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Europe Thermal Energy Storage Market Forecast to 2030 – Regional Analysis – by Technology (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), Storage Material (Water, Molten Salt, PCM, Others), Application (Power Generation, Process Heating and Cooling, District Heating and Cooling), and End User (Utility, Nonutility)

January 2024 | 85 pages | ID: E9867F4F4C82EN
The Insight Partners

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The Europe thermal energy storage market is expected to grow from US$ 7,183.01 million in 2022 to US$ 10,497.06 million by 2030. It is estimated to grow at a CAGR of 4.9% from 2022 to 2030.

Growing Heating & Cooling applications Fuels Europe Thermal Energy Storage Market

Sensible thermal energy storage technologies are usually integrated with district heating and cooling systems. Sensible storage technologies such as TTES are widely used for storing heat in buildings, while UTES is used in various instances in small-scale installations. PCM (applied in district cooling), solid-state thermal batteries, and ice storage are a few substitutes for air-conditioning units in advanced infrastructures such as heat pumps. The major advantage of deploying TES in these systems is its nature to dissociate heat and cold generation for hourly as well as seasonal consumption. From the energy demand perspective, TES can provide solutions for the overall energy system rather than focusing on individual vectors, such as power, heat, or cold. Energy demand in end-use sectors such as buildings is highly dependent on seasonality. Thermal storage can store energy for long periods, aiding in fulfilling seasonal demand and supply fluctuations. For instance, electricity requirements for building space heating or cooling systems can be shifted to low peak hours by charging thermal storage during off-peak hours and then discharging when necessary. The technology decreases grid congestion, provides higher renewable energy penetration, and is cost-effective. Thus, the growing demand for thermal energy storage in large-scale cooling technologies, district heating and cooling, industrial power generation, cold-chain applications, and the building industry is fueling the market for thermal energy storage.

Europe Thermal Energy Storage Market Overview

In 2022, Europe led the thermal energy storage market. The key countries are Germany, the UK, France, Italy, and Russia, among others. Climate change concerns, targets of the Paris Agreement, and the inclination toward renewable energy for power generation are driving factors for the Europe thermal energy storage market. The use of thermal energy storage technologies as a cost-effective measure to manage energy imbalances in times of crisis or supply shortage is a major boost for the market. In solar power plants, district heating is a major application area of thermal energy storage. Europe has over 200 solar district heating programs, predominantly in Germany, Austria, Denmark, and Sweden. The global energy crisis owing to the Russia-Ukraine war has showcased the importance of energy storage and the requirement for alternative energy resources. The demand for energy in the industrial, commercial, and residential sectors is growing rapidly; hence, governments of various countries in Europe are focused on developing alternative solutions to conventional power supply. The governments realized the urgency of establishing alternative solutions, including renewables and proper storage infrastructure. Sufficient power generation from renewable sources can make the countries more energy secure and help manage climate change challenges generated by the usage of non-renewable sources. The government policies and mandates in line with the net zero carbon emission and clean energy targets are creating the demand for sustainable storage infrastructure, including thermal storage. In the European Union, the carbon dioxide ratio in the power sector intensified substantially in 2022. A few countries resumed operations at coal-driven power plants while outages at nuclear plants and low hydropower production contested the system's dependability. In line with the Paris Agreement, which involved 196 participants at the UN Climate Change Conference (COP21) in Paris, France, in 2015, the government is establishing net zero emission and green energy policies. The growing share of renewable energy resources in the power mix, incentives for using renewable sources in the industrial sector, and the rising application of advanced technologies with thermal storage facilities for residential and commercial heating and cooling processes are major driving factors for the thermal energy storage market in the region.

Europe Thermal Energy Storage Market Revenue and Forecast to 2030 (US$ Million)

Europe Thermal Energy Storage Market Segmentation

The Europe thermal energy storage market is segmented into technology, storage material, application, end user, and country.

Based on technology, the Europe thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held the largest share of the Europe thermal energy storage market in 2022.

Based on storage material, the Europe thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held the largest share of the Europe thermal energy storage market in 2022.

Based on application, the Europe thermal energy storage market is segmented into power generation, process heating and cooling, and district heating and cooling. The district heating and cooling segment held the largest share of the Europe thermal energy storage market in 2022.

Based on end user, the Europe thermal energy storage market is segmented into utility and nonutility. The utility segment held a larger share of the Europe thermal energy storage market in 2022.

Based on country, the Europe thermal energy storage market is segmented int o Germany, France, Italy, Russia, the UK, and the Rest of Europe. Germany dominated the Europe thermal energy storage market in 2022.

Abengoa SA, Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Evapco Inc, MAN Energy Solutions SE, and Sunamp Ltd are some of the leading companies operating in the Europe thermal energy storage market.
1. INTRODUCTION

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. EXECUTIVE SUMMARY

2.1 Key Insights
2.2 Market Attractiveness

3. RESEARCH METHODOLOGY

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. EUROPE THERMAL ENERGY STORAGE MARKET LANDSCAPE

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis

5. EUROPE THERMAL ENERGY STORAGE MARKET - KEY INDUSTRY DYNAMICS

5.1 Europe Thermal Energy Storage Market - Key Industry Dynamics
5.2 Market Drivers
  5.2.1 Rising share of renewables
  5.2.2 Growing adoption in Concentrated Solar Plants
  5.2.3 Increasing Applications of Thermal Energy Storage
  5.2.4 Growing Focus on Building Robust Storage Infrastructure
5.3 Market Restraints
  5.3.1 Lack of Technology Readiness Levels
  5.3.2 Lack of Decarbonization Policies in Underdeveloped Economies
  5.3.3 Uncertainties Associated with Future Energy System Development
5.4 Market Opportunities
  5.4.1 Application of Thermal Energy Storage Technology in Defense Sector
  5.4.2 Deployment of Thermal Energy Storage Technology for Electric Vehicles at Extreme Temperatures
5.5 Future Trends
  5.5.1 Application of AI for Optimization and Control of Thermal Energy Storage Systems
5.6 Impact of Drivers and Restraints:

6. THERMAL ENERGY STORAGE MARKET - EUROPE MARKET ANALYSIS

6.1 Europe Thermal Energy Storage Market Revenue (US$ Million), 2022 – 2030
6.2 Europe Thermal Energy Storage Market Forecast and Analysis

7. EUROPE THERMAL ENERGY STORAGE MARKET ANALYSIS - TECHNOLOGY

7.1 Sensible Heat Storage
  7.1.1 Overview
  7.1.2 Sensible Heat Storage: Europe Thermal Energy Storage Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Latent Heat Storage
  7.2.1 Overview
  7.2.2 Latent Heat Storage: Europe Thermal Energy Storage Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Thermochemical Storage
  7.3.1 Overview
  7.3.2 Thermochemical Storage: Europe Thermal Energy Storage Market Revenue and Forecast to 2030 (US$ Million)

8. EUROPE THERMAL ENERGY STORAGE MARKET ANALYSIS – STORAGE MATERIAL

8.1 Water
  8.1.1 Overview
  8.1.2 Water: Europe Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Molten Salt
  8.2.1 Overview
  8.2.2 Molten Salt: Europe Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Phase Change Material (PCM)
  8.3.1 Overview
  8.3.2 Phase Change Material: Europe Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Others
  8.4.1 Overview
  8.4.2 Others: Europe Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)

9. EUROPE THERMAL ENERGY STORAGE MARKET ANALYSIS – APPLICATION

9.1 Power Generation
  9.1.1 Overview
  9.1.2 Power Generation Market Revenue, and Forecast to 2030 (US$ Million)
9.2 Process Heating and Cooling
  9.2.1 Overview
  9.2.2 Process Heating and Cooling: Europe Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
9.3 District Heating and Cooling
  9.3.1 Overview
  9.3.2 District Heating and Cooling: Europe Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)

10. EUROPE THERMAL ENERGY STORAGE MARKET ANALYSIS – END USER

10.1 Utility
  10.1.1 Overview
  10.1.2 Utility: Europe Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
10.2 Nonutility
  10.2.1 Overview
  10.2.2 Nonutility: Europe Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)

11. EUROPE THERMAL ENERGY STORAGE MARKET - COUNTRY ANALYSIS

11.1 Europe Thermal Energy Storage Market
  11.1.1 Europe Thermal Energy Storage Market Revenue and Forecasts and Analysis - By Country
    11.1.1.1 Europe Thermal Energy Storage Market Revenue and Forecasts and Analysis - By Country
    11.1.1.2 Germany: Europe Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
      11.1.1.2.1 Germany: Europe Thermal Energy Storage Market Breakdown by Technology
      11.1.1.2.2 Germany: Europe Thermal Energy Storage Market Breakdown by Storage Material
      11.1.1.2.3 Germany: Europe Thermal Energy Storage Market Breakdown by Application
      11.1.1.2.4 Germany: Europe Thermal Energy Storage Market Breakdown by End User
    11.1.1.3 France: Europe Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
      11.1.1.3.1 France: Europe Thermal Energy Storage Market Breakdown by Technology
      11.1.1.3.2 France: Europe Thermal Energy Storage Market Breakdown by Storage Material
      11.1.1.3.3 France: Europe Thermal Energy Storage Market Breakdown by Application
      11.1.1.3.4 France: Europe Thermal Energy Storage Market Breakdown by End User
    11.1.1.4 Italy: Europe Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
      11.1.1.4.1 Italy: Europe Thermal Energy Storage Market Breakdown by Technology
      11.1.1.4.2 Italy: Europe Thermal Energy Storage Market Breakdown by Storage Material
      11.1.1.4.3 Italy: Europe Thermal Energy Storage Market Breakdown by Application
      11.1.1.4.4 Italy: Europe Thermal Energy Storage Market Breakdown by End User
    11.1.1.5 UK: Europe Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
      11.1.1.5.1 UK: Europe Thermal Energy Storage Market Breakdown by Technology
      11.1.1.5.2 UK: Europe Thermal Energy Storage Market Breakdown by Storage Material
      11.1.1.5.3 UK: Europe Thermal Energy Storage Market Breakdown by Application
      11.1.1.5.4 UK: Europe Thermal Energy Storage Market Breakdown by End User
    11.1.1.6 Russia: Europe Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
      11.1.1.6.1 Russia: Europe Thermal Energy Storage Market Breakdown by Technology
      11.1.1.6.2 Russia: Europe Thermal Energy Storage Market Breakdown by Storage Material
      11.1.1.6.3 Russia: Europe Thermal Energy Storage Market Breakdown by Application
      11.1.1.6.4 Russia: Europe Thermal Energy Storage Market Breakdown by End User
    11.1.1.7 Rest of Europe: Europe Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
      11.1.1.7.1 Rest of Europe: Europe Thermal Energy Storage Market Breakdown by Technology
      11.1.1.7.2 Rest of Europe: Europe Thermal Energy Storage Market Breakdown by Storage Material
      11.1.1.7.3 Rest of Europe: Europe Thermal Energy Storage Market Breakdown by Application
      11.1.1.7.4 Rest of Europe: Europe Thermal Energy Storage Market Breakdown by End User

12. INDUSTRY LANDSCAPE

12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition

13. COMPANY PROFILES

13.1 Evapco Inc
  13.1.1 Key Facts
  13.1.2 Business Description
  13.1.3 Products and Services
  13.1.4 Financial Overview
  13.1.5 SWOT Analysis
  13.1.6 Key Developments
13.2 Burns & McDonnell Consultants Inc
  13.2.1 Key Facts
  13.2.2 Business Description
  13.2.3 Products and Services
  13.2.4 Financial Overview
  13.2.5 SWOT Analysis
  13.2.6 Key Developments
13.3 Baltimore Aircoil Co
  13.3.1 Key Facts
  13.3.2 Business Description
  13.3.3 Products and Services
  13.3.4 Financial Overview
  13.3.5 SWOT Analysis
  13.3.6 Key Developments
13.4 Sunamp Ltd
  13.4.1 Key Facts
  13.4.2 Business Description
  13.4.3 Products and Services
  13.4.4 Financial Overview
  13.4.5 SWOT Analysis
  13.4.6 Key Developments
13.5 MAN Energy Solutions SE
  13.5.1 Key Facts
  13.5.2 Business Description
  13.5.3 Products and Services
  13.5.4 Financial Overview
  13.5.5 SWOT Analysis
  13.5.6 Key Developments
13.6 Abengoa SA
  13.6.1 Key Facts
  13.6.2 Business Description
  13.6.3 Products and Services
  13.6.4 Financial Overview
  13.6.5 SWOT Analysis
  13.6.6 Key Developments

14. APPENDIX

14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES

Table 1. Europe Thermal Energy Storage Market Segmentation
Table 2. Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Technology
Table 4. Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Storage Material
Table 5. Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Application
Table 6. Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – End User
Table 7. Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Country
Table 8. Germany: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 9. Germany: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 10. Germany: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 11. Germany: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 12. France: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 13. France: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 14. France: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 15. France: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 16. Italy: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 17. Italy: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 18. Italy: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 19. Italy: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 20. UK: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 21. UK: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 22. UK: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 23. UK: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 24. Russia: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 25. Russia: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 26. Russia: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 27. Russia: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 28. Rest of Europe: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 29. Rest of Europe: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 30. Rest of Europe: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 31. Rest of Europe: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 32. @LIST OF Abbreviation

LIST OF FIGURES

Figure 1. Europe Thermal Energy Storage Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Europe Thermal Energy Storage Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Europe Thermal Energy Storage Market Revenue (US$ Million), 2022 – 2030
Figure 6. Europe Thermal Energy Storage Market Share (%) – Technology, 2022 and 2030
Figure 7. Sensible Heat Storage: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Latent Heat Storage: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Thermochemical Storage: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. Europe Thermal Energy Storage Market Share (%) – Storage Material, 2022 and 2030
Figure 11. Water: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Molten Salt Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Phase Change Material: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Others: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. Europe Thermal Energy Storage Market Share (%) – Application, 2022 and 2030
Figure 16. Power Generation Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Process Heating and Cooling: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. District Heating and Cooling: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Europe Thermal Energy Storage Market Share (%) – End User, 2022 and 2030
Figure 20. Utility: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Nonutility: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Europe Thermal Energy Storage Market, By Key Country – Revenue (2022) (US$ Million)
Figure 23. Europe Thermal Energy Storage Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 24. Germany: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 25. France: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 26. Italy: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 27. UK: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 28. Russia: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 29. Rest of Europe: Europe Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)


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