Rising demand for thermal energy storage systems for backup power, cooling and heating applications is driving the growth of the global thermal energy storage market
PORTLAND, Oregon., April 11, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Thermal Energy Storage Market by technology (sensitive, latent, thermochemical), by application (power generation, heating, cooling), by storage material (water, molten salt, phase change material (PCM), others), by end user (residential , Commercial & Industrial, Utilities): Global Opportunities Analysis and Industry Forecast, 2020-2030.” According to the report, the global thermal energy storage industry was pegged to $20.8 billion in 2020, and should reach $51.3 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.
Drivers, constraints and opportunities –
Rising demand for thermal energy storage systems for backup, cooling and heating applications is driving the growth of the global thermal energy storage market. Moreover, the increase in the integration of renewable energy is contributing significantly to the growth of the market. On the other hand, the lack of long-term thermal energy storage and the high cost associated with installing thermal energy storage is hampering the growth of the market. However, surge in demand for continuous power supply and technological advancements in thermal energy storage are expected to create lucrative opportunities for major market players.
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- The COVID-19 outbreak has led to a decline in demand for thermal energy storage devices due to shutdown of manufacturing, utility infrastructure construction activities, renewable energy structures and other operations around the world due to government-imposed lockdown measures.
- In addition, a shortage of manpower, a halt in the development of new electric utility infrastructure, distribution networks, renewable power plants and other power plants, as well as an increase in the gap between supply and demand, are expected to hamper the growth of the market across the country. the pandemic period.
The sensitive segment took the lion’s share in 2020-
Technology-based, the sensitive segment captured the lion’s share in 2020, contributing more than four-fifths of the global thermal energy storage market, and is expected to maintain its lead over the forecast period. This is due to the increase in demand for thermal energy storage from applications such as heating, cooling, power generation and others. Moreover, this segment is expected to witness the highest CAGR of 8.7% by 2030. The report also includes analysis of latent and thermochemical segments.
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The water segment to dominate by 2030-
By storage material, the water segment accounted for more than two-fifths of the global thermal energy storage market share in 2020 and is expected to maintain its dominance throughout the forecast period. This is due to the increased use of water in all applications of thermal energy storage systems. The molten salt segment, however, would exhibit the fastest CAGR of 8.9% by 2030. This is attributed to the increasing demand for power generation across the globe. The report also includes an analysis of the phase change materials segment.
North America to witness the fastest CAGR-
By region, North America should testify fastest CAGR 8.8% over the forecast period. This is attributed to the increasing demand for thermal energy storage systems from heating, cooling and power generation applications in the region. However, Europe garnered the major share in 2020, contributing nearly two-fifths of the global thermal energy storage market, and is expected to dominate the market over the forecast period. This is attributed to the presence of a huge consumer base, the rapid development of the thermal energy storage sector and the presence of key players in the region.
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Major Market Players-
- Caldwell Energy
- Solar Abengoa
- Baltimore Aircoil Company Inc.
- Evapco Inc.
- Brightsource Energy Inc.
- MAN energy solutions
- Terrafore Technologies LLC
- Goss inc.
- Dunham-Bush Holding Bhd.
- Steffes Corp.
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