Thermal Energy Storage Market By Technology (Latent Heat Storage, Sensible Heat Storage, Others) , By Storage Material (Water, Molten Salt, Phase Change Material (PCM) , Others) By Application (Power Generation, Heating, Cooling) By End Use (Residential, Commercial and Industrial, Utilities) : Global Opportunity Analysis and Industry Forecast, 2024-2033

December 2024 | 420 pages | ID: T05B18E553E9EN
Allied Market Research

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The global thermal energy storage market was valued at $20.8 billion in 2020, and is projected to reach $51.3 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.

Thermal energy storage systems make use of standard cooling & energy storage equipment to store thermal energy for later use. These systems are widely adopted to store solar energy for space heating during winter and stock cold winter air for air conditioning purposes during summer. Thermal energy storage helps to balance the supply and demand for energy on daily, weekly, and seasonal basis. Moreover, it provides several benefits such as reduced energy consumption, increased flexibility of operations, and reduced initial & maintenance cost.

The growth of the global thermal energy storage market is majorly driven by rise in demand for thermal energy storage systems for power backup, heating, and cooling applications. In addition, rapid increase in renewable power integration significantly contributes toward the growth of the global thermal energy storage market. However, high cost associated with installation of thermal energy storage and lack of long term thermal energy storage are key factors expected to hamper the growth of the market, globally. Conversely, technological advancements in thermal energy storage and surge in demand for continuous power supply are expected to create potential growth opportunities for key players operating in the global thermal energy storage market during the forecast period.

The thermal energy storage market is segmented into technology, storage material, application, end user, and region. Depending on technology, the market is categorized into sensible, latent, and thermochemical. The storage materials covered in the study include water, molten salt, PCM, and others. As per application, the market is fragmented into power generation, heating, and cooling. On the basis of end users, the market is segmented into residential, commercial & industrial, and utilities. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS
  • The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
  • A comprehensive analysis of the factors that drive and restrict the growth of the global thermal energy storage market is provided.
  • Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
  • Estimations and forecast are based on factors impacting the global thermal energy storage market growth, in terms of value.
  • Key market players are profiled to gain an understanding of the strategies adopted by them.
  • This report provides a detailed analysis of the current trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.
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Key Market Segments

By Technology
  • Latent Heat Storage
  • Sensible Heat Storage
  • Others
By Storage Material
  • Water
  • Molten Salt
  • Phase Change Material (PCM)
  • Others
By Application
  • Power Generation
  • Heating
  • Cooling
By End Use
  • Residential
  • Commercial and Industrial
  • Utilities
By Region
  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • France
  • Germany
  • Italy
  • Spain
  • UK
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • South Africa
  • Saudi Arabia
  • Rest of LAMEA
  • Key Market Players
  • Aalborg CSP
  • Abengoa
  • Cartesian
  • Enel Spa
  • EVAPCO, Inc
  • Kraftblock GmbH
  • Lumenion GmbH
  • Magaldi Green Energy
  • Man Energy Solutions
  • PCM Products Ltd.
  • Phelas GmbH
  • Spirax Sarco limited.
  • Sunamp Ltd.
  • Thermofin
CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
  1.4.1. Primary research
  1.4.2. Secondary research
  1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
  3.2.1. Top impacting factors
  3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
  3.3.1. Bargaining power of suppliers
  3.3.2. Bargaining power of buyers
  3.3.3. Threat of substitutes
  3.3.4. Threat of new entrants
  3.3.5. Intensity of rivalry
3.4. Market dynamics
  3.4.1. Drivers
    3.4.1.1. Rising demand for energy storage in the power generation sector as a backup source
    3.4.1.2. Upsurge in demand for district heating & cooling in HVAC Systems
  3.4.2. Restraints
    3.4.2.1. Competition from Battery Storage and Pumped Storage
  3.4.3. Opportunities
    3.4.3.1. Decentralized Renewable Energy Sector
3.5. COVID-19 Impact Analysis on the market
3.6. Key Regulation Analysis
3.7. Patent Landscape
3.8. Value Chain Analysis

CHAPTER 4: THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY

4.1. Overview
  4.1.1. Market size and forecast
4.2. Sensible
  4.2.1. Key market trends, growth factors and opportunities
  4.2.2. Market size and forecast, by region
  4.2.3. Market share analysis by country
4.3. Latent
  4.3.1. Key market trends, growth factors and opportunities
  4.3.2. Market size and forecast, by region
  4.3.3. Market share analysis by country
4.4. Thermochemical
  4.4.1. Key market trends, growth factors and opportunities
  4.4.2. Market size and forecast, by region
  4.4.3. Market share analysis by country

CHAPTER 5: THERMAL ENERGY STORAGE MARKET, BY APPLICATION

5.1. Overview
  5.1.1. Market size and forecast
5.2. Power Generation
  5.2.1. Key market trends, growth factors and opportunities
  5.2.2. Market size and forecast, by region
  5.2.3. Market share analysis by country
5.3. Heating
  5.3.1. Key market trends, growth factors and opportunities
  5.3.2. Market size and forecast, by region
  5.3.3. Market share analysis by country
5.4. Cooling
  5.4.1. Key market trends, growth factors and opportunities
  5.4.2. Market size and forecast, by region
  5.4.3. Market share analysis by country

CHAPTER 6: THERMAL ENERGY STORAGE MARKET, BY STORAGE MATERIAL

6.1. Overview
  6.1.1. Market size and forecast
6.2. Water
  6.2.1. Key market trends, growth factors and opportunities
  6.2.2. Market size and forecast, by region
  6.2.3. Market share analysis by country
6.3. Molten Salt
  6.3.1. Key market trends, growth factors and opportunities
  6.3.2. Market size and forecast, by region
  6.3.3. Market share analysis by country
6.4. Phase Change Material
  6.4.1. Key market trends, growth factors and opportunities
  6.4.2. Market size and forecast, by region
  6.4.3. Market share analysis by country
6.5. Others
  6.5.1. Key market trends, growth factors and opportunities
  6.5.2. Market size and forecast, by region
  6.5.3. Market share analysis by country

CHAPTER 7: THERMAL ENERGY STORAGE MARKET, BY END USER

7.1. Overview
  7.1.1. Market size and forecast
7.2. Residential
  7.2.1. Key market trends, growth factors and opportunities
  7.2.2. Market size and forecast, by region
  7.2.3. Market share analysis by country
7.3. Commercial and Industrial
  7.3.1. Key market trends, growth factors and opportunities
  7.3.2. Market size and forecast, by region
  7.3.3. Market share analysis by country
7.4. Utilities
  7.4.1. Key market trends, growth factors and opportunities
  7.4.2. Market size and forecast, by region
  7.4.3. Market share analysis by country

CHAPTER 8: THERMAL ENERGY STORAGE MARKET, BY REGION

8.1. Overview
  8.1.1. Market size and forecast By Region
8.2. North America
  8.2.1. Key trends and opportunities
  8.2.2. Market size and forecast, by Technology
  8.2.3. Market size and forecast, by Application
  8.2.4. Market size and forecast, by Storage Material
  8.2.5. Market size and forecast, by End User
  8.2.6. Market size and forecast, by country
    8.2.6.1. U.S.
      8.2.6.1.1. Key market trends, growth factors and opportunities
      8.2.6.1.2. Market size and forecast, by Technology
      8.2.6.1.3. Market size and forecast, by Application
      8.2.6.1.4. Market size and forecast, by Storage Material
      8.2.6.1.5. Market size and forecast, by End User
    8.2.6.2. Canada
      8.2.6.2.1. Key market trends, growth factors and opportunities
      8.2.6.2.2. Market size and forecast, by Technology
      8.2.6.2.3. Market size and forecast, by Application
      8.2.6.2.4. Market size and forecast, by Storage Material
      8.2.6.2.5. Market size and forecast, by End User
    8.2.6.3. Mexico
      8.2.6.3.1. Key market trends, growth factors and opportunities
      8.2.6.3.2. Market size and forecast, by Technology
      8.2.6.3.3. Market size and forecast, by Application
      8.2.6.3.4. Market size and forecast, by Storage Material
      8.2.6.3.5. Market size and forecast, by End User
8.3. Europe
  8.3.1. Key trends and opportunities
  8.3.2. Market size and forecast, by Technology
  8.3.3. Market size and forecast, by Application
  8.3.4. Market size and forecast, by Storage Material
  8.3.5. Market size and forecast, by End User
  8.3.6. Market size and forecast, by country
    8.3.6.1. Germany
      8.3.6.1.1. Key market trends, growth factors and opportunities
      8.3.6.1.2. Market size and forecast, by Technology
      8.3.6.1.3. Market size and forecast, by Application
      8.3.6.1.4. Market size and forecast, by Storage Material
      8.3.6.1.5. Market size and forecast, by End User
    8.3.6.2. France
      8.3.6.2.1. Key market trends, growth factors and opportunities
      8.3.6.2.2. Market size and forecast, by Technology
      8.3.6.2.3. Market size and forecast, by Application
      8.3.6.2.4. Market size and forecast, by Storage Material
      8.3.6.2.5. Market size and forecast, by End User
    8.3.6.3. U.K.
      8.3.6.3.1. Key market trends, growth factors and opportunities
      8.3.6.3.2. Market size and forecast, by Technology
      8.3.6.3.3. Market size and forecast, by Application
      8.3.6.3.4. Market size and forecast, by Storage Material
      8.3.6.3.5. Market size and forecast, by End User
    8.3.6.4. Italy
      8.3.6.4.1. Key market trends, growth factors and opportunities
      8.3.6.4.2. Market size and forecast, by Technology
      8.3.6.4.3. Market size and forecast, by Application
      8.3.6.4.4. Market size and forecast, by Storage Material
      8.3.6.4.5. Market size and forecast, by End User
    8.3.6.5. Spain
      8.3.6.5.1. Key market trends, growth factors and opportunities
      8.3.6.5.2. Market size and forecast, by Technology
      8.3.6.5.3. Market size and forecast, by Application
      8.3.6.5.4. Market size and forecast, by Storage Material
      8.3.6.5.5. Market size and forecast, by End User
    8.3.6.6. Rest of Europe
      8.3.6.6.1. Key market trends, growth factors and opportunities
      8.3.6.6.2. Market size and forecast, by Technology
      8.3.6.6.3. Market size and forecast, by Application
      8.3.6.6.4. Market size and forecast, by Storage Material
      8.3.6.6.5. Market size and forecast, by End User
8.4. Asia-Pacific
  8.4.1. Key trends and opportunities
  8.4.2. Market size and forecast, by Technology
  8.4.3. Market size and forecast, by Application
  8.4.4. Market size and forecast, by Storage Material
  8.4.5. Market size and forecast, by End User
  8.4.6. Market size and forecast, by country
    8.4.6.1. China
      8.4.6.1.1. Key market trends, growth factors and opportunities
      8.4.6.1.2. Market size and forecast, by Technology
      8.4.6.1.3. Market size and forecast, by Application
      8.4.6.1.4. Market size and forecast, by Storage Material
      8.4.6.1.5. Market size and forecast, by End User
    8.4.6.2. Japan
      8.4.6.2.1. Key market trends, growth factors and opportunities
      8.4.6.2.2. Market size and forecast, by Technology
      8.4.6.2.3. Market size and forecast, by Application
      8.4.6.2.4. Market size and forecast, by Storage Material
      8.4.6.2.5. Market size and forecast, by End User
    8.4.6.3. India
      8.4.6.3.1. Key market trends, growth factors and opportunities
      8.4.6.3.2. Market size and forecast, by Technology
      8.4.6.3.3. Market size and forecast, by Application
      8.4.6.3.4. Market size and forecast, by Storage Material
      8.4.6.3.5. Market size and forecast, by End User
    8.4.6.4. South Korea
      8.4.6.4.1. Key market trends, growth factors and opportunities
      8.4.6.4.2. Market size and forecast, by Technology
      8.4.6.4.3. Market size and forecast, by Application
      8.4.6.4.4. Market size and forecast, by Storage Material
      8.4.6.4.5. Market size and forecast, by End User
    8.4.6.5. Australia
      8.4.6.5.1. Key market trends, growth factors and opportunities
      8.4.6.5.2. Market size and forecast, by Technology
      8.4.6.5.3. Market size and forecast, by Application
      8.4.6.5.4. Market size and forecast, by Storage Material
      8.4.6.5.5. Market size and forecast, by End User
    8.4.6.6. Rest of Asia-Pacific
      8.4.6.6.1. Key market trends, growth factors and opportunities
      8.4.6.6.2. Market size and forecast, by Technology
      8.4.6.6.3. Market size and forecast, by Application
      8.4.6.6.4. Market size and forecast, by Storage Material
      8.4.6.6.5. Market size and forecast, by End User
8.5. LAMEA
  8.5.1. Key trends and opportunities
  8.5.2. Market size and forecast, by Technology
  8.5.3. Market size and forecast, by Application
  8.5.4. Market size and forecast, by Storage Material
  8.5.5. Market size and forecast, by End User
  8.5.6. Market size and forecast, by country
    8.5.6.1. Brazil
      8.5.6.1.1. Key market trends, growth factors and opportunities
      8.5.6.1.2. Market size and forecast, by Technology
      8.5.6.1.3. Market size and forecast, by Application
      8.5.6.1.4. Market size and forecast, by Storage Material
      8.5.6.1.5. Market size and forecast, by End User
    8.5.6.2. Saudi Arabia
      8.5.6.2.1. Key market trends, growth factors and opportunities
      8.5.6.2.2. Market size and forecast, by Technology
      8.5.6.2.3. Market size and forecast, by Application
      8.5.6.2.4. Market size and forecast, by Storage Material
      8.5.6.2.5. Market size and forecast, by End User
    8.5.6.3. South Africa
      8.5.6.3.1. Key market trends, growth factors and opportunities
      8.5.6.3.2. Market size and forecast, by Technology
      8.5.6.3.3. Market size and forecast, by Application
      8.5.6.3.4. Market size and forecast, by Storage Material
      8.5.6.3.5. Market size and forecast, by End User
    8.5.6.4. Rest of LAMEA
      8.5.6.4.1. Key market trends, growth factors and opportunities
      8.5.6.4.2. Market size and forecast, by Technology
      8.5.6.4.3. Market size and forecast, by Application
      8.5.6.4.4. Market size and forecast, by Storage Material
      8.5.6.4.5. Market size and forecast, by End User

CHAPTER 9: COMPETITIVE LANDSCAPE

9.1. Introduction
9.2. Top winning strategies
9.3. Product Mapping of Top 10 Player
9.4. Competitive Dashboard
9.5. Competitive Heatmap
9.6. Top player positioning, 2020

CHAPTER 10: COMPANY PROFILES

10.1. ABENGOA SOLAR
  10.1.1. Company overview
  10.1.2. Key Executives
  10.1.3. Company snapshot
  10.1.4. Operating business segments
  10.1.5. Product portfolio
10.2. CALDWELL ENERGY
  10.2.1. Company overview
  10.2.2. Key Executives
  10.2.3. Company snapshot
  10.2.4. Operating business segments
  10.2.5. Product portfolio
10.3. BALTIMORE AIRCOIL COMPANY INC.
  10.3.1. Company overview
  10.3.2. Key Executives
  10.3.3. Company snapshot
  10.3.4. Operating business segments
  10.3.5. Product portfolio
  10.3.6. Key strategic moves and developments
10.4. BRIGHTSOURCE ENERGY INC.
  10.4.1. Company overview
  10.4.2. Key Executives
  10.4.3. Company snapshot
  10.4.4. Operating business segments
  10.4.5. Product portfolio
10.5. EVAPCO INC.
  10.5.1. Company overview
  10.5.2. Key Executives
  10.5.3. Company snapshot
  10.5.4. Operating business segments
  10.5.5. Product portfolio
10.6. Terrafore Technologies LLC
  10.6.1. Company overview
  10.6.2. Key Executives
  10.6.3. Company snapshot
  10.6.4. Operating business segments
  10.6.5. Product portfolio
10.7. Dunham-Bush Holding Bhd.
  10.7.1. Company overview
  10.7.2. Key Executives
  10.7.3. Company snapshot
  10.7.4. Operating business segments
  10.7.5. Product portfolio
10.8. Goss Engineering
  10.8.1. Company overview
  10.8.2. Key Executives
  10.8.3. Company snapshot
  10.8.4. Operating business segments
  10.8.5. Product portfolio
10.9. Steffes Corp.
  10.9.1. Company overview
  10.9.2. Key Executives
  10.9.3. Company snapshot
  10.9.4. Operating business segments
  10.9.5. Product portfolio
  10.9.6. Key strategic moves and developments
10.10. MAN Energy Solutions
  10.10.1. Company overview
  10.10.2. Key Executives
  10.10.3. Company snapshot
  10.10.4. Operating business segments
  10.10.5. Product portfolio
  10.10.6. Key strategic moves and developments


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