Energy storage technology is evolving rapidly and declining in cost. Storage projects are already economically competitive with conventional alternatives in many circumstances. Thermal storage currently constitutes a second largest portion of the storage market. Seasonal demands can be matched with the help of thermal energy storage systems that operate synergistically. Thermal energy storage applications currently concentrate on concentrating solar power (CSP), allowing them to store energy, in order to provide the flexibility to dispatch electricity outside of peak sunshine hours into the evening or around the clock. Thermal energy storage and battery technologies are expected to have the strongest growth areas over the forecast period.
Supportive Government Policies and Schemes
Developed countries, such as the United States, are expected to be at the forefront, with Maryland becoming the first US state to incentivize the use of energy storage with tax credits. The bill, which was passed in April 2017, is expected to be the first step in establishing well-maintained and efficient power storage and distribution infrastructure that takes the variety of energy sources into account. With funding from DOE's SunShot Initiative, the Argonne team is expected to build a pilot-scale prototype of its high-efficiency latent heat thermal energy storage system (LHTES) for testing. The SunShot Initiative is a national collaborative effort to make unsubsidized solar energy cost-competitive vis-à-vis other forms of electricity production by 2020. These initiatives are expected to push the thermal energy storage systems installations around the world during the forecast period.
Middle East & Africa - the Fastest Growing Market
With growing investments in solar energy in Middle East & Africa, the installed capacity of thermal storage systems is expected to increase significantly over the next five years. The Middle East & Africa holds great potential for growth in the future, as the region has many concentrating solar power (CSP) projects, which include thermal energy storage, installed in countries like the United Arab Emirates, Saudi Arabia, and Morocco.
United States to Register Significant Growth during the Forecast Period
Thermal storage makes up the second most significant share of U.S. energy storage capacity, with around 900 megawatts of capacity installed as of 2017. The four large CSP thermal storage systems in the country make up over half of the grid-tied thermal storage capacity in the U.S. These are all tied to concentrated solar power systems where the sun’s rays are reflected off of mirrors and concentrated onto a receiver, thus heating it. The thermal storage is expected to grow on the back of ongoing ramping up of renewable electricity in the country.
Major Players: SolarReserve, LLC, Abengoa Solar, Calmac Inc. SaltX Technology Holding AB, BrightSource Energy, Inc., among others.
Reasons to Purchase This Report
- Current and future thermal energy storage market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
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1. Executive Summary
2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Cost Analysis
3.4 Recent Trends and Developments
3.5 Government Policies and Regulations
3.6 Key Projects
4. Market Dynamics
5. Value Chain Analysis
6. Industry Attractiveness - Porter’s Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 By Type
7.1.1 Molten Salt Thermal Storage
7.1.2 Chilled Water Thermal Storage
7.1.3 Heat Thermal Storage
7.1.4 Ice Thermal Storage
7.1.5 Other Thermal Storage
7.2 By Application
7.2.1 Power Generation
7.2.2 District Heating & Cooling
7.2.3 Process Heating & Cooling
7.2 By Technology
7.3.1 Sensible Heat Storage
7.3.2 Latent Heat Storage
7.3.3 Thermochemical Heat Storage
8. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)
8.1.5 Rest of Asia-Pacific
8.2 North America
8.2.1 United States
8.2.3 Rest of North America
8.3 South America
8.3.4 Rest of South Africa
8.4.2 United Kingdom
8.4.6 Rest of Europe
8.5 Middle East & Africa
8.5.1 Saudi Arabia
8.5.2 South Africa
8.5.5 Rest of Middle East & Africa
9. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
9.1 SolarReserve, LLC
9.2 Calmac Inc.
9.3 BrightSource Energy, Inc.
9.4 Abengoa Solar
9.5 Ice Energy, Inc.
9.6 Terrafore Technologies LLC
9.7 Aalborg CSP A/S
9.8 SaltX Technology Holding AB
10. Competitive Landscape
10.1 Mergers and Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Strategies Adopted by Leading Players
*List not Exhaustive
**Subject to availability on public domain "