Global thermal energy storage market is projected to reach $7,472.9 million by 2023. The market growth is mainly driven by government incentives to promote the adoption of thermal energy storage solutions and increasing demand for balanced power supply.
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Based on type, the thermal energy storage market has been categorized into pumped heat electrical storage (PHES), concentrated solar power (CSP), and others. The demand for CSP systems is expected to exhibit a CAGR of 22.2% in terms of volume during the forecast period. The growth in the demand for CSP systems is mainly driven by the rising need for power for heating and cooling applications in addition to the increasing focus on electricity generation through solar power projects.
In terms of application, the thermal energy storage market has been categorized into combined heating and cooling, power generation, and others. The commercial and residential category held the largest share in the market during the historical period, accounting for more than 65.0% installed capacity in 2017.
The thermal energy storage market has also been categorized into sensible heat, latent heat, and thermo-chemical technologies. Sensible heat storage technology held the largest share in the market during the historical period. The market for this technology is primarily driven by the growing adoption of molten salt-based storage systems for CSP plants.
During the forecast period, the thermal energy storage market is expected to witness the fastest growth in APAC, with 44.7% CAGR in terms of value. The market in the region is mainly driven by the increasing energy demand resulting from population growth. With fast depleting fuels such as oil and natural gas, renewable energy sources have gained traction in the APAC region in recent years.
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Some of the major players operating in the global thermal energy storage market are Abengoa Solar S.A., SolarReserve LLC, CALMAC, BrightSource Energy Inc., SolarReserve LLC, Baltimore Aircoil Company, Caldwell Energy Company, Cryogel, DC PRO Engineering, CRISTOPIA Energy Systems, and Dunham-Bush Holding Bhd.
GLOBAL THERMAL ENERGY STORAGE MARKET SEGMENTATION
- Concentrated Solar Power (CSP)
- Pumped Heat Electrical Storage (PHES)
- Others (Chilled Water Thermal Energy Storage and Ice Thermal Energy Storage)
- Sensible Heat
- Latent Heat
- Combined Heating and Cooling
- Commercial and residential
- Others (domestic and civic facilities)
- Power Generation
- Others (Micro-Grid, and Research and Development Activities)
- North America
- Rest of Europe
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
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