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Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Publisher IMARC Services Pvt. Ltd.
Published Jul 05, 2023
Length 145 Pages
SKU # IMRC18054304

Description

Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028


Market Overview:

The global thermal energy storage market size reached US$ 6.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.5 Billion by 2028, exhibiting a growth rate (CAGR) of 10% during 2023-2028.

Thermal energy storage refers to a power storage system that is used for transferring and storing energy obtained from ice, cold air or water for later usage. It includes sensible, latent and thermochemical heat storage that is based on molten salt, ice and miscibility gap alloy technology (MGA). Some of these solutions are used for storing hot or cold energy for powering electrical systems in commercial and residential complexes, while others are used for storing solar energy in the summers, which is further utilized in the winters. This aids in preventing the overutilization of conventional energy from the grid systems.

Increasing emphasis on the utilization of renewable energy resources across the globe is one of the key factors driving the growth of the market. The growing demand for thermal energy storage systems in heating, ventilation and air conditioning (HVAC) technology for large-scale heating and cooling is also providing a boost to the market growth. Furthermore, concentrated solar power (CSP) is increasingly being integrated with the thermal energy storage systems to offer grid flexibility and minimize efficiency losses by generating electricity through dry cooling during lower ambient temperatures. Additionally, increasing environmental consciousness, coupled with the growing adoption of thermal energy storage for power generation in green buildings, is acting as another growth-inducing factor. Other factors, including the implementation of favorable government policies to promote sustainable infrastructural development, along with extensive research and development (R&D) activities, are projected to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global thermal energy storage market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on storage type, technology, material type, application and end-use.

Breakup by Storage Type:

Sensible Heat Storage
Latent Heat Storage
Thermochemical Heat Storage

Breakup by Technology:

Molten Salt Technology
Electric Thermal Storage Heaters
Solar Energy Storage
Ice-Based Technology
Miscibility Gap Alloy Technology (MGA)
Others

Breakup by Material Type:

Water
Molten Salt
Phase Change Materials (PCM)
Others

Breakup by Application:

Power Generation
District Heating and Cooling
Process Heating and Cooling

Breakup by End-Use:

Residential and Commercial Sector
Utility Industry
Other Industries

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Abengoa Solar S.A., Baltimore Aircoil Company Inc., Brightsource Energy Inc., Burns & McDonnell Inc., Chicago Bridge & Iron Company (McDermott International), DC Pro Engineering, Fafco Inc., Solarreserve LLC, Steffes Corporation, Terrafore Technologies LLC, etc.

Key Questions Answered in This Report:

How has the global thermal energy storage market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global thermal energy storage market?
What is the breakup of the market based on the storage type?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the material type?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end-use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global thermal energy storage market and who are the key players?
What is the degree of competition in the industry?

Table of Contents

145 Pages
1 Preface
2 Scope and Methodology
2.1Objectives of the Study
2.2Stakeholders
2.3Data Sources
2.3.1Primary Sources
2.3.2Secondary Sources
2.4Market Estimation
2.4.1Bottom-Up Approach
2.4.2Top-Down Approach
2.5Forecasting Methodology
3 Executive Summary
4 Introduction
4.1Overview
4.2Key Industry Trends
5 Global Thermal Energy Storage Market
5.1Market Overview
5.2Market Performance
5.3Impact of COVID-19
5.4Market Forecast
6 Market Breakup by Storage Type
6.1Sensible Heat Storage
6.1.1 Market Trends
6.1.2 Market Forecast
6.2Latent Heat Storage
6.2.1 Market Trends
6.2.2 Market Forecast
6.3Thermochemical Heat Storage
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Technology
7.1Molten Salt Technology
7.1.1 Market Trends
7.1.2 Market Forecast
7.2Electric Thermal Storage Heaters
7.2.1 Market Trends
7.2.2 Market Forecast
7.3Solar Energy Storage
7.3.1 Market Trends
7.3.2 Market Forecast
7.4Ice-Based Technology
7.4.1 Market Trends
7.4.2 Market Forecast
7.5Miscibility Gap Alloy Technology (MGA)
7.5.1 Market Trends
7.5.2 Market Forecast
7.6Others
7.6.1 Market Trends
7.6.2 Market Forecast
8 Market Breakup by Material Type
8.1Water
8.1.1 Market Trends
8.1.2 Market Forecast
8.2Molten Salt
8.2.1 Market Trends
8.2.2 Market Forecast
8.3Phase Change Materials (PCM)
8.3.1 Market Trends
8.3.2 Market Forecast
8.4Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Application
9.1Power Generation
9.1.1 Market Trends
9.1.2 Market Forecast
9.2District Heating and Cooling
9.2.1 Market Trends
9.2.2 Market Forecast
9.3Process Heating and Cooling
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by End-Use
10.1Residential and Commercial Sector
10.1.1 Market Trends
10.1.2 Market Forecast
10.2Utility Industry
10.2.1 Market Trends
10.2.2 Market Forecast
10.3Other Industries
10.3.1 Market Trends
10.3.2 Market Forecast
11 Market Breakup by Region
11.1North America
11.1.1 United States
11.1.1.1 Market Trends
11.1.1.2 Market Forecast
11.1.2 Canada
11.1.2.1 Market Trends
11.1.2.2 Market Forecast
11.2Asia Pacific
11.2.1 China
11.2.1.1 Market Trends
11.2.1.2 Market Forecast
11.2.2 Japan
11.2.2.1 Market Trends
11.2.2.2 Market Forecast
11.2.3 India
11.2.3.1 Market Trends
11.2.3.2 Market Forecast
11.2.4 South Korea
11.2.4.1 Market Trends
11.2.4.2 Market Forecast
11.2.5 Australia
11.2.5.1 Market Trends
11.2.5.2 Market Forecast
11.2.6 Indonesia
11.2.6.1 Market Trends
11.2.6.2 Market Forecast
11.2.7 Others
11.2.7.1 Market Trends
11.2.7.2 Market Forecast
11.3Europe
11.3.1 Germany
11.3.1.1 Market Trends
11.3.1.2 Market Forecast
11.3.2 France
11.3.2.1 Market Trends
11.3.2.2 Market Forecast
11.3.3 United Kingdom
11.3.3.1 Market Trends
11.3.3.2 Market Forecast
11.3.4 Italy
11.3.4.1 Market Trends
11.3.4.2 Market Forecast
11.3.5 Spain
11.3.5.1 Market Trends
11.3.5.2 Market Forecast
11.3.6 Russia
11.3.6.1 Market Trends
11.3.6.2 Market Forecast
11.3.7 Others
11.3.7.1 Market Trends
11.3.7.2 Market Forecast
11.4Latin America
11.4.1 Brazil
11.4.1.1 Market Trends
11.4.1.2 Market Forecast
11.4.2 Mexico
11.4.2.1 Market Trends
11.4.2.2 Market Forecast
11.4.3 Others
11.4.3.1 Market Trends
11.4.3.2 Market Forecast
11.5Middle East and Africa
11.5.1 Market Trends
11.5.2 Market Breakup by Country
11.5.3 Market Forecast
12 SWOT Analysis
12.1Overview
12.2Strengths
12.3Weaknesses
12.4Opportunities
12.5Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
14.1Overview
14.2Bargaining Power of Buyers
14.3Bargaining Power of Suppliers
14.4Degree of Competition
14.5Threat of New Entrants
14.6Threat of Substitutes
15 Competitive Landscape
15.1Market Structure
15.2Key Players
15.3Profiles of Key Players
15.3.1Abengoa Solar S.A.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.2Baltimore Aircoil Company Inc.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.3Brightsource Energy Inc.
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.4Burns & McDonnell Inc.
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.5Chicago Bridge & Iron Company (McDermott International)
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.6DC Pro Engineering.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.7Fafco Inc.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.8Solarreserve LLC
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.9Steffes Corporation
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.10Terrafore Technologies LLC
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio

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