Powering Efficiency: Technology Segmentation Insights in the Thermal Energy Storage Market

This upward trajectory is primarily driven by a notable shift in preference towards renewable energy sources, particularly concentrated solar power.

The global thermal energy storage (TES) market was valued at an impressive USD 4.1 billion in 2019 and is forecasted to experience robust growth, projected to expand at a compound annual growth rate (CAGR) of 9.45% from 2020 to 2027. This upward trajectory is primarily driven by a notable shift in preference towards renewable energy sources, particularly concentrated solar power. Additionally, there is an increasing demand for thermal energy storage systems within heating, ventilation, and air conditioning (HVAC) applications. The growing necessity for enhanced energy efficiency, along with ongoing efforts to optimize energy usage, further bolsters the demand for TES solutions. For example, in September 2018, the Canadian government revised its financial incentive initiative, the "Commercial Energy Conservation and Efficiency Program," which provides rebates worth USD 15,000 for energy upgrades in the commercial sector.

 

Furthermore, the U.S. Department of Energy (DoE) plays a pivotal role in evaluating thermal energy storage systems based on various criteria, including their safety, reliability, cost-effectiveness, and compliance with environmental regulations and industry standards. According to the DoE, regions such as Europe and the Asia Pacific exhibit a higher percentage of grid energy storage compared to North America. The increasing global emphasis on transitioning to clean energy solutions is prompting governments worldwide to invest in the development of innovative energy storage technologies.

 

Gather more insights about the market drivers, restrains and growth of the Thermal Energy Storage Market

 

Technology Insights

 

In terms of technology, molten salt technology accounted for the largest revenue share in the thermal energy storage market, capturing 31.1% in 2019. This segment is anticipated to witness considerable growth during the forecast period, largely due to its high technological efficiency and widespread application in various solar energy projects. Molten salt serves as an effective medium for storing heat collected from solar troughs and solar towers. This stored heat is subsequently utilized to generate steam, enabling the operation of steam turbines.

 

Additionally, ice-based technology is projected to experience significant growth throughout the forecast period. Ice storage systems leverage the thermal energy storage capabilities of ice for air conditioning applications. The feasibility of this method is underscored by the high heat of fusion of water, allowing one metric ton of ice to store approximately 317,000 BTU or 334 megajoules (MJ) of energy. This energy capacity is equivalent to around 26.5 ton-hours or 93 kilowatt-hours (kWh). Such ice-based applications can effectively provide chilled water and air conditioning services to a wide array of commercial and residential buildings, showcasing the versatility and efficiency of thermal energy storage technologies.

 

Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.

 


nayara

370 Blog posts

Comments