Increase in demand for thermal energy storage systems for power backup, cooling, and heating applications drives the growth of the global thermal energy storage market
PORTLAND, Ore., April 11, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Thermal Energy Storage Market by Technology (Sensible, Latent, Thermochemical), by Application (Power Generation, Heating, Cooling), by Storage Material (Water, Molten Salt, Phase Change Material (PCM), Others), by End User (Residential, Commercial and Industrial, Utilities): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global thermal energy storage industry was pegged at $20.8 billion in 2020, and is expected to reach $51.3 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.
Drivers, restraints, and opportunities-
Increase in demand for thermal energy storage systems for power backup, cooling, and heating applications drives the growth of the global thermal energy storage market. Additionally, increase in renewable power integration significantly contributes to the growth of the market. On the other hand, lack of long-term thermal energy storage and high cost associated with installation of thermal energy storage hamper the growth of the market. However, surge in demand for continuous power supply and technological advancements in thermal energy storage are expected to create lucrative opportunities for key players in the market.
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COVID-19 scenario-
- The outbreak of COVID-19 resulted in a decline in demand for thermal energy storage devices due to halt in manufacturing, construction activities of utility infrastructure, renewable energy structures, and other operations around the world due to government-imposed lockdown measures.
- Furthermore, a lack of labor, a stoppage in the development of new electric utility infrastructures, grid networks, renewable power plants, and other power plants, as well as a rise in the demand–supply gap, is expected to hamper the market growth throughout the pandemic period.
The sensible segment held the lion's share in 2020-
Based on technology, the sensible segment held the lion's share in 2020, contributing to more than four-fifths of the global thermal energy storage market, and is expected to continue its lead during the forecast period. This is owing to rise in demand for thermal energy storage from applications including heating, cooling, power generation, and others. Moreover, this segment is expected to witness the highest CAGR of 8.7% by 2030. The report also includes an analysis of the latent and thermochemical segments.
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The water segment to dominate by 2030-
By storage material, the water segment accounted for more than two-fifths of the global thermal energy storage market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to rise in utilization of water in all the applications for thermal energy storage systems. The molten salt segment, however, would showcase the fastest CAGR of 8.9% by 2030. This is attributed to rise in demand for power generation across the globe. The report also includes an analysis of the phase change material segment.
North America to witness the fastest CAGR-
By region, North America is expected to witness the fastest CAGR of 8.8% during the forecast period. This is attributed to rise in demand for thermal energy storage systems from heating, cooling, and power generation applications in the region. However, Europe garnered the major share in 2020, contributing to nearly two-fifths of the global thermal energy storage market, and is expected to dominate the market during the forecast period. This is attributed to the presence of huge consumer base, rapid development of the thermal energy storage sector, and the presence of key players in the region.
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Leading market players-
- Caldwell Energy
- Abengoa Solar
- Baltimore Aircoil Company Inc.
- Evapco Inc
- Brightsource Energy Inc.
- MAN Energy Solutions
- Terrafore Technologies LLC
- Goss Inc
- Dunham-Bush Holding Bhd.
- Steffes Corp.
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