Thermal Energy Storage Market Sales Revenue to Significantly Increase in the Next Few YearsMarch 8, 2021
With an increase in population, the demand for energy for heating and cooling purposes has also risen. Thermal energy storage is a means to temporarily store thermal energy for later utilization, helping maintain the demand and supply equilibrium. In 2017, the global thermal energy storage market generated a revenue of $3,000.9 million, which is expected to reach $7,472.9 million by 2023, progressing at a CAGR of 15.9% during the forecast period (2018–2023). Apart from a growing demand for energy, the increasing installation rate of concentrated solar power (CSP) systems is driving the market.
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The thermal energy storage market has been segmented by type, technology, application, and region. Talking about the type segment, it is further divided into pump heat electrical storage (PHES), CSP and others, where the others category includes ice thermal energy storage and chilled water thermal energy storage. CSP dominated the market during the historical period 2013–2017 with more than 90.0% share of the total installed capacity of storage units. The benefits associated with CSP include lower investment cost, higher efficiency, and inherent thermal storage capacity, which helps in power generation during cloud cover and after sunset.
Government efforts toward the adoption of thermal energy storage systems is one of the key drivers for the thermal energy storage market. As such systems reduce the load on the power grid by supplying electrical energy during periods of peak demand, their adoption is being strongly encouraged in several countries. For instance, under the Property Assessed Clean Energy (PACE) program of the Government of Texas, property owners receive low-cost but long-term financing for the installation of solar power units equipped with thermal energy storage systems.
Underground thermal energy storage (UTES) is one of the technologies that have been recently developed for power generation and thermal energy storage (though not in APAC). Owing to the high concentration of salt caverns and presence of aquifers in Europe and North America, this new technology is grabbing the attention here. Hence, the increasing adoption of UTES technology in these regions can open doors of opportunity for key thermal energy storage market players.
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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)
- North America
- Rest of Europe
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA