The thermal energy storage market is expected to grow from USD 269.06 million in 2022 to USD 608.27 million by 2028, at a CAGR of 14.46% during the forecast period. The growth of the thermal energy storage market is driven by the increasing demand for renewable energy sources, the growing need for grid flexibility, and the rising focus on energy efficiency.
Key Drivers of the Thermal Energy Storage Market
The increasing demand for renewable energy sources is one of the key drivers of the thermal energy storage market. Renewable energy sources, such as solar and wind, are intermittent in nature, and thermal energy storage can be used to store the energy generated by these sources and then dispatch it when needed. This helps to improve the reliability and predictability of renewable energy supply.
The growing need for grid flexibility is another key driver of the thermal energy storage market. The increasing penetration of renewable energy sources into the grid is putting a strain on the grid's flexibility. Thermal energy storage can be used to provide grid flexibility by storing energy during periods of low demand and then dispatching it when demand is high. This helps to ensure that the grid can meet the demand for electricity even when there is a high penetration of renewable energy sources.
The rising focus on energy efficiency is also driving the growth of the thermal energy storage market. Thermal energy storage can be used to improve the efficiency of energy systems by storing heat or cold and then using it when needed. This helps to reduce the overall energy consumption of a system.
Key Trends in the Thermal Energy Storage Market
There are a number of key trends in the thermal energy storage market. These include:
- The increasing use of latent heat storage: Latent heat storage is a type of thermal energy storage that stores energy in the form of phase change. This type of storage is more efficient than sensible heat storage, and it is also more tolerant of temperature variations.
- The development of new materials for thermal energy storage: The development of new materials for thermal energy storage is helping to improve the efficiency and cost-effectiveness of thermal energy storage systems.
- The growth of the solar thermal market: The growth of the solar thermal market is also driving the growth of the thermal energy storage market. Solar thermal systems can use thermal energy storage to store the heat generated by the solar collectors, and then use it to generate electricity or heat water.
Segmentation of the Thermal Energy Storage Market
The thermal energy storage market can be segmented by storage material type, technology, application, end-use and region.
By technology, the thermal energy storage market can be segmented into sensible heat storage, latent heat storage, and thermochemical heat storage. Sensible heat storage is the most common type of thermal energy storage. It stores energy by raising the temperature of a material. Latent heat storage stores energy by changing the phase of a material. Thermochemical heat storage stores energy by changing the chemical composition of a material.
By region, the thermal energy storage market can be segmented into North America, Europe, Asia Pacific, and the Middle East and Africa. North America is the largest market for thermal energy storage, followed by Europe and Asia Pacific. The Middle East and Africa is the smallest market for thermal energy storage.
Key Players in the Thermal Energy Storage Market
Some of the key players in the thermal energy storage market include:
- Aquifer Thermal Energy Storage Inc.
- Calmac Thermal Energy Storage
- Centrica PLC
- E.ON SE
- Heat Transfer Technologies LLC
- Lockheed Martin Corporation
- Ormat Technologies Inc.
- RGS Energy Inc.
- Siemens AG
These companies are actively developing and commercializing thermal energy storage technologies. They are also investing in research and development to improve the efficiency and cost-effectiveness of thermal energy storage systems.
Conclusion
The thermal energy storage market is expected to grow at a significant rate during the forecast period. The growth of the market is driven by the increasing demand for renewable energy sources, the growing need for grid flexibility, and the rising focus on energy efficiency. The key trends in the thermal energy storage market include the increasing use of latent heat storage, the development of new materials for thermal energy storage, and the growth of the solar thermal market.
