Thermal Energy Storage Market to See Huge Growth Opportunity
By: Prathmesh Patil
Tags: Energy Storage, Renewable Energy, Thermal Energy Storage, Solar Power, Solar Energy

According to the new market research report published by MarketsandMarkets™, the global Thermal Energy Storage Market size is expected to grow from an estimated USD 188 million in 2020 to USD 369 million by 2025, at a CAGR of 14.4% from 2020 to 2025. Market growth can be attributed to the increasing demand for electricity storage technologies associated with the rising number of CSP projects, and increasing HVAC applications.

The power generation segment is expected to be the largest contributor in the thermal energy storage market.

Thermal energy storage in concentrating solar power (CSP) plants can help in overcoming the intermittency of the solar resource and also reduce the Levelized cost of energy (LCOE) by utilizing power for extended periods of time. TES systems can collect energy during sunshine hours and store it in order to shift its delivery to a later time or to facilitate plant output during cloudy weather conditions. Hence, the operation of a solar thermal power plant can be extended beyond periods of no solar radiation without the need to burn fossil fuels. Energy storage not only reduces the mismatch between supply and demand but also improves the performance and reliability of energy systems and plays an important role in conserving energy.

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The utilities segment is expected to be the biggest end user of thermal energy storage.

Thermal energy storage systems are incorporated in electric utility plants as a viable demand-side management option. These systems use ice or chilled water technologies for storing thermal energy in tanks during utility off-peak hours. This helps to meet the peak demand with fewer power plants by shifting customer’s power demand to off-peak hours. Many utilities currently offer time-of-day pricing to their customers and sell power at a lower price during off-peak hours.

The molten salt segment is expected to grow at the fastest rate.

Molten salts are the most commonly used storage media for thermal energy storage as they have higher boiling points and high volumetric heat capacities. When energy is needed, the salt is pumped into a steam generator that boils water, spins a turbine, and generates electricity.

Europe held the largest share of the Thermal Energy Storage Market in 2019.

According to the IRENA, Europe’s installed CSP capacity is predicted to rise from 2.3 GW in 2017 to 4 GW by 2030, based on the market framework and current costs. Attempts of European nations to meet carbon reduction targets, shift from coal-fired power generation, and simultaneous hike in renewable energy generation will also support the case for dispatchable CSP plants with storage.

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Abengoa Solar, Burns & McDonnell, SolarReserve, BrightSource Energy, Calmac, MAN Energy Solutions, and Baltimore Air Coil Technology are the leading players in the Thermal Energy Storage Market. Cristopia Energy, Cryogel, Caldwell Energy, Dunham Bush, Goss Engineering, Steffes Corporation, DN Tanks, Turbine Air Systems (TAS), Evapco Inc., Fafco, Sunwell Tehnologies, DC Pro Engineering, CB&I (McDermott), and LIME are other players operating in the global thermal energy storage market.