Global Thermal Energy Storage (TES) Market Trajectory & Analytics Report 2022 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Thermal Energy Storage (TES) – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Thermal Energy Storage (TES) Market to Reach $7.5 Billion by 2026
The global market for Thermal Energy Storage (TES) estimated at US$5.1 Billion in the year 2020, is projected to reach a revised size of US$7.5 Billion by 2026, growing at a CAGR of 6.6% over the analysis period.
Water, one of the segments analyzed in the report, is projected to grow at a 5.9% CAGR to reach US$3.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Molten Salt segment is readjusted to a revised 6.8% CAGR for the next 7-year period. This segment currently accounts for a 25.7% share of the global Thermal Energy Storage (TES) market.
The Thermal Energy Storage (TES) market in the U.S. is estimated at US$1.8 Billion in the year 2021. The country currently accounts for a 34.22% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$814.1 Million in the year 2026 trailing a CAGR of 8.3% through 2027.
mong the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.3% and 6.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6% CAGR while Rest of European market (as defined in the study) will reach US$694.8 Million by the close of the analysis period.
The major factors that drive demand growth for thermal energy storage systems include rising demand for uninterrupted power supply in response to growing industrialization across the world, rising costs of conventional energy generation, growth in VES (variable energy sources), increasing demand for backup power supplies and increasing desire among consumers to obtain access to reliable, cost-effective and efficient electricity.
A major functionality of thermal energy storage systems is the provision of uninterrupted power supply – a boon especially in such places where electrical disturbances in power grid are frequent and where such disturbances can have a detrimental effect on facility performance. Power disturbances in grid can be reduced to zero with the installation of thermal energy storage systems since it provides stored power during outages.
Globally, there is also a pressing need for reducing power outages. Power outages wield a major negative impact on business activities, which emerging nations seriously look towards avoiding. With the capability of holding backup power and ensuring a continuous supply, thermal energy storages can reduce occurrences of such shortages. TES systems are also being increasingly viewed as one of the best electricity load management techniques as they are capable of shifting load from peak demand hours to off-peak demand hours.
The global market is also forecast to realize significant growth in the coming few years driven primarily by the growing prominence of renewable energy sources. Renewable sources which until the recent years made up a very small share in the overall power generation mix worldwide expect a bigger platform for growth in future due to several reasons, chief among which is the pressing need for curtailing greenhouse gas emissions emerging from the usage of fossil fuels for power generation.
The fast depleting traditional sources of electricity and the rising fuel prices are the major reasons pushing the deployment of the different kinds of variable energy sources. Solar and wind in particular are being increasingly looked at as the major alternatives. Their intermittent nature highlights the urgent need for technologies such as thermal storage for capturing, storing and releasing the renewable energy when needed.
Globally, installation of renewable energy projects is catching pace. For CSP (Concentrating Solar Thermal Power) in particular, huge capacity additions are being planned across the world, which will bode well for the TES market, as TES systems are inevitable for their operation.
By enabling CSP, TES technologies are playing major role in integrating the cheaper, and the abundant solar power with the mainstream power generation. TES technologies increase the availability and reliability of a solar facility and optimize it for addressing an electric utility`s peak load profile, thereby increasing its overall value.
Future growth for the market for TES systems would also be driven by increasing transmission and distribution upgrades worldwide, in addition to the rise in the number of renewable energy projects. Rapidly increasing world population and the corresponding rise in demand for energy would also be a major growth driver for TES technologies.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- COVID-19 Pandemic: A Looming Global Recession and Impact on Energy Storage Industry
- Superior Attributes and Multiple Benefits of Thermal Energy Storage Technology Drive Widespread Market Adoption
- Thermal Energy Storage (TES): Efficient and Economical Capture of Energy during Lean Period for Fueling Cooling Needs of the Peak Period
- Expanding Share of Intermittent Renewable Energy Sources and the Resulting Need for Energy Storage: The Fundamental Growth Driver
- Targets for Electricity Production from Renewable Energy Sources Worldwide by Country
- Booming Renewable Energy Sector Benefits Penetration of Energy Storage Technologies
- Energy Storage Technologies: Classification
- Key Energy Storage Technologies & Applications for Electrical, Chemical, Electrochemical, Mechanical and Thermal Energy
- Thermal Energy Storage Vital for Development Efficient, Disruption-Resistant Grids
- Thermal Energy Storage: Current Market Scenario and Outlook
- Recent Market Activity
- United States: The Single Largest TES Market
- Developing Regions Offer Huge Untapped Market Growth Potential for TES
- Despite Competition from Latent Heat Storage, Sensible Heat Technology Sustains Dominance
- Various Thermal Storage Technologies: Brief Details of Efficiency, Storage Time, Power and Capacity
- Offering Better Alternative to Molten Salt Model, PCM Systems Emerge as Fastest Growing Segment
- Thermal Energy Storage (TES): Product Overview
- Thermal Storage Technologies
- TES Systems for Ice/Cool Storage
- Solar Power TES Systems
- Inter-Seasonal Thermal Storage Systems
- Small-Scale Thermal Energy Storage (TES) Systems
- High-Temperature Thermal Energy Storage
- Full and Partial Thermal Energy Storage Systems
- Thermal Storage Media
- Competitive Landscape
2. FOCUS ON SELECT PLAYERS (Total 50 Featured)
- Abengoa Solar, S.A.
- Baltimore Aircoil Company
- Burns & Mcdonnell
- Caldwell Energy Company
- CALMAC Corporation
- DN Tanks, Inc.
- Dunham-Bush Holding Bhd
- EnergyNest AS
- Evapco, Inc.
- FAFCO, Inc.
- Finetex EnE Inc.
- Goss Engineering, Inc.
- McDermott International
- Siemens Gamesa Renewable Energy, S.A.
- Steffes Corporation
- TAS Energy Inc.
3. MARKET TRENDS & DRIVERS
- Key Drivers for TES Market
- Market Restrains
- CSP Combines with TES to Provide Grid Flexibility
- Methods to Store Heat: Key Storage Means
- Utilities: Largest & Fastest Growing End-Use Sector for Thermal Energy Storage Systems
- Energy Storage Market to Chart Growth Path in 2021 and Beyond
- Need for Improved Energy Management amidst Increasing Demand for Electricity Benefits Market Expansion
- Impact of COVID-19 Pandemic on the Power Sectors in China and the US
- Smart Grids Elevate the Prospects for TES Systems
- Growing Investments in Renewable Energy Projects Drive Strong Demand for TES Solutions
- TES Gains Traction in Managing Inconsistencies of Wind & Solar Power Generation
- TES Pairing with Solar Generation: Opportunities Galore for Electric Utilities
- Important Role of TES in Commercialization of Solar Thermal Energy Plants
- Growing Trend towards Green/LEED Buildings Offer Lucrative Market Growth Opportunities
- TES Techniques Offer Increased Efficiency in Buildings
- Demand for TES in HVAC & Refrigeration Systems on the Rise
- TES’ Energy Efficiency Augments its Application
- TES Set to Address Peak Demand for Air Conditioning
- Utility Load Factors
- Stable and Secure Grid
- Impact of Climate Change on Air Conditioning
- Developments in Controls
- TES Extends Cost & Energy Savings to Cold Storage Chains
- Growing Investments on Smart Cities to Fuel Large-Scale Adoption of TES Systems
- Number of Smart Cities Worldwide by Geographic Region (2025E)
- Educational Institutes Seek to Leverage TES to Achieve Associated Cost Savings
- Favorable Demographic and Urbanization Trends Aid Market Growth
- Innovations & Advancements
- Recent Select Innovations in Brief
- Notable TES Innovations of Recent Past
- Issues & Challenges: A Note on Factors Hampering Market Prospects for TES Technologies
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
- COVID-19 Crisis: US Energy Storage Market to Witness Reduced Demand
- The Urgent Need to Reduce Water and Electricity Consumption Drive Strong Demand for TES Solutions
- Thermal Energy Storage to Offset Escalating Electricity Cost
- Different Types of TES Systems for Use in CSPs
- Rising Number of Thermal Energy Storage Projects Benefit Market Prospects
- Efficiency of TES Highly Influenced by Climatic Conditions
- New Emission Regulations Bodes Well for the Energy Storage Solutions Market
- NYC Utility’s Ambitious Plans for Energy Efficiency
- Incentives under ConEd’s Demand Management Program by Storage Technology
- Long-term Outlook for Solar Energy to Drive Demand
- Favorable US Policies to Improve Solar Power Generation Capabilities
- TES Solutions Offer Immense Potential for Earning Green Building LEED Certification
- Ice Cub & Ice Bear Energy Storage Systems: TES Innovations from Ice Energy
- Energy Storage Market in the US: A Macro Perspective
- Current Value and Application of Storage Systems
- Impediments to Energy Storage
- Demand for Distributed Energy Storage to Surge despite the Crisis
- Increased Focus on Distributed Storage in the State of California
- Post COVID-19 Pandemic Slowdown, Energy Storage Industry in China to Rebound
- Europe’s Goal to Reduce Carbon Emissions Boost Demand for Thermal Energy Storage
- Three TES-based Approaches Proposed for Improving Energy Efficiency
- Potential of Thermal Energy Storage Undermined by European Regulatory System
REST OF EUROPE
- Unpenetrated and Underpenetrated Asian Countries Offer Huge Untapped Market Growth Opportunities
- Need for Technological Improvements for Realizing Cost Reductions
- Flourishing Solar Power Market Offers Growth Opportunities
- COVID-19 and The Energy Storage Industry in India
REST OF WORLD
- South Africa: Thermal Energy Storage Delivers Reliable and Affordable Electricity
For more information about this report visit https://www.researchandmarkets.com/r/4ztgt7
Laura Wood, Senior Press Manager
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