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Thermal Energy Storage (TES) - Global Market Trajectory & Analytics

  • ID: 3440898
  • Report
  • May 2021
  • Region: Global
  • 415 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Abengoa Solar, S.A.
  • Burns & Mcdonnell
  • CALMAC Corporation
  • Dunham-Bush Holding Bhd
  • Evapco, Inc.
  • Finetex EnE Inc.

Global Thermal Energy Storage (TES) Market to Reach US$6.2 Billion by the Year 2027


Amid the COVID-19 crisis, the global market for Thermal Energy Storage (TES) estimated at US$4.1 Billion in the year 2020, is projected to reach a revised size of US$6.2 Billion by 2027, growing at a CAGR of 6.3% over the analysis period 2020-2027.Water, one of the segments analyzed in the report, is projected to grow at a 5.6% CAGR to reach US$2.6 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Molten Salt segment is readjusted to a revised 6.5% 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 U.S. Accounts for Over 34.2% of Global Market Size in 2020, While China is Forecast to Grow at a 8.1% CAGR for the Period of 2020-2027


The Thermal Energy Storage (TES) market in the U.S. is estimated at US$1.4 Billion in the year 2020. 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$694.8 Million in the year 2027 trailing a CAGR of 8.1% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5% and 5.4% respectively over the 2020-2027 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 year 2027.

Phase Change Material (PCM) Segment Corners a 30.9% Share in 2020


In the global Phase Change Material (PCM) segment, USA, Canada, Japan, China and Europe will drive the 7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.1 Billion in the year 2020 will reach a projected size of US$1.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$416.8 Million by the year 2027.

Select Competitors (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.
Frequently Asked Questions about the Global Market for Thermal Energy Storage (TES)

What is the estimated value of the Global Market for Thermal Energy Storage (TES)?

The Global Market for Thermal Energy Storage (TES) was estimated to be valued at $4.1 Billion in 2020.

What is the growth rate of the Global Market for Thermal Energy Storage (TES)?

The growth rate of the Global Market for Thermal Energy Storage (TES) is 6.1%, with an estimated value of $6.2 Billion by 2027.

What is the forecasted size of the Global Market for Thermal Energy Storage (TES)?

The Global Market for Thermal Energy Storage (TES) is estimated to be worth $6.2 Billion by 2027.

Who are the key companies in the Global Market for Thermal Energy Storage (TES)?

Key companies in the Global Market for Thermal Energy Storage (TES) include Abengoa Solar, S.A., Baltimore Aircoil Company, Burns & Mcdonnell, Caldwell Energy Company, CALMAC Corporation, DN Tanks, Inc., Dunham, Bush Holding Bhd and Evapco, Inc..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abengoa Solar, S.A.
  • Burns & Mcdonnell
  • CALMAC Corporation
  • Dunham-Bush Holding Bhd
  • Evapco, Inc.
  • Finetex EnE Inc.
I. METHODOLOGY

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
  • Exhibit 1: Global Energy Production by Energy Source (2017, 2020, 2030 and 2040): Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share for Petroleum, Nuclear, Natural Gas, Coal and Renewables
  • Exhibit 2: 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
  • Exhibit 3: 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

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
  • Exhibit 4: Global Energy Demand & Growth (In Million Tonnes of Oil Equivalent (Mtoe)) for the Years 1990, 2000, 2010, 2020, 2030 and 2040
  • Impact of COVID-19 Pandemic on the Power Sectors in China and the US
  • Smart Grids Elevate the Prospects for TES Systems
  • Exhibit 5: Global Spend on Smart Grid Technologies by Region (2014, 2017 & 2020): Percentage Breakdown of Cumulative Spending for Asia-Pacific (incl. China), Europe, Latin America, and North America
  • Growing Investments in Renewable Energy Projects Drive Strong Demand for TES Solutions
  • Exhibit 6: Global Investments in Electricity Networks and Storage (In US$ Billion): 2000, 2008, 2012, 2016, and 2019
  • Exhibit 7: Global Grid Connected Energy Storage by Technology: Percentage Breakdown of Installed Capacity for 2014, 2017 and 2020
  • TES Gains Traction in Managing Inconsistencies of Wind & Solar Power Generation
  • Exhibit 8: Global Levelized Cost (US$ Per MWh) of Energy Storage Technologies in Utilities by Type: 2015 and 2030
  • Exhibit 9: Global Wind and Solar Installed Capacity (GW) for the Years 2011, 2017, 2020 and 2022
  • 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
  • Exhibit 10: 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
  • Exhibit 11: World Population (in Thousands) by Geographic Region for the Years 2018, 2025, 2040, 2050
  • Exhibit 12: Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • 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. MARKET ANALYSIS

UNITED STATES
  • 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
CANADA

JAPAN
  • Japan’s Focus on Renewable Energy Drives Healthy Market Growth for TES Systems
CHINA
  • Market Overview
  • Post COVID-19 Pandemic Slowdown, Energy Storage Industry in China to Rebound
EUROPE
  • 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
FRANCE

GERMANY
  • Market Overview
ITALY

UNITED KINGDOM
  • Market Overview
REST OF EUROPE

ASIA-PACIFIC
  • 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
  • Australia
  • India
  • COVID-19 and The Energy Storage Industry in India
REST OF WORLD
  • South Africa: Thermal Energy Storage Delivers Reliable and Affordable Electricity
IV. COMPETITION
  • Total Companies Profiled: 50
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • 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.
Note: Product cover images may vary from those shown
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