Global thermal energy storage market is projected to reach $7,472.9 million by 2023, according to P&S Intelligence.
The market growth is mainly driven by government incentives to promote the adoption of thermal energy storage solutions and increasing demand for balanced power supply.
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APAC is expected to be the fastest-growing market, globally
During the forecast period, the thermal energy storage market is expected to witness the fastest growth in APAC, with 44.7% CAGR in terms of value. The market in the region is mainly driven by the increasing energy demand resulting from population growth. With fast depleting fuels such as oil and natural gas, renewable energy sources have gained traction in the APAC region in recent years. Often, the most overlooked aspect of renewable energy generation is the task of storing the energy produced. To address this, governments of countries such as China and India are focusing on technologies and solutions that help store the power generated from renewable sources.
New technologies such as seasonal thermal storage and molten salt thermal storage allow for the storage of energy for the entire day. Due to this, the adoption of these technologies is increasing at a rapid pace in the region, which, in turn, is contributing to the growth of the thermal energy storage market.
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Development of underground thermal energy storage (UTES) technology is creating lucrative opportunities for market players
UTES is a new technology developed for storing thermal energy. The technology is gaining traction in Europe and North America owing to the high presence of aquifers and salt caverns in these regions. The technology is widely used for underground energy storage and power generation purposes. Thus, the development of the UTES technology can be viewed as a growth opportunity for the players operating in the thermal energy storage market.
The thermal energy storage market has also been categorized into sensible heat, latent heat, and thermo-chemical technologies. Sensible heat storage technology held the largest share in the market during the historical period. The market for this technology is primarily driven by the growing adoption of molten salt-based storage systems for CSP plants.
In terms of application, the thermal energy storage market has been categorized into combined heating and cooling, power generation, and others. The commercial and residential category held the largest share in the market during the historical period, accounting for more than 65.0% installed capacity in 2017. This can be attributed to the high demand for energy storage solutions from the commercial and residential sectors for heating and cooling purposes.
GLOBAL THERMAL ENERGY STORAGE MARKET SEGMENTATION
Concentrated Solar Power (CSP)
Pumped Heat Electrical Storage (PHES)
Others (Chilled Water Thermal Energy Storage and Ice Thermal Energy Storage)
Combined Heating and Cooling
Commercial and residential
Others (domestic and civic facilities)
Others (Micro-Grid, and Research and Development Activities)
Rest of Europe
Rest of APAC
Latin America (LATAM)
Rest of LATAM
Middle East and Africa (MEA)
Rest of MEA
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