Thermal Energy Storage Market by Technology, Storage Material, Application, End-user and Region - Global Forecast to 2025 - ResearchAndMarkets.com

The "Thermal Energy Storage Market by Technology (Sensible, Latent, Thermochemical), Storage Material (Water, Molten Salts, PCM), Application (Power Generation, District Heating & Cooling, Process Heating & Cooling), End User and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global thermal energy storage market size is projected to grow from an estimated USD 188 million in 2020 to USD 369 million by 2025, at a CAGR of 14.4% from 2020 to 2025.

The rising number of CSP projects across globe are driving demand for thermal energy storage. The Middle Eastern & African and American countries, such as the US, Morocco, South Africa, and the UAE, are experiencing an upsurge in the demand for electricity for district heating & cooling, and process heating & cooling applications.

The latent heat storage segment is expected to be the fastest-growing of the thermal energy storage market, by technology, during the forecast period.

Latent heat storage has the advantage of storing large amounts of heat with only small temperature changes and, therefore, has a high storage density. Phase change materials work on constant temperature, both while charging and discharging. The use of phase change materials can be found in solar energy storage systems for water heating, greenhouses, space heating and cooling, cooking, and waste heat recovery systems.

Americas: The fastest market for thermal energy storage.

Americas is the fastest-growing market for the thermal energy storage market. The growth of the market in the region is driven by the launch of various CSP projects and propelling demand for thermal energy storage for district heating & cooling applications. The US has been a pioneering market for concentrating solar power technology, with CSP installations since the 1980s. The stellar decline in solar PV prices took the attention away from the CSP industry, although project developments continued. The US is the only significant market in the region, with virtually no action in South America and Canada in the near future. However, Chile has some operational thermal energy projects and leads the market in South America with CSP installations for mining and utility-scale power supply.

Market Dynamics

Drivers

• Demand for Energy Storage for Supplementing Ever-Increasing Solar Energy Generation
• Increasing Hvac Applications Fueling Demand for Thermal Energy Storage
• Promotion of Tes by Governments and Other Regulatory Authorities

Restraints

• High Grid Connection Barriers Related to Thermal Energy Storage
• Competition from Battery Storage and Pumped-Storage Technologies

Opportunities

• Decentralization of Renewable Energy Sector
• Increasing Use of Molten Salts for CSP Plants

Challenges

• High Initial Costs, Along with Changing Costs by Technology

Companies Mentioned

• Abengoa
• Baltimore Aircoil Company
• Brightsource Energy
• Burns & Mcdonnell
• CB&I (Mcdermott)
• Caldwell Energy
• Calmac
• Cristopia Energy
• Cryogel Thermal Energy Storage
• DC Pro Engineering
• Dunham Bush
• Evapco
• Fafco
• Lime
• Man Energy Solutions
• Solarreserve
• Steffes Corporation
• Sunwell Technologies
• Turbine Air Systems (TAS)
• Vogtice

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View source version on businesswire.com: https://www.businesswire.com/news/home/20201022005681/en/