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Thermal Energy Market Growth Accelerated by Increased Demand for Cost-Effective and Eco-Friendly Cooling Systems

Lucy Kart
Thermal Energy Market Growth Accelerated by Increased Demand for Cost-Effective and Eco-Friendly Cooling Systems

Thermal energy storage systems enable efficient and cost-effective heating, cooling and power generation by capturing energy from renewable sources. They help store thermal energy for later use, which helps minimize electricity costs and carbon footprint. Thermal energy storage systems have the potential to significantly cut peak electricity demand and reduce emissions through the displacement of fossil-fuel based peak generation facilities. The global thermal energy storage market provides reliable and sustainable solutions for various applications such as building & construction, HVAC, power generation, and industrial applications. Thermal energy stored in these systems can be used for cooling, heating, humidification or dehumidification at times of higher demand.

The global thermal energy storage market is estimated to be valued at US$ 5.13 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increased adoption of renewable energy has accelerated the demand for thermal energy storage solutions. Thermal energy storage helps overcome the problem of intermittency associated with renewable power generation from solar and wind energy by storing thermal energy when it is generated and supplying it on-demand. This has boosted the development of large-scale thermal energy storage facilities paired with concentrated solar power and other renewable power plants. Further, growing emphasis on achieving net-zero emissions targets and transitioning to clean energy have amplified investments in thermal energy storage research and development around the world. Policy support in the form of incentives, tax rebates and reliability programmes are encouraging the widespread integration of TES with various infrastructure and industrial facilities.

Segment Analysis

The global thermal energy storage market is segmented by type, technology, end-use industry, and geography. The type segment include sensible heat storage, latent heat storage, and thermochemical heat storage. The latent heat storage segment dominates the market, accounting for around 60% share in 2023. This is because latent heat storage provides higher energy density compared to sensible heat storage with minimal temperature variation in the storage medium.

By technology, the market is bifurcated into latent heat storage, sensible heat storage, and thermochemical heat storage. Sensible heat storage holds the largest share owing to its lower costs compared to other technologies. By end-use industry, the market covers residential & commercial, industrial, and utilities. The utilities segment holds the major share due to increasing adoption of thermal energy storage systems in concentrated solar power and waste heat recovery plants.

Key Takeaways

Global Thermal Energy Storage Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to increase from US$ 5.13 Bn in 2023 to US$ 12 Bn by 2030, registering a CAGR of 10% during the forecast period.

Regional analysis

Europe accounts for the largest regional market. This is attributed to increasing investments by governments to deploy renewable energy projects integrating thermal energy storage systems. Germany dominates the European market. Asia Pacific is expected to witness the fastest growth over the forecast period led by emerging economies like India, China and Japan rapidly adopting thermal energy storage to reduce electricity bills and minimize carbon footprint.

Key players

Key players operating in the thermal energy storage market are BrightSource Energy, Inc., EnergyNest AS., Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, Burns & McDonnell, Inc. BrightSource Energy leads the market with pioneering utility-scale solar thermal power plants integrated with thermal energy storage. EnergyNest is growing rapidly in the residential thermal energy storage segment with its ice-based compact devices.

The global thermal energy storage market is characterized by immense opportunities in emerging economies investing in renewable energy coupled with rising emphasis on efficient use of energy. Leading players are investing in advancing thermo-chemical storage technologies and lowering costs to strengthen their position in the competitive landscape. Collaborations between technology providers and project developers are also gaining traction.

Get More insights on this TOpic https://www.rapidwebwire.com/thermal-energy-storage-market-forecast-analysis-and-outlook/ 

Lucy Kart
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