Thermal Energy Storage Market Growth, Size, Trends, Revenue, Scope, Challenges and Future Share

Thermal Energy Storage Market Size- By Technology, By Storage Material, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Thermal Energy Storage Market Size- By Technology, By Storage Material, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Published: Jul 2023 Report ID: POAE2347 Pages: 1 - 242 Formats*:     
Category : Power & Energy
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.
Thermal Energy Storage Market
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.

Thermal Energy Storage Market


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 coveredBy Technology, By Storage Material, By Application, By End User
 Regions coveredAsia Pacific, Europe, Middle East and Africa, North America, Latin America
 Companies CoveredBRIGHTSOURCE 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
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:
By Technology:
  • Latent Heat Storage
  • Sensible Heat Storage
  • Thermochemical Storage
  • By Storage Material:
  • Molten Salts
  • Phase Change Materials
  • Water
  • Others
  • By Application:
  • District Heating & Cooling
  • Power Generation
  • Process Heating & Cooling
  • By End User:
  • Commercial
  • Industrial
  • Utilities
  • 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

    SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

    The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings.  The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

    SPER-Methodology-1

    SPER-Methodology-2

    SPER-Methodology-3


    Frequently Asked Questions About This Report
    The key players in the market include 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.
    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.
    Thermal Energy Storage Market is projected to reach USD 65.94 billion by 2033, growing at a CAGR of 8.73% during the forecast period.
    Thermal Energy Storage Market grew in market size from 2022. The Market is expected to reach USD 65.94 billion by 2033, at a CAGR of 8.73% during the forecast period.
    Thermal Energy Storage Market CAGR of 8.73% during the forecast period.
    You can get the sample pages by clicking the link - Click Here
    Thermal Energy Storage Market size is USD 65.94 billion from 2023 to 2033.
    Thermal Energy Storage Market Segment is covered By Technology, By Storage Material, By Application, By End User.
    The North America is anticipated to have the highest market share in the Thermal Energy Storage Market.
    Not able to find what you are looking for? Need customization in the existing report?
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