The global thermal energy storage market is expected to grow from USD 188 million in 2020 to reach USD 369 million by 2025, at a CAGR of 14.4% during the forecast period.
The global Thermal Energy Storage Market size is projected to grow from USD 188 million in 2020 to reach USD 369 million by 2025, at a CAGR of 14.4% during the forecast period. The growth of the thermal energy storage market is majorly driven by increasing demand for energy storage technologies, rising number of CSP projects, and increasing HVAC applications.
Europe is expected to be the largest Thermal Energy Storage Market. According to the IRENA, Europe’s installed CSP capacity is predicted to rise from 2.3 GW in 2017 to 4 GW by 2030, based on the market framework and current costs.
Attempts of European nations to meet carbon reduction targets, shift from coal-fired power generation, and simultaneous hike in renewable energy generation will also support the case for dispatchable CSP plants with storage.
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Thermal energy storage stocks solar thermal energy by cooling or heating a storage medium, in order to use the stored energy later for cooling and heating applications and power generation. Thermal energy storage is important for electricity storage in concentrating solar power plants in which solar heat can be stored for the production of electricity when sunlight is not available.
This facilitates uninterrupted operations of CSP plants. The advantages of thermal energy storage in CSP plants include better reliability, increase in overall efficiency, reductions in investment and running costs, and economical operations.
It can also reduce the emission of carbon dioxide. Thus, integration of thermal energy storage in CSP plants is likely to drive the thermal energy storage market growth.
Thermal energy storage in concentrating solar power (CSP) plants can help in overcoming the intermittency of the solar resource and also reduce the levelized cost of energy (LCOE) by utilizing power for extended periods of time. TES systems can collect energy during sunshine hours and store it in order to shift its delivery to a later time or to facilitate plant output during cloudy weather conditions.
Hence, the operation of a solar thermal power plant can be extended beyond periods of no solar radiation without the need to burn fossil fuels. Energy storage not only reduces the mismatch between supply and demand but also improves the performance and reliability of energy systems and plays an important role in conserving energy.
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Thermal energy storage systems are incorporated in electric utility plants as a viable demand-side management option. These systems use ice or chilled water technologies for storing thermal energy in tanks during utility off-peak hours.
This helps to meet the peak demand with fewer power plants by shifting customer’s power demand to off-peak hours. Many utilities currently offer time-of-day pricing to their customers and sell power at a lower price during off-peak hours.
The key players in the Thermal Energy Storage Market include companies such as Abengoa Solar (Spain), Burns & McDonnell (US), BrightSource Energy (US), Calmac (US), and SolarReserve (US).
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