Market Overview:
The global thermal energy storage systems market is expected to grow from USD 2.02 billion in 2018 to USD 5.06 billion by 2030, at a CAGR of 12.8% from 2018 to 2030. The growth of the market can be attributed to the increasing demand for district heating & cooling and process heating & cooling applications, and rising concerns about greenhouse gas emissions and climate change. Based on type, the solar energy storage segment is projected to lead the global thermal energy storage systems market during the forecast period.
Product Definition:
Thermal Energy Storage Systems (TESS) are devices that store thermal energy for later use. They can be used to store heat from solar collectors, a power plant, or any other source of thermal energy. The stored thermal energy can then be used to generate electricity, heat buildings, or do any other task that requires thermal energy.
Solar Energy Storage:
Solar energy storage is the collection of solar power for later use. It may take several forms, including building-integrated photovoltaics, concentrated PV, and concentrated solar thermal. The most common way to store solar energy is by using it to generate electricity when demand exceeds supply.
Molten-Salt Technology:
Molten salt technology is a cost-effective and environment-friendly technology used in the thermal energy storage systems (TES) market. The molten salt technology comprises of two components, namely, fuel cell and storage cell. Fuel cells are used to generate electricity whereas the excess electricity generated from these fuel cells is stored in the molten salts.
Application Insights:
Power generation was the dominant segment in 2016 and accounted for a share of over 50.0% in terms of revenue. Increasing demand for clean, renewable and reliable energy sources has resulted in an increased need to store electricity generated from solar panels and wind turbines across countries such as Germany, Spain, China etc. Thermal energy storage systems are being deployed at large scale to cater to this requirement owing to their ability to deliver high power output with low costs.
District heating & cooling is expected register the fastest CAGR from 2017-2030 owing its rising deployment scope in cold climate regions such as North America and Europe where district cooling load changes occur frequently throughout the year due to weather conditions such as heat waves & cold snaps that require constant system maintenance without any major outages or delays which is expected drive growth over next seven years or so.
Regional Analysis:
The Asia Pacific regional market is expected to witness significant growth over the forecast period owing to increasing demand for thermal energy storage from several end-use industries, such as power generation and district heating & cooling. The presence of large solar farms in countries, such as China and India, is anticipated to boost the market growth in this region. For instance, according to IEA data published in 2018, China had a total installed capacity of 77 GW (gigawatts) of solar PV across the country by 2017. This has led to an increase in electricity prices that are subsequently passed on by consumers through higher tariffs for electricity consumption or lower tariffs for renewable energy consumption.
North America was estimated as the second-largest regional market with a share of 24% based on volume after Asia Pacific which accounted for 33% share based on revenue owing to early adoption coupled with favorable government policies regarding deployment of these systems across U.S.
Growth Factors:
- Increasing demand for thermal energy storage systems from the commercial and industrial sectors to store energy generated from renewable sources such as solar and wind power
- Favorable government policies and regulations for the deployment of thermal energy storage systems across various end-use applications
- Growing demand for thermal energy storage systems in emerging economies to meet the rising electricity demand
- Technological advancements in thermal energy storage technologies that offer improved performance, efficiency, and cost-effectiveness
- Rising awareness about the benefits of using thermal energy storage systems among consumers
Scope Of The Report
Report Attributes
Report Details
Report Title
Thermal Energy Storage Systems Market Research Report
By Type
Solar Energy Storage, Molten-Salt Technology, Hot Silicon Technology, Pumped-Heat Electricity Storage, Cryogenic Energy Storage
By Application
Power Generation, District Heating & Cooling, Process Heating & Cooling
By Companies
Ice Energy, Calmac, DN Tanks, Abengoa Solar, SolarReserve, Burns & McDonnell, Ice Energy
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
175
Number of Tables & Figures
123
Customization Available
Yes, the report can be customized as per your need.
Global Thermal Energy Storage Systems Market Report Segments:
The global Thermal Energy Storage Systems market is segmented on the basis of:
Types
Solar Energy Storage, Molten-Salt Technology, Hot Silicon Technology, Pumped-Heat Electricity Storage, Cryogenic Energy Storage
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Power Generation, District Heating & Cooling, Process Heating & Cooling
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Ice Energy
- Calmac
- DN Tanks
- Abengoa Solar
- SolarReserve
- Burns & McDonnell
- Ice Energy
Highlights of The Thermal Energy Storage Systems Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Solar Energy Storage
- Molten-Salt Technology
- Hot Silicon Technology
- Pumped-Heat Electricity Storage
- Cryogenic Energy Storage
- By Application:
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Thermal Energy Storage Systems Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Thermal energy storage systems (TESS) are a type of renewable energy system that uses thermal storage to store solar or wind energy. When the system is needed, such as during peak hours, the stored heat can be used to generate electricity. TESS can help reduce reliance on fossil fuels and improve grid reliability.
Some of the major companies in the thermal energy storage systems market are Ice Energy, Calmac, DN Tanks, Abengoa Solar, SolarReserve, Burns & McDonnell, Ice Energy.
The thermal energy storage systems market is expected to register a CAGR of 12.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Thermal Energy Storage Systems Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Thermal Energy Storage Systems Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Thermal Energy Storage Systems Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Thermal Energy Storage Systems Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Thermal Energy Storage Systems Market Size & Forecast, 2020-2028
4.5.1 Thermal Energy Storage Systems Market Size and Y-o-Y Growth
4.5.2 Thermal Energy Storage Systems Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Solar Energy Storage
5.2.2 Molten-Salt Technology
5.2.3 Hot Silicon Technology
5.2.4 Pumped-Heat Electricity Storage
5.2.5 Cryogenic Energy Storage
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Power Generation
6.2.2 District Heating & Cooling
6.2.3 Process Heating & Cooling
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Thermal Energy Storage Systems Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Thermal Energy Storage Systems Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Solar Energy Storage
9.6.2 Molten-Salt Technology
9.6.3 Hot Silicon Technology
9.6.4 Pumped-Heat Electricity Storage
9.6.5 Cryogenic Energy Storage
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Power Generation
9.10.2 District Heating & Cooling
9.10.3 Process Heating & Cooling
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Solar Energy Storage
10.6.2 Molten-Salt Technology
10.6.3 Hot Silicon Technology
10.6.4 Pumped-Heat Electricity Storage
10.6.5 Cryogenic Energy Storage
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Power Generation
10.10.2 District Heating & Cooling
10.10.3 Process Heating & Cooling
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Solar Energy Storage
11.6.2 Molten-Salt Technology
11.6.3 Hot Silicon Technology
11.6.4 Pumped-Heat Electricity Storage
11.6.5 Cryogenic Energy Storage
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Power Generation
11.10.2 District Heating & Cooling
11.10.3 Process Heating & Cooling
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Solar Energy Storage
12.6.2 Molten-Salt Technology
12.6.3 Hot Silicon Technology
12.6.4 Pumped-Heat Electricity Storage
12.6.5 Cryogenic Energy Storage
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Power Generation
12.10.2 District Heating & Cooling
12.10.3 Process Heating & Cooling
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Solar Energy Storage
13.6.2 Molten-Salt Technology
13.6.3 Hot Silicon Technology
13.6.4 Pumped-Heat Electricity Storage
13.6.5 Cryogenic Energy Storage
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Power Generation
13.10.2 District Heating & Cooling
13.10.3 Process Heating & Cooling
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Thermal Energy Storage Systems Market: Competitive Dashboard
14.2 Global Thermal Energy Storage Systems Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Ice Energy
14.3.2 Calmac
14.3.3 DN Tanks
14.3.4 Abengoa Solar
14.3.5 SolarReserve
14.3.6 Burns & McDonnell
14.3.7 Ice Energy
