Thermal Storage Market Size, Share, Growth Report 2030

Market Overview

The global Thermal Storage Market accounted for USD 4.83 Billion in 2020 and is expected to reach USD 8.30 Billion by 2028, growing at a CAGR of 6.7% from 2021 to 2028.

Factors driving the demand for the thermal storage market are elevating demand for thermal energy storage systems in HVAC and rising acceptance of variable energy sources. The tech of thermal energy storage has been improved to a standing where it can have an interesting impact on lifestyle. The high preliminary setup price may be a limitation in the event of the thermal storage market.

The need for technical expertise and large challenges for grid interconnection are often limiting factors for the thermal storage market. The worldwide thermal storage market provides new growth avenues, owing to rising development and large requirement in concentrating solar energy within the Middle East & Africa area with high potential. Additionally, increasing government initiatives is also one among the main boosting factors for the event of the worldwide thermal storage market. For instance, in 2018, Maryland became the primary state of the U.S. to incentivize the utilization of energy storage with tax credits, thereby boosting the worldwide thermal storage market.

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COVID-19 Impact Analysis:

At the start of 2020, the event of renewable energy technologies in several markets was already challenged by policy uncertainties, financing, and grid integration, which has been intensified further by COVID-19. The COVID-19 crisis has significantly impacted the worldwide growth in renewable power capacity addition. The closing down of producing facilities due to lockdowns has disrupted the supply chains, and challenges in the availability of labor have further impacted the expansion of the general Thermal Storage market. This has resulted in the first decline in 20 years since 2000 for renewable energy capacity addition. 

Growth Factors

The Thermal Storage market is probably going to develop at a big pace within the near future. The development of the Thermal Storage market is elevated by the increased need for up-and-coming technologies and rapid technological advancements. The growth of the market is backed by increasing demand for electricity during peak hours, increasing commercialization of CSP plants, and demand for heating & cooling By Applications for smart infrastructure.

Report Scope:

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By Application Segment Analysis Preview

Based on By Application, the global thermal storage market is divided into district heating & cooling, power generation, and process heating & cooling. The segment for district heating & cooling in the global thermal storage market is likely to add up for the biggest share among all the By Applications. Presently, thermal storage By Applications are few in numbers. District heating systems can use storage of heat production, hot water, and demand to defer air conditioning loads from peak periods.

Technology Segment Analysis Preview

Sensible heat storage accounted for the most important revenue share of 46% in 2019. This will be attributed to the rising demand for solar thermal systems, alongside applicability across large-scale HVAC systems. The provision of reversible charging and discharging facility for an infinite number of cycles may be a key feature of the technology that will further improve product penetration.

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By Storage Material Segment Analysis Preview

Molten salt technology occupied the most important revenue share of 30% in 2020 and is predicted to witness significant growth over the forecast period. The expansion of the segment is often attributed to its high technological efficiency, alongside its usage in several solar power projects. Molten salt is employed to store the warmth collected using solar troughs and solar towers. The warmth collected using this technology is employed to enable steam turbines by converting them to superheat steam.

Region Analysis Preview

The MEA was the biggest and most attractive market that ruled the global thermal storage market. South Africa was the top region in the global thermal storage market. Asia Pacific region is likely to be the second top area for the thermal energy market, owing to developing nations such as China, India, South Korea, Japan, Indonesia, and Malaysia are witnessing rapid growth in urbanization and population.

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Key Market Players & Competitive Landscape

Some of the major players involved in the global thermal storage market include Calmac, DN Tanks, Ice Energy Holdings. Inc, Steffes Corporation, Burns & McDonnell, Fafco, Moixa Energy Holding Ltd, Trinabess, SENEC.IES, Redflow Limited, Murata Manufacturing, Statoil ASA, Abengoa Solar, CircuiTree and Duke Energy Corporation.

The global Thermal Storage market is segmented as follows:    

By Storage Material Analysis

• Water
• Molten Salt
• Phase Change Material

By Technology

• Sensible Heat
• Latent Heat
• Thermo Chemical Heat

By Application

• Power Generation
• District Heating & Cooling
• Process Heating & Cooling

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa