.1. Company details
17.2.2. Financial outlook
17.2.3. Product summary
17.2.4. Recent developments
17.3. BRIGHTSOURCE ENERGY INC.
17.3.1. Company details
17.3.2. Financial outlook
17.3.3. Product summary
17.3.4. Recent developments
17.4. CALDWELL ENERGY
17.4.1. Company details
17.4.2. Financial outlook
17.4.3. Product summary
17.4.4. Recent developments
17.5. Dunham-Bush Holding Bhd.
17.5.1. Company details
17.5.2. Financial outlook
17.5.3. Product summary
17.5.4. Recent developments
17.6. EVAPCO INC.
17.6.1. Company details
17.6.2. Financial outlook
17.6.3. Product summary
17.6.4. Recent developments
17.7. Goss Inc.
17.7.1. Company details
17.7.2. Financial outlook
17.7.3. Product summary
17.7.4. Recent developments
17.8. MAN Energy Solutions
17.8.1. Company details
17.8.2. Financial outlook
17.8.3. Product summary
17.8.4. Recent developments
17.9. Terrafore Technologies LLC
17.9.1. Company details
17.9.2. Financial outlook
17.9.3. Product summary
17.9.4. Recent developments
17.10. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope