Thermal Energy Storage Market Estimated To Reach US$ 4.65 Billion In 2023
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| Thermal Energy Storage Market |
Market Overview:
Thermal energy storage refers to the process of storing thermal energy by heating or cooling a substance to store and release energy when needed. This technology offers several advantages, including efficient energy usage, reduced energy costs, and increased sustainability. The increasing need for sustainable energy solutions and the growing adoption of renewable energy sources are driving the demand for thermal energy storage products in various industries.
Market Key Trends:
One of the key trends in the thermal energy storage market is the growing focus on renewable energy integration. As the demand for renewable energy sources such as solar and wind power increases, the need for effective energy storage solutions becomes crucial. Thermal energy storage systems provide an efficient and reliable method for storing excess energy generated from renewable sources during peak production periods and releasing it during high-demand periods. This enables a more stable and continuous power supply, reducing reliance on conventional energy sources and promoting the use of renewable energy.
Key players in the thermal energy storage market include BrightSource Energy, Inc., EnergyNest AS, Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, Burns & McDonnell, Inc., and DC Pro Engineering. These players are actively contributing to the growth of the market through technological advancements, collaborations, and strategic initiatives. However, the report does not discuss further details about these key players.
The global Thermal Energy Storage Market Size is estimated to be valued at US$4.65 billion in 2023 and is expected to exhibit a CAGR of 10.3% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis:
Based on technology, the market can be divided into sensible heat storage, latent heat storage, and thermochemical storage. Among these, sensible heat storage dominates the market due to its widespread applications and ease of implementation. Sensible heat storage systems store thermal energy by heating or cooling a solid or liquid material, such as water or rocks. These systems are widely used in industrial processes, district heating, and solar thermal power plants.
In terms of storage material, the market can be categorized into molten salt, phase change materials, and water. Molten salt is the most commonly used storage material due to its high thermal stability, low cost, and high energy density. It is extensively used in concentrated solar power plants for storing heat captured from solar energy during the day for later use during night or cloudy periods.
On the basis of application, the market can be segmented into commercial and industrial, residential, and utility. The commercial and industrial sector dominates the market, driven by the need for thermal energy storage systems in various industries, such as food and beverage, pharmaceuticals, and chemicals. These systems help in reducing energy costs, optimizing operations, and ensuring a reliable energy supply.
Key Takeaways:
The global thermal energy storage market is expected to witness high growth, exhibiting a CAGR of 10.3% over the forecast period. This growth can be attributed to the increasing demand for renewable energy sources, coupled with the need to store excess energy for later use. The deployment of thermal energy storage systems helps in reducing carbon emissions, improving grid stability, and achieving energy security.
In terms of regional analysis, North America is the fastest-growing and dominating region in the thermal energy storage market. This can be attributed to supportive government policies, increasing investments in renewable energy projects, and the presence of key market players. The region is witnessing a shift towards clean energy sources, such as solar and wind power, which is driving the demand for thermal energy storage systems.
Key players operating in the thermal energy storage market include BrightSource Energy, Inc., EnergyNest AS, Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, Burns & McDonnell, Inc., and DC Pro Engineering. These companies are focusing on research and development activities to improve storage efficiency, reduce costs, and expand their product portfolios. They are also entering into strategic partnerships and collaborations to strengthen their market presence and gain a competitive edge.
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