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

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  • 100 Pages
  • June 2020
  • Region: North America
  • Mordor Intelligence
  • ID: 5120299
UP TO OFF until Sep 30th 2023
The North America thermal energy storage market is expected to grow at a CAGR of more than 2% during the forecast period. Factors such as growing impetus for renewable energy generation, such as concentrated solar power, increasing demand for thermal energy storage systems in heating, ventilation, and air conditioning (HVAC) application, government incentives for thermal energy storage systems, and advancements in material sciences are some of the major factors driving the demand for thermal energy storage market in North America. However, the declining battery costs leading to an increase in installations of battery storage is hampering the growth of the market.
  • Power generation through thermal energy storage systems is expected to be the largest segment by application with the majority of demand rising from the United States.
  • The commercial and industrial (C&I) sector is increasingly adopting renewable power generation sources, such as solar and wind energy, for self-consumption. But renewable energy is an intermittent power source and the C&I sector is failing to utilize these resources to its fullest potential. Therefore, to increase the utilization rate of renewable power sources, the C&I sector is expected to increasingly adopt the energy storage systems which in, turn, creates significant opportunities to the thermal energy storage providers in the future.
  • The United States 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 Generation 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.
  • In North America, energy storage technology aids the grid operators in managing variable energy generation from renewable, like solar and wind energy. 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.
  • The four large CSP thermal storage systems in the country make up over half of the grid-tied thermal storage capacity in the United States. These are all tied to concentrated solar power systems where the sun’s rays are reflected off mirrors and concentrated onto a receiver, thus heating it. The thermal storage is expected to play in terms of the ongoing ramping up of renewable electricity in the country.
  • 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.

The United States to Dominate the Market
  • North America is one of the leading regions in the global thermal energy storage market, due to high energy storage capacity and an increase in the energy mix of thermal energy specifically in the United States, which is expected to be the largest market during the forecast period.
  • The current energy storage technologies associated with the United State's grid are pumped-storage hydropower (PSH), thermal storage, batteries, compressed air energy storage (CAES), and flywheels. Thermal storage accounts for about 29% share in the United States energy storage capacity, with around 165 projects of capacity 669MW installed as of 2018.
  • Moreover, several R&D activities are going on globally for increasing the efficiency of conventional TES. For instance, with funding from the United States Department of Energy’s (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.
  • Further, CSP in the United States is supported by the government’s supportive regulations and policies, like the Federal Investment Tax Credit, Energy Policy Act, in turn promulgating the thermal energy storage market.
  • Therefore, the above mentioned factors are expected to bolster the thermal energy storage market in the United States.

Competitive Landscape

The North America thermal energy storage market is moderately consolidated. Some of the key players are BrightSource Energy Inc., Abengoa SA, Baltimore Aircoil Company, Terrafore Technologies LLC, and Aalborg CSP A/S.

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Table of Contents

1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5.1 Type
5.1.1 Molten Salt
5.1.2 Chilled Water
5.1.3 Heat
5.1.4 Ice
5.1.5 Others
5.2 Application
5.2.1 Power Generation
5.2.2 Heating & Cooling
5.3 Technology
5.3.1 Sensible Heat Storage
5.3.2 Latent Heat Storage
5.3.3 Thermochemical Heat Storage
5.4 Geography
5.4.1 United States
5.4.2 Canada
5.4.3 Rest of North America
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 BrightSource Energy Inc.
6.3.2 Aalborg CSP A/S
6.3.3 Abengoa SA
6.3.4 Baltimore Aircoil Company
6.3.5 Burns & McDonnell
6.3.6 SaltX Technology Holding AB
6.3.7 SolarReserve LLC
6.3.8 Terrafore Technologies LLC
6.3.9 Trane Technologies PLC

Companies Mentioned

A selection of companies mentioned in this report includes:

  • BrightSource Energy Inc.
  • Aalborg CSP A/S
  • Abengoa SA
  • Baltimore Aircoil Company
  • Burns & McDonnell
  • SaltX Technology Holding AB
  • SolarReserve LLC
  • Terrafore Technologies LLC
  • Trane Technologies PLC