[2030] Thermal Energy Storage Market: Key Players and Market Segmentation

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thermal energy storage market
thermal energy storage market

In response to escalating demands for energy in the face of urbanization and industrialization trends, the thermal energy storage (TES) market is expected to witness remarkable growth in the coming years. TES systems are emerging as pivotal solutions to address the challenges of energy intermittency, providing a more stable and adaptable energy supply. A recent study predicts Europe to lead this transformative wave, positioning itself as the largest thermal energy storage market globally.

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Key Market Insights

  • The thermal energy storage market is projected to surpass $8 billion by 2026.
  • EnergyNest, headquartered in Norway, holds the distinction of being the largest global thermal energy storage company.
  • Molten salt TES systems have garnered widespread adoption, establishing themselves as the predominant technology.
  • Commercial and industrial sectors are set to drive the most substantial application segment within the thermal energy storage industry.
  • Europe is anticipated to command the lion’s share of the market throughout the forecast period.

Driving Factors

Escalating Demand for Solar Energy Generation

The global focus on decarbonization and reducing carbon emissions to combat climate change has spurred governments and energy authorities to prioritize renewable energy deployment and electrification. Solar energy, in particular, is experiencing exponential growth, showing promise to become a major contributor to renewable electricity generation.

Favorable Policy Landscape

Stringent policies, such as solar Investment Tax Credits, alongside growing demand for clean energy across major economies, are propelling the adoption of solar energy systems. Thermal energy storage solutions play a pivotal role in storing solar thermal energy, ensuring an uninterrupted energy supply even during periods of solar scarcity.

Surge in Sensible Heat Storage

Sensible heat storage, a technology involving the storage of thermal energy using the heat capacity of a medium, is witnessing rapid expansion. Molten salt, a popular heat storage medium, boasts exceptional thermal properties, making it integral to numerous thermal energy projects.

Challenges

High Initial Costs and Availability of Alternatives

The costs associated with materials, installation, and maintenance of thermal energy storage systems can be substantial, potentially deterring adoption. Limited awareness of the benefits of these systems, coupled with the availability of alternative technologies like pumped hydro storage and battery storage, could restrict market growth.

Segments and Growth Opportunities

In the Concentrating Solar Power (CSP) sector, thermal energy storage technologies such as single-tank thermocline, two-tank indirect, and two-tank direct systems are prevalent. These technologies enhance reliability, efficiency, and cost-effectiveness in CSP facilities, contributing to the expansion of the thermal energy storage market.

Regional Growth Outlook

Europe Leads in Renewable Energy Adoption

Europe, a pioneer in renewable energy adoption, boasts numerous operational TES projects, particularly in Spain and Austria. The region’s elevated energy demand during winter months and exploration of renewable district heating techniques drive its strong reliance on thermal energy storage solutions. Notably, large-scale thermal storage projects using molten salt technology are in the pipeline, supporting both seasonal and short-term storage needs.

Notable Market Players

Leading players in the global thermal energy storage market include BrightSource Energy Inc., SolarReserve LLC, Abengoa SA, Ice Energy, Vantaa Energy, among others. These industry frontrunners prioritize innovation, partnerships, and acquisitions to maintain a competitive edge.

Browse Thermal Energy Storage Market Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030: https://www.fairfieldmarketresearch.com/report/thermal-energy-storage-market

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