Europe Thermal Energy Storage Market - Growth, Trends, and Forecasts (2020-2025)

The Europe thermal energy storage market is expected to grow at a CAGR of more than 2.18% over the period of 2020-2025. The major factors driving the growth of the global thermal energy storage market increasing focus on renewable energy generation and increasing government initiatives for thermal power energy storage systems. Moreover, the growing demand for thermal energy storage in heating, ventilation, and cooling (HVAC) will drive the demand for the thermal energy storage market. However, the declining battery costs leading to an increase in installations of battery storage is hampering the growth of the market.

• Power generation sector is expected to be the largest segment by application with the majority of demand rising from Germany and other parts of Europe. Growing measures toward limiting carbon footprint along with greater investments in solar energy will increase the thermal energy storage systems installed in Europe.
• Sustainable Development Goals adopted by the United Nations (UN) in September 2017 is pushing the nations in the region to reduce the consumption of fossil fuels and work on producing alternative sources of energy by achieving the targets set by United Nations, by 2030. The high demand for thermal energy storage in concentrated solar power (CSP) also present a growth opportunity for the global thermal energy storage market.
• Germany is expected to be the largest market during the forecast period, owing to several ongoing thermal energy storage projects along with upcoming ones.

Key Market Trends

Power Generator Sector to Dominate the Market

• Excess generation available during low demand time can be used to charge a thermal energy storage system, in order to increase effective generation capacity during high-demand periods, which result in higher load factor for the plants, helping them to generate energy in a stable way.
• Utilities use energy storage technologies in a range of applications, such as time-shifts and supply capacity, in order to meet the demand-supply gap efficiently, hence, driving the thermal energy storage market.
• Germany's thermal energy storage deployment is dominated by molten salt storage in Concentrated Solar Power (CSP) plants, which is the cheapest way to store solar energy over long hours.
• Clean development mechanism (CDM) envisaged by the Kyoto Protocol, is also a significant push toward CSP technology, which is expected to increase the demand for thermal energy storage system during the forecast period.

Germany to Dominate the Market

• Sensible heat market size is expected to register high gains, till 2024 on account of increasing demand for solar thermal systems coupled with its applicability across large scale district heating and cooling systems.
• Ability to perform completely reversible charging and discharging operations for an infinite number of cycles is an underlying feature of the technology that will further boost its adoption.
• The storage of thermal energy can replace heat and cold production from fossil fuels, reduce CO2 emissions and lower the need for costly peak power and heat production capacity.
• In Germany, it has been estimated that around 0.82 million GWh per year could be saved and 125 million tonnes of CO2 emissions avoided in the building and industrial sectors by more extensive use of heat and cold storage.

Competitive Landscape

The Europe thermal energy storage market is moderately consolidated. Some of the key players in this market include Caldwell Energy Company, Siemens Gamesa Renewable Energy, S.A , Man Energy Solutions, BrightSource Energy, Inc, and Baltimore Aircoil Co.

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