Thermal Energy Storage Market by Technology and Geography - Forecast and Analysis 2021-2025

  • Published: Nov 2021
  • Pages: 120
  • SKU: IRTNTR45188
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The thermal energy storage market share is expected to increase by 2506.87 MW 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.

What will the Thermal Energy Storage Market Size be During the Forecast Period?

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Thermal Energy Storage Market: Key Drivers and Challenges

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 the 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 Challenge

The competition from alternate sources of energy storage will be a major challenge for the thermal energy storage market during the forecast period. Multiple energy storage system technologies such as battery energy storage system (BESS), flywheel energy storage system, hydrogen energy storage system, compressed air energy storage (CAES) system, and thermal energy storage system are available in the market. BESS is the second most-used energy storage system after thermal energy storage systems. This popularity of BESS systems is attributed to the high energy security of BESS due to optimized energy supply and demand, as well as a reduced need for continuously adjusting the unit output. Other alternate storage technologies include flywheel energy storage, CAES, and hydrogen energy storage. 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.

Who are the Major Thermal Energy Storage Market Vendors?

The report analyzes the market’s competitive landscape and 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.
  • SENER GRUPO DE INGENIERIA S.A.

 

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 providing application-specific offerings 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. 

Which are the Key Regions for Thermal Energy Storage Market?

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33% of the market’s growth will originate from North America during the forecast period. The US is the key market for thermal energy storage in North America. Market growth in North America will be faster than the growth of the market in other regions.

The inclination toward renewable energy generation and the growing need for a reliable grid system will facilitate the thermal energy storage market growth in North America over the forecast period. 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.

What are the Revenue-generating Technology Segments in the Thermal Energy Storage Market?

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The thermal energy storage market share growth by the molten salt energy storage (MSES) segment will be significant during the forecast period. The growth of the thermal energy storage market by MSES can be attributed to the growing inclination toward the use of clean energy sources like solar or wind energy and growing attention toward environmental concerns. Another 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

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What are the Key Data Covered in this Thermal Energy Storage Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive thermal energy storage market growth during the next five years
  • Precise estimation of the thermal energy storage market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the thermal energy storage industry across Europe, North America, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of thermal energy storage market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Technology

    • Market segments
    • Comparison by Technology
    • Molten salt energy storage - Market size and forecast 2020-2025
    • Phase change material - Market size and forecast 2020-2025
    • Market opportunity by Technology

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • Europe - Market size and forecast 2020-2025
      • North America - Market size and forecast 2020-2025
      • APAC - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Abengoa SA
      • Acciona SA
      • Araner
      • BrightSource Energy Inc.
      • CALMAC
      • DN Tanks Inc.
      • EnergyNest
      • Goss Engineering
      • McDermott International Ltd.
      • SENER GRUPO DE INGENIERIA S.A.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      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.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The thermal energy storage market growth will increase by $2506.87 MW during 2020-2025.
      The thermal energy storage market is expected to grow at a CAGR of 10.40% during 2020-2025.
      Technavio has segmented the thermal energy storage market by technology (Molten salt energy storage and Phase change material) ,technology volume (MSES, PCM, APAC, MEA, and South America) , and geographic (Europe, North America, APAC, MEA, and South America).
      Abengoa SA, Acciona SA, Araner, BrightSource Energy Inc., CALMAC, DN Tanks Inc., EnergyNest, Goss Engineering, McDermott International Ltd., SENER GRUPO DE INGENIERIA S.A. are a few of the key vendors in the thermal energy storage market.
      North America will register the highest growth rate of 32.86% among the other regions. Therefore, the thermal energy storage market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the thermal energy storage market growth are:
      • Increasing demand for CSP
      The thermal energy storage market vendors should focus on grabbing business opportunities from the molten salt energy storage segment as it accounted for the largest market share in the base year.
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