Market Overview:
The thermal energy storage market refers to the utilization of high-temperature storage media for storing thermal energy, which can be later released to meet energy demands. The market offers various technological solutions such as sensible heat storage, latent heat storage, and thermochemical storage. These solutions provide efficient energy management, reduce carbon emissions, and enhance energy security. The increasing need for sustainable and energy-efficient solutions is driving the demand for thermal energy storage systems across various industries, including residential, commercial, and industrial sectors.
Market Key Trends:
One key trend in the thermal energy storage market is the growing adoption of concentrated solar power (CSP) systems. These systems utilize mirrors or lenses to concentrate sunlight onto a receiver, which then converts the solar energy into heat. This heat can be stored in thermal energy storage systems and later used to generate electricity. The use of CSP systems along with thermal energy storage offers a reliable and dispatchable renewable energy solution, reducing reliance on fossil fuels and contributing to a more sustainable energy mix.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
PEST Analysis:
Political: The political factors influencing the thermal energy storage market include government regulations and policies regarding renewable energy and climate change. Governments around the world are increasingly supporting the adoption of clean and sustainable energy solutions, which is likely to drive the demand for thermal energy storage systems.
Economic: The economic factors that impact the market include the cost-effectiveness of thermal energy storage compared to traditional energy storage solutions. With the decreasing costs of renewable energy technologies and the need for energy storage to ensure uninterrupted power supply, the demand for thermal energy storage systems is expected to grow.
Social: Social factors driving the market include the growing awareness and concern for environmental sustainability. The general public is becoming more conscious of the need for renewable energy sources and energy efficiency, which is likely to increase the adoption of thermal energy storage systems.
Technological: Technological factors include advancements in thermal energy storage technologies. Innovations in materials and design are improving the efficiency and effectiveness of thermal energy storage systems, making them more attractive to various industries and applications.
Key Takeaways:
The global thermal energy storage market is projected to witness significant growth, exhibiting a CAGR of 10.3% over the forecast period of 2023-2030. This growth is attributed to increasing government support for renewable energy sources and the need for energy storage to ensure reliable power supply.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the thermal energy storage market. This is primarily due to the presence of key players, supportive government policies, and the increasing adoption of renewable energy sources in the region.
The 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 play a crucial role in driving technological advancements and innovation in thermal energy storage solutions.
