Enjoy complimentary customisation on priority with our Enterprise License!
The thermal energy storage market share is expected to increase by 2506.87 megawatts from 2020 to 2025, and the market's growth momentum will decelerate at a CAGR of 10.40%.
This thermal energy storage market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers thermal energy storage market segmentation by technology (molten salt energy storage and phase change material) and geography (Europe, North America, APAC, MEA, and South America). The thermal energy storage market report also offers information on several market vendors, including Abengoa SA, Acciona SA, Araner, BrightSource Energy Inc., CALMAC, DN Tanks Inc., EnergyNest, Goss Engineering, McDermott International Ltd., and SENER GRUPO DE INGENIERIA S.A. among others.
Download the Free Report Sample to Unlock the Thermal Energy Storage Market Size for the Forecast Period and Other Important Statistics
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing demand for CSP is notably driving the thermal energy storage market growth, although factors such as competition from alternate sources of energy storage may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the thermal energy storage industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Thermal Energy Storage Market Driver
One of the key factors driving the thermal energy storage market growth is the increasing demand for CSP. Thermal storage improves the system flexibility of solar plants by extending the contribution of solar electricity generation to improve their coincidence with the normal demand. Thermal energy storage accomplishes this by reducing the constraints of ramping and minimum generation levels in CSP plants. Thermal energy storage in CSP plants allows power to be generated even under severe weather circumstances with little or no loss in operating efficiency. In addition, the cost of generating power with CSP facilities has dropped dramatically in recent years. As a result of these causes, new CSP plants have been installed over time. Thermal energy storage is used in these facilities because it can sustain significantly higher temperatures than other storage technologies like as batteries. Therefore, thermal energy storage has become the primary source of energy storage in CSP plants. The rising demand for CSPs will drive the growth of the global thermal energy storage market.
Key Thermal Energy Storage Market Trend
Another key factor driving the thermal energy storage market growth is the growing demand for renewable energy sources. Renewable energy is a non-polluting, inexhaustible source of energy. It does not emit greenhouse gases or harmful pollutants, both of which are substantial contributors to climate change. As a result, renewable energy is regarded as one of the most dependable methods of electricity generation. According to the IEA, global electricity demand is expected to grow by 60%-70% by 2040, owing to population growth and rapid industrialization. Furthermore, during the projected period, global fossil fuel price volatility is expected to stimulate demand for renewable energy sources for power generation. The advantages of renewable energy, such as the creation of reliable, CO2-free baseload electricity and low reliance on imported fuels, are likely to increase demand for renewable energy, resulting in further growth of the sector.
Key Thermal Energy Storage Market Challenge
One of the key challenges to the thermal energy storage market growth is the competition from alternate sources of energy storage. Electricity grids require a balance between supply and demand at any given moment. It necessitates continual supply modifications to account for known demand variations as well as unanticipated changes owing to equipment overloads or force majeure events. These factors make it necessary for energy storage systems to create a balanced and reliable grid system. There are a variety of energy storage system technologies currently on the market, including battery energy storage systems (BESS), flywheel energy storage systems, hydrogen energy storage systems, compressed air energy storage (CAES) systems, and thermal energy storage systems. Other alternate storage technologies include the flywheel energy storage, which stores the electricity in the form of rotational energy; CAES, which improves the efficiencies of gas turbines by using the elastic potential energy of compressed air to store energy; and hydrogen energy storage, in which hydrogen is created to generate electricity for later use. The growing adoption of alternative technologies is a challenge for thermal energy storage systems, as it hinders the growth of the global thermal energy storage market.
This thermal energy storage market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global thermal energy storage market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thermal energy storage market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the thermal energy storage market encompasses successful business strategies deployed by the key vendors. The thermal energy storage market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The thermal energy storage market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the thermal energy storage market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the renewable electricity market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
For more insights on the market share of various regions Request for a FREE sample now!
33% of the market's growth will originate from North America during the forecast period. US is the key market for thermal energy storage market in North America. Market growth in this region will be slower than the growth of the market in APAC regions.
Europe is another significant region showing major market growth. A major factor driving the market in this region is the increasing renewable energy demands. Moreover, governments in different countries across the region are offering incentives as support to encourage investments in clean energy. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 adversely affected the growth of the market in the region, owing to a decline in new capacity installations for different energy sources, including solar, hydro, and wind energy sources. A significant decline in the demand for electricity, temporary suspension of operations at new power plants due to lockdown measures implemented by governments of various countries, and disrupted supply chain are the major factors resulting in a decline in the consumption of thermal energy in the region. Therefore, with a decrease in new capacity installations and energy consumption, the market for thermal energy storage declined in the region during 2020. However, with the advent of vaccination drives in the region, the lockdown norms were lifted in the first half of 2021. This has led to an increase in industrial activities in the region, which, in turn, has led to a rise in power generation. Therefore, such factors are expected to boost the growth of the market during the forecast period.
To gain further insights on the market contribution of various segments Request for a FREE sample
The thermal energy storage market share growth by the molten salt energy storage will be significant during the forecast period. MSES is used in large-scale solar plants like CSP to produce electricity round the clock. The most significant reason for the dominance of MSES in the global thermal energy storage market is its low-temperature loss, which results in longer storage periods.
This report provides an accurate prediction of the contribution of all the segments to the growth of the thermal energy storage market size and actionable market insights on post COVID-19 impact on each segment.
|
Thermal Energy Storage Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2020 |
|
Forecast period |
2021-2025 |
|
Growth momentum & CAGR |
Decelerate at a CAGR of 10.40% |
|
Market growth 2021-2025 |
2506.87 mw |
|
Market structure |
Fragmented |
|
YoY growth (%) |
12.97 |
|
Regional analysis |
Europe, North America, APAC, MEA, and South America |
|
Performing market contribution |
North America at 33% |
|
Key consumer countries |
US, Spain, China, UK, and South Africa |
|
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
|
Key companies profiled |
Abengoa SA, Acciona SA, Araner, BrightSource Energy Inc., CALMAC, DN Tanks Inc., EnergyNest, Goss Engineering, McDermott International Ltd., and SENER GRUPO DE INGENIERIA S.A. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
