The global Thermal Energy Storage Market is estimated to be valued at US$ 5.13 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Thermal energy storage technology is used to store thermal energy produced by renewable sources such as solar energy and geothermal energy for later use in district heating and cooling systems, power generation, and industrial processes. Advantages of thermal energy storage include increased efficiency of renewable energy systems by time shifting energy production to better match demand as well as reducing power plants ramp up/down cycling to match peaks and troughs in demand.
Market key trends:
Adoption of the Internet of Healthcare Things (IoHT) technology is one of the key trends being witnessed in the global thermal energy storage market. IoHT enables remote monitoring of patients as well as management of healthcare infrastructure. Thermal energy storage finds widespread application in the healthcare industry for operation of medical equipment, space conditioning of hospitals and clinics, sterilization, and pharmaceutical manufacturing among others. Technologies such as wearable sensors, connected imaging equipment, and smart beds incorporate thermal management facilities improving efficacy and outcomes.
The global thermal energy storage market can be segmented based on technology, end user, and storage material. By technology, the market is dominated by sensible heat storage technology, accounting for over 60% share. This technology stores thermal energy by heating or cooling a storage medium without changing its phase. It has wide applications owing to its low cost and ease of design. The other technologies include latent heat storage and thermo-chemical storage.
The Global Thermal Energy Storage Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing demand for efficiency in energy generation and usage.
North America dominated the market, accounting for over 35% share of the global market in 2023. However, Asia Pacific is expected to grow at the fastest pace, primarily driven by increasing energy demand in China and India. These countries are heavily investing in renewable energy integration which is fueling the demand for thermal energy storage systems.
The global thermal energy storage market size was valued at US$ 5.13 Bn in 2023 and is expected to reach US$ 12 Bn by 2030.
Key players operating in the thermal energy storage market are BrightSource Energy, Inc., EnergyNest AS., Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, Burns & McDonnell, Inc., and DC Pro Engineering. BrightSource Energy captured the largest market share of 15% in 2023 owing to its strong global presence and wide product portfolio of solar thermal energy systems coupled with thermal energy storage.