In 2017, the global thermal energy storage market reached $3,000.9 million and is predicted to attain $7,472.9 million in 2023, advancing at a 15.9% CAGR during 2018–2023.
The market is growing due to the supportive government incentives for promoting the adoption of thermal energy storage systems, rising demand for balanced power supply, increasing number of concentrated solar power (CSP) plants, and surging requirement for thermal energy storage systems for heating, ventilation, & air conditioning (HVAC) applications. Thermal energy storage systems allow the storage of excess thermal energy and its utilization during peak requirement.
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In terms of type, the thermal energy storage market is divided into pumped heat electrical storage (PHES), CSP, and others (which include ice thermal energy storage and chilled water thermal energy storage). Among these, the CSP division dominated the market during the historical period (2013–2017), accounting for a volume share of more than 90.0% in 2017.
This is because of the growing adoption of advanced CSP systems, primarily in the U.A.E., Australia, and Morocco. The PHES division is predicted to advance at the fastest pace during the forecast period.
A key driving factor of the thermal energy storage market is the increasing number of CSP plants. The requirement for electricity is rising rapidly due to swift urbanization across the globe.
This is further leading to the deployment of various types of energy-generating utilities, including CSP plants. According to China’s National Energy Administration, about 111 CSP projects are underway, with a capacity of about 9 GW.
Moreover, in India, two plants in Rajasthan and Gujarat are being installed with a cumulative capacity of 225 MW.
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Thermal Energy Storage Market Competitive Landscape
Some of the major players operating in the global thermal energy storage market are Abengoa Solar S.A., SolarReserve LLC, CALMAC, BrightSource Energy Inc., 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)
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