Market size for thermal energy storage reaches $53.4 billion

Tokyo, Oct. 26, 2022 (GLOBE NEWSWIRE) — The growth of the global thermal energy storage market is supported by the growing demand for electricity during peak hours, the increasing business orientation of CSP installations and the rising demand for advanced infrastructure heating and cooling applications.

Latest Research on Thermal Energy Storage Market (By Technology: Latent, Thermochemical, Sensible; By Storage Material: Molten Salts, Water, Phase Change Materials, Other; By Application: Process Heating & Cooling, Power Generation, District Heating & Cooling; By End User: Utilities, residential and commercial, industrial) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

Grab the Free Sample To copy of Report@ https://www.precedenceresearch.com/sample/2243

Key takeaways:

  • By technology, the sensible storage segment accounted for 84.8% of the market share in 2021.
  • Due to storage material, the molten salt segment is poised to grow at a CAGR of 9.3%.
  • By application, the power generation segment has captured a market share of 60% by 2021.
  • According to the end user, the industrial segment held 40% of the total market share by 2021.
  • The Europe region held 37.6% of the total market share in 2021.

Regional Snapshots

CSP capacity installed in Europe is estimated to increase from 2.3 GW in 2017 to 4 GW in 2030, based on market design and current costs. Efforts by European countries to meet carbon reduction targets, switch from coal-fired power generation and equivalently increase renewable energy production will advocate for switchable CSP power plants with storage.

Report Hhighlights

  • Based on technology, the form of sensible heat is expected to have the largest market share. The most commonly used storage medium for fume hoods is molten salt, which has countless commercial and industrial applications.
  • Based on the storage material, the molten salts are the commonly used storage media with higher boiling points and high volumetric heat capacity.
  • Based on the end user, the utility segment is expected to be the largest contributor during the forecast. The storage of thermal energy in these tanks is done using ice or chilled water technology.

Ask here for more tailor-made [email protected] https://www.precedenceresearch.com/customization/2243

Scope of the report

Report attributes Details
Market size in 2021 $23.7 billion
Sales forecast by 2030 $53.4 billion
Market share Europe 37.60% in 2021
Asia Pacific market share 28.90% in 2021
CAGR 9.45% from 2022 to 2030
Base year 2021
Forecast year 2022 to 2030
Protagonists BrightSource Energy Inc., Caldwell Energy, Cryogel, SolarReserve LLC, Abengoa SA, Terrafore Technologies LLC, Steffes Corporation, Ice Energy, Baltimore Aircoil Company

Market Ddynamics

Drivers

The decarbonization process of the energy sector and the depletion of carbon production for the purpose of mitigating global climate change are some of the main goals for the governments, energy authorities and industries around the world. Accelerated use of renewables, clubbed together with electrification and increasing power grid energy efficiency, is estimated to deliver more than 90% of energy-related carbon dioxide (CO2) emissions reductions required. A recovery in the hydropower sector saw generation growth return to its long-term trend. Solar generation wants strong growth; in 2018, solar power overtook bioenergy to emerge as the third largest source of renewable electricity generation. Thermal energy storage stores solar thermal energy by heating or cooling a storage medium such as rocks, water, sand and molten salt, with a view to using the stored energy at a later stage for cooling, heating and power generation applications. Heat/cold storage is an integral part of electricity storage in concentrated solar power plants where solar heat is stored to produce electricity when sunlight is absent. This promotes the continuous operation of concentrated solar energy plants. Some of the advanced CSP thermal energy storage technologies include two-tank indirect system, two-tank direct system, and one-tank thermocline system. The benefits of thermal energy storage in CSP plants include an increase in overall efficiency, reduced investment, better reliability, operating costs and economic operations. It reduces carbon dioxide emissions. Thus, the combination of thermal energy storage in CSP plants is envisaged to boost the market growth.

limits

Competition between battery storage and pumped storage appears to be a restraining factor for the growth of the market.

Of two of the available solutions, it is vital for industries and power plant operators to be able to differentiate between battery and thermal energy storage costs, as far as deployment is envisaged in the near future. Choosing the most appropriate technology ensures that the installation supports a commercial facility to use electricity as cost-effectively as possible. Batteries are used to provide backup power for elevators, lighting and computers, on the other hand, thermal energy storage is the easiest way to reduce electricity demand. The air conditioning market accounts for up to a third of energy costs in the summer season and it can be very inefficient and costly to store energy in a battery to convert it back into instantaneous cooling. On the other hand, the entire construction load cannot be carried with thermal energy storage alone.

Maximum battery storage projects developed by system operators (ISOs/RTOs) provide short-term energy storage and are not suitable for replacing the traditional grid. Lithium-ion batteries, which provide enough energy to fire on the local power grid for about 4 hours or less. These applications are used to relieve the energy grid during peak hours, for reliability and to integrate renewable energy.

Battery storage and pumped storage are considered over thermal energy storage due to their lower efficiency based on economics. These alternatives are therefore an obstacle to the growth of the heat and cold storage market.

Opportunity

Decentralization of the renewable energy sector appears to be an opportunity. The use of decentralized renewable energy is stimulating a disruptive shift in the energy sector. The rapid development of decentralized renewable energy technologies is estimated to change the design of the energy sector towards a multi-operator setup where major utilities interact as far as captive consumers and mini-utilities are concerned. Power has been supplied to 30% of people who have gained access to electricity since 2000 through renewable energy distributed through the grid, mini-grids and off-grid installations. To achieve 100% electrification by 2030, the contribution of the share of decentralized renewable energy will have to grow significantly.

Self-consumption, application of distributed storage and industrial bulk consumption will bring benefits to both end users and the energy system in a broader picture. Therefore, it is estimated that thermal energy storage technology will gain opportunities in the forecast period.

Challenges

Expensive initial set-up rates varying with technology are proving to be a challenge to the growth of the market.

The overall cost of thermal energy storage technologies depends on size, application and thermal insulation technology. The cost of thermal storage systems based on thermochemical storage and phase change material is typically higher compared to the cost of storage capacity they provide. Storage system costs comprise approximately 30% to 40% of the total system cost. Subsequent research into energy storage technologies to appease initial economic need is estimated to make thermal energy storage technologies more competitive over the forecast period.

Related Reports

Recent Ddevelopments

  • In August 2018, SolarReserve signed a deal with the South Australian Government (Australia) to build a 150 MW solar thermal power station. It uses molten salt for storage and uses parabolic tower systems.
  • In May 2018, SolarReserve grew by expanding a 70MW solar farm to a concentrated solar power tower in Port Augusta, South Australia. It also provided a storage facility for molten salt and provided electricity at USD 78/MWh.

Market share

By technology

  • Latent
  • Thermochemical
  • Sensitive

By storage material

  • Molten salts
  • Water
  • Phase Change Materials
  • Others

By application

  • Process heating and cooling
  • Power generation
  • District heating and cooling

By end user

  • Utilities
  • Residential and commercial
  • Industrial

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Immediate delivery available | Buy this premium research [email protected] https://www.precedenceresearch.com/checkout/2243

You can place an order or ask questions, please feel free to contact us [email protected] | +1 9197 992 333

About us

Precedence Research is a global market research and advisory organization. We provide an unparalleled offering to our customers around the world in vertical industries. Precedence Research has expertise in providing deep market insights along with market intelligence to our clients across a variety of businesses. We are obligated to serve our various customers present in the medical services, healthcare, innovation, next generation technologies, semiconductors, chemicals, automotive, and aerospace and defense companies in addition to various companies that have a global presence.

Follow us for the latest update:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R

Leave a Reply