Global Thermal Energy Storage (TES) Market to Reach $7.5 Billion by 2026
SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Thermal Energy Storage (TES) – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Pool: 15304
Companies: 50 – Players covered include Abengoa Solar, S.A.; Baltimore Aircoil Company; Burns & Mcdonnell; Caldwell Energy Company; CALMAC Corporation; DN Tanks, Inc.; Dunham-Bush Holding Bhd; EnergyNest AS; Evapco, Inc.; FAFCO, Inc.; Finetex EnE Inc.; Goss Engineering, Inc.; McDermott International; Siemens Gamesa Renewable Energy, S.A.; Steffes Corporation; TAS Energy Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Water, Molten Salt, Phase Change Material (PCM)); Technology (Sensible, Latent, Thermochemical); End-Use (Utility, Commercial & Industrial, Residential)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global Thermal Energy Storage (TES) Market to Reach $7.5 Billion by 2026
Advanced thermal energy storage systems in use today, in multiple applications, have over the years emerged into a proven technology with innumerable benefits for different stakeholders. Over the years, the systems are proven to save enormous amounts of money for building owners and facility managers. Of all the advanced energy storage technologies, thermal storage constitutes the low cost one which is also at the same time highly efficient. With very less input energy thermal storage systems are capable of providing much more cooling or heating. As opposed to traditional non-storage production-at-time-of-use system, thermal storage offers enormous energy saving benefits which make a powerful tool for going ‘green’ for facility owners. Thermal storage can be installed in different buildings and facilities including institutional, commercial as well as residential and in both private and public sectors. However, the systems have proven to be most economical in such facilities that have time-dependent costs of energy. In buildings which have cyclical or variable demand loads thermal storage systems can be highly beneficial. In such locations utility companies charge higher rates for power consumption during on-peak time, i.e. during the day. For off-peak consumption of power or night time consumption of power, charges are low.
Amid the COVID-19 crisis, the global market for Thermal Energy Storage (TES) estimated at US$5.1 Billion in the year 2020, is projected to reach a revised size of US$7.5 Billion by 2026, growing at a CAGR of 6.6% over the analysis period. Water, one of the segments analyzed in the report, is projected to grow at a 5.9% CAGR to reach US$3.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Molten Salt segment is readjusted to a revised 6.8% CAGR for the next 7-year period. This segment currently accounts for a 25.7% share of the global Thermal Energy Storage (TES) market.
The U.S. Market is Estimated at $1.8 Billion in 2021, While China is Forecast to Reach $814.1 Million by 2026
The Thermal Energy Storage (TES) market in the U.S. is estimated at US$1.8 Billion in the year 2021. The country currently accounts for a 34.22% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$814.1 Million in the year 2026 trailing a CAGR of 8.3% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.3% and 6.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6% CAGR while Rest of European market (as defined in the study) will reach US$694.8 Million by the close of the analysis period.
The major factors that drive demand growth for thermal energy storage systems include rising demand for uninterrupted power supply in response to growing industrialization across the world, rising costs of conventional energy generation, growth in VES (variable energy sources), increasing demand for backup power supplies and increasing desire among consumers to obtain access to reliable, cost-effective and efficient electricity. A major functionality of thermal energy storage systems is the provision of uninterrupted power supply – a boon especially in such places where electrical disturbances in power grid are frequent and where such disturbances can have a detrimental effect on facility performance. Power disturbances in grid can be reduced to zero with the installation of thermal energy storage systems since it provides stored power during outages. Globally, there is also a pressing need for reducing power outages. Power outages wield a major negative impact on business activities, which emerging nations seriously look towards avoiding. With the capability of holding backup power and ensuring a continuous supply, thermal energy storages can reduce occurrences of such shortages. TES systems are also being increasingly viewed as one of the best electricity load management techniques as they are capable of shifting load from peak demand hours to off-peak demand hours.
The global market is also forecast to realize significant growth in the coming few years driven primarily by the growing prominence of renewable energy sources. Renewable sources which until the recent years made up a very small share in the overall power generation mix worldwide expect a bigger platform for growth in future due to several reasons, chief among which is the pressing need for curtailing greenhouse gas emissions emerging from the usage of fossil fuels for power generation. The fast depleting traditional sources of electricity and the rising fuel prices are the major reasons pushing the deployment of the different kinds of variable energy sources. Solar and wind in particular are being increasingly looked at as the major alternatives. Their intermittent nature highlights the urgent need for technologies such as thermal storage for capturing, storing and releasing the renewable energy when needed.
Globally, installation of renewable energy projects is catching pace. For CSP (Concentrating Solar Thermal Power) in particular, huge capacity additions are being planned across the world, which will bode well for the TES market, as TES systems are inevitable for their operation. By enabling CSP, TES technologies are playing major role in integrating the cheaper, and the abundant solar power with the mainstream power generation. TES technologies increase the availability and reliability of a solar facility and optimize it for addressing an electric utility’s peak load profile, thereby increasing its overall value. Future growth for the market for TES systems would also be driven by increasing transmission and distribution upgrades worldwide, in addition to the rise in the number of renewable energy projects. Rapidly increasing world population and the corresponding rise in demand for energy would also be a major growth driver for TES technologies.
Phase Change Material (PCM) Segment to Reach $2.4 Billion by 2026
Global market for Phase Change Material (PCM) segment is estimated at US$1.6 Billion in 2020, and is projected to reach US$2.4 Billion by 2026 reflecting a compounded annual growth rate of 7.5% over the analysis period. Europe constitutes the largest regional market for Phase Change Material (PCM) segment, accounting for 38.8% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 9.2% over the analysis period, to reach US$307.5 Million by the close of the analysis period. More
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