The global thermal energy storage market provides opportunities for businesses leveraging renewable energy sources and reducing emissions. This growing industry allows excess thermal energy to be stored for later use in heating and cooling applications. Major players like BrightSource Energy , EnergyNest, and Ice Energy are developing innovative storage solutions utilizing phase change materials, molten salts, or ice.
The global thermal energy storage Market is estimated to be valued at US$ 5.67 Billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Major companies actively developing thermal energy storage solutions include BrightSource Energy, Inc., EnergyNest AS., Ice Energy, and Baltimore Aircoil Company, Inc. These players offer diverse technologies targeting different temperature ranges. International corporations like Abengoa Solar, S.A and engineering firms like Burns & McDonnell, Inc. and DC Pro Engineering are also involved in research, projects and consulting. As the market matures, strategic partnerships and M&As are expected to increase.
Major market trends in the thermal energy storage industry include the development of cost-effective phase change materials, integrated cooling and power technologies, and adoption of thermo-chemical energy storage. Additionally, the proliferation of waste heat recovery projects leveraging thermal storage is anticipated. Sustainable building codes focusing on energy efficiency will further drive residential and commercial installations.
Two key drivers of the thermal energy storage market include increasing adoption of renewable energy and rising demand for efficient energy storage solutions. Renewable energy sources like solar and wind have intermittent capabilities which creates a need for energy storage technologies that can store excess energy and dispatch it when renewable energy is not available. Thermal energy storage provides an efficient way to store energy from renewable sources in a usable hot or cold form. Additionally, growing demand for improved grid reliability and energy security is also influencing more investment in thermal energy storage systems that can help balance energy supply and demand effectively.
One of the major opportunities for growth in the thermal energy storage market is its increasing role in district heating and cooling applications. As urbanization increases worldwide, more buildings and industrial facilities will need efficient heating and cooling solutions. Thermal energy storage when coupled with central heating and cooling plants can help reduce peak demand, utilize off-peak energy, and improve overall energy efficiency of district energy networks. This represents a huge potential market for companies to provide integrated thermal storage and district energy solutions to cities.
The thermal energy storage market is poised for strong growth over the next decade led by growing demand for renewable energy integration and efficient grid management solutions.
The market size is estimated to reach $5.67 billion by 2024 and global companies are expanding their operations across regions to tap the opportunities. Leading providers are also investing in new product innovations combining thermal storage with areas like solar thermal power plants, waste heat recovery, and district energy systems.
Technological advances aim to further increase storage capacities and discharge durations. Overall, thermal storage is expected to play a vital role in transitioning to a more sustainable, reliable and cost effective future energy system worldwide.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it