Thermal Energy Storage Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030

The global thermal energy storage market is witnessing remarkable growth with the widespread adoption of thermal energy storage systems for solar thermal energy storage, cooling, heating applications, and power generation. These storage systems play a critical role in storing solar heat, which is utilized for electricity generation in concentrating solar power (CSP) plants during periods without sunlight. The numerous benefits of thermal energy storage, such as better reliability, cost-efficiency, lower investments, operating expenses, and enhanced overall efficiency, are driving the expansion of the global thermal energy storage market. During the forecast period, favorable government initiatives and extensive deployment of thermal energy plants are expected to accelerate the development of the thermal energy storage market.

Soaring Demand for Solar Energy Generation Drives Market Expansion

Governments, energy authorities, and utilities worldwide are actively seeking ways to limit the rise in global temperatures by reducing carbon emissions. The power generation sector is a major contributor to carbon emissions, making decarbonization imperative. To achieve this, there is a significant demand for solar energy generation as part of the efforts to attain net-zero emissions in the coming years. These factors are driving influential growth for the global thermal energy storage market. As the market scales further, favorable federal policy mechanisms, such as Investment Tax Credit for solar power, are expected to encourage the adoption of solar energy.

Increased Use of Sensible Heat Storage Fuels Market Growth

In recent times, the sensible heat storage segment is witnessing strong momentum in the thermal heat storage market. Sensible heat storage systems have the capability to shift the temperature of a storage medium without a phase change. These systems efficiently exchange and retain solar energy as sensible heat in a storage medium, making them ideal for storing thermal energy. Sensible heat storage is the most common, easiest, cost-effective, and long-standing method, which has resulted in a surge in demand for solar thermal systems, especially in large-scale HVAC systems. These factors collectively contribute to remarkable growth prospects in the global thermal energy storage market.

Europe Leads the Market with Accelerated Demand for Renewable Energy

Over the past decade, Europe has been at the forefront of implementing numerous thermal energy storage systems in urban areas. This strategic deployment is driven by the higher usage of energy, particularly during winter months, and the exploration of renewable district heating methods. The region is actively undertaking various large-scale thermal storage projects to meet the growing demand for seasonal and short-term energy storage. The concentration of key market players and the increasing demand for renewable energy are influencing the growth of the thermal storage market in Europe.

Key Market Players

Some of the most prominent market players, consolidating a strong foothold in the global thermal energy storage market, include SolarReserve LLC, Vantaa Energy, Ice Energy, BrightSource Energy Inc., Caldwell Energy, Abengoa SA, Baltimore Aircoil Company, Vast Solar Pty, Cryogel, Terrafore Technologies LLC, and Steffes Corporation.