How much will the Thermal Energy Storage industry be worth in the Future????

Posted by Mrudula Anil Karmarkar on March 30th, 2022

The global thermal energy storage market is expected to reach USD 12.50 billion by 2025, according to a new report by Grand View Research, Inc. Increasing demand for access to efficient and cost competitive energy sources is expected to favor market growth.  Thermal energy storage is considered to be the primary renewable option for electricity generation. Heat stored by short term and seasonal thermal energy storage systems are extremely helpful in balancing the variations in renewable electricity production & distribution, in a cost effective manner. It causes no adverse impact on the environment and is a sustainable source of energy.

The renewable energy demand has increased from various countries including, the U.S., South Africa, Saudi Arabia, Brazil, China, and India. The governments of these countries are trying to derive solutions & technologies to store the generated energy from renewable sources such as tides, wind, biomass, and sun. The rising demand from these regions coupled with the novel product development by industry participants is expected to drive thermal energy storage market growth over the forecast period.

The emerging trend in the thermal energy storage market has been a shifted toward environment-friendly buildings. These environment-friendly buildings are also termed as green buildings, which made up of eco-friendly materials, which result in a very low carbon footprint. Moreover, these green buildings are gradually more employing energy storage technologies for power generation. Hence, thermal energy storage systems are result in extensive application in green buildings for purpose of power generation.

As per the International Energy Agency (IEA), the sun is likely to be one of the major sources of power generation by the year 2050. It also suggested that solar photovoltaic systems and solar thermal electricity might amount nearly by 16% & 11% respectively of the global electricity generation by the year 2050.

As per the World Energy Outlook 2017, the projects are anticipated to grow considerably with different technologies such as, battery compressed air, pumped storage, and flywheel. This project is anticipated to drive the demand for thermal energy storage market in the forecast period.

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• In 2018, Jiangsu, Guangdong, Henan, and Qinghai provinces declared the launch of energy storage projects of variable capacity equaling 340.5 megawatt. This introduction will help to boost the thermal energy storage market.
• Climate Change Technologies has introduced its thermal energy storage, in Mar 2019. This technology is a modular energy storage unit that accepts several kinds of wind, electricity-solar, etc. and uses it to melt silicone and heat up in a closely insulated chamber. This technology will boost the thermal energy storage market in the years to come.
• In May 2019, a leading European energy company name Vattenfall and SaltX Technology Company have commissioned a business scale pilot to test Nano-coated salt-based energy storage technology. This technology allows thermal energy to be stored chemically and it also offers long term solutions. This technology will spur the demand for thermal energy storage market in the forecast period.
• Axelio unveiled its storage technology, In May 2019, offers features for dispatchable electricity production, which is named as Stirling engine. Electricity from a wider range of renewable resources can be established and stored as thermal energy.

The global thermal energy storage market size was valued at USD 3.20 billion in 2016. Increasing demand to access efficient & cost competitive energy resources is expected to positively drive the market over the forecast period.

TES is considered to be the primary renewable option for electricity generation. Heat stored by short term and seasonal TES systems are extremely helpful in balancing the variations in renewable electricity production & distribution, in a cost effective manner. TES causes no adverse impact on the environment and is a sustainable source of power. 

Thermal energy storage market by type in the U.S. was USD 0.52 billion in 2016 and is expected to grow significantly over the forecast period. Increasing demand for clean power resources, the regional government efforts to reduce population and presence of major players in the region are expected to propel the market in this region.

The renewable power demand has increased from various countries including, the U.S., South Africa, Saudi Arabia, Brazil, China, and India. The governments of these countries are trying to derive solutions & technologies to store the generated power from renewable sources such as tides, wind, biomass, and sun. According to the IEA, the sun is projected to be one of the largest source of power generation by the year 2050. The IEA also suggested that solar thermal electricity and solar photovoltaic systems might amount up to 11% & 16% respectively of the global electricity generation by the year 2050.

Sensible heat storage is carried out by altering the medium temperature. The various forms of storage medium utilized includes, sand, concrete, bricks, rock beds, oil, air, and water. Higher the amount of stored medium, higher is the mass of the medium, its specific heat capacity, and its temperature rise. The medium used for storing heat varies on the basis of required range of temperatures, and heat capacity of the medium.

In thermochemical heat storage heat stored by products is release when a reverse reaction takes place. They are divided into sorption systems and chemical reactions and provide high energy density as compared to latent or sensible heat storage systems. This is preferable for a long term storage as losses do not occur overtime but only during charging and discharging phases.