Global Thermal Energy Storage Systems (TESS) Market – Growth, Trends, and Forecast

Report Description

The growth of the thermal energy storage market is driven by increasing demand for heating, ventilation, and air conditioning (HVAC) technology for large-scale heating and cooling.

Drivers:

  • Increasing demand for off-grid or mini-grid systems.
  • Markets from mining, chemical, and petroleum.
  • Increasing commercial districts, offices.
  • It stores surplus energy in the form of heat without any loss to the grid.

Thermal energy storage (TES) systems are temporary storage of energy by heating or cooling a storage medium so that the stored energy can be used at a later time for power generation, heating, and cooling applications.

Concentrated solar power plants (CSP) are increasingly being combined with thermal energy storage systems (TESS) to offset the required cooling/heating demand.

Some of the Supportive Policies:

  • European heat mandates to adopt full or partial bans on the use of fossil fuels to heat buildings.
  • California (United States) was the only jurisdiction to introduce a new technology mandate for renewable energy in buildings in 2019. However, policies prohibiting fossil fuel use for building heat can encourage the adoption of renewables and are a main factor driving the electrification of building heating.
  • France, Mexico, USA, Japan announced an increase in financial support for solar thermal energy for dedicated water heating for commercial and industrial buildings..
  • Austria, Norway, Germany, California banned the installation of liquid or solid fossil fuel boilers in new buildings from 2020, 

Thermal energy storage (TES) can help to balance energy demand and supply it on a daily weekly or seasonal basis. It can also reduce peak demand, energy consumption, CO2 emissions, and also increase the overall efficiency of energy systems.
 

Value Proposition:

  • The essential flexibility to integrate high shares of solar and wind power.
  • It can be used to reduce the carbon footprint in industries and commercial buildings by heating and cooling.

Some of the Restraints:

  • Lack of Policy for decarbonization of heat/cool.
  • Lack of Commercialization.
  • Competition from batteries and pumped hydro.

Operational necessities of a Thermal Energy Storage System (TESS): 

  • A pump is a mechanical machine used to raise or transfer fluids using suction or pressure.
  • A temperature sensor to measure the temperature of the system.
  • Pipes to transfer hot water and electrolyte
  • Tanks to store the electrolyte and water
  • A valve is a device or natural object that regulates, directs, or controls the flow of a fluid (gases, liquids, fluidized solids, or slurries) by opening, closing.
  • Heat exchangers are used to transfer heat from one medium to another.

Some of the Challenges:

  • Due to COVID, there is a decrease in demand for swimming pools, space cooling in offices, malls, theaters, etc.
  • High capital cost compared to Solar PV.

Some of the Opportunities: 

  • Defer T&D system
  • Increasing demand for cold transportation, cold storage for agricultural products, Vaccines, etc.
  • Increasing desalination projects
  • Markets with growth potential are Brazil, Cyprus, Denmark, Greece, South Africa, Oman, China, USA, Australia, Austria, India, Germany, Israel, Italy, Poland and Switzerland.

The Global thermal energy storage systems market involves the sales and EPC of projects at solar, wind, geothermal, mining, chemical, petroleum, residential, space cooling, transportation, malls, cold storage. 

The global thermal energy storage market develops by increasing R&D, designs, and types as per the sector.

Based on storage:

  • Water, molten salt, phase change materials (PCM).

Based on technology: 

  • Sensible heat storage: It does not change the state 
  • Latent heat storage: It changes the state.
  • Thermochemical storage: It changes its state at a particular temperature.

Basis on its end-user:

  • Residential, Commercial, and Industrial. 

The residential and commercial sector is one of the major users of thermal energy storage as an HVAC.

The thermal energy storage market has been segmented into China, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, the U.S. witnessed the highest demand for thermal energy storage. The demand is due to high energy storage capacity. Thermal energy storage is used to provide cooling capacity to commercial buildings, by producing chilled water during low demand hours and then using it during high demand hours. 

Some of the Recent Developments:

  • In Mar 2019, Climate Change Technologies has launched its thermal energy storage which is a modular energy storage unit that accepts any kind of electricity- solar, wind, etc. and uses it to heat up and melt silicon in a heavily insulated chamber.
  • In May 2019, Vattenfall, a leading European energy company, and a Swedish company SaltX Technology have commissioned an industrial scale pilot to test nano-coated salt-based energy storage technology which enables thermal energy to be stored chemically and provides a long term solution. 
  • In May 2019, Azelio unveiled its storage technology, which features a Stirling engine for dispatchable electricity production. Electricity from a wider range of renewable sources can be received and stored as thermal energy.   
  • In 2019, Abengoa installed a 100MW CSP plant with a thermal storage capacity of 17.5 hours.
  • In 2020, Abengoa commissioned a desalination plant in Rabingh to produce desalination water by using thermal energy storage.

Blackridge Research’s Global Thermal Energy Storage Market report provides insights into the current global and regional market demand scenario and its outlook.

The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the thermal energy storage market, critical commercial developments, trends, regions, and segments poised for the fastest-growing, competitive landscape.

Further, the report will include the global thermal energy storage market size (CAGR), demand forecast, growth rates, and trade (imports and exports).

Table of Contents

1. Executive Summary

2. Research Scope and Methodology

 3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Analysis of Covid-19 Impact
  • 3.5 Market Opportunities
  • 3.6 Market Size and Forecast

 4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter’s Five Forces Analysis

 5. Market Segmentation & Forecast

  • 5.1 By Storage type
    • 5.1.1 Water
    • 5.1.2 Molten salt
    • 5.1.3 Phase Change Materials(PCM)
  • 5.2 By Technology
    • 5.2.1 Sensible heat
    • 5.2.2 Latent heat
    • 5.2.3 Endothermic chemical reactions
  • 5.3 By End use
    • 5.3.1 Industry
    • 5.3.2 Residential and commercial
    • 5.3.3 Transportation
    • 5.3.4 Power and Energy

 6. Regional Market Analysis

  • 6.1 North America
  • 6.2 Europe
  • 6.3 Asia-Pacific
  • 6.4 Rest of the World

 7. Key Company Profiles

  • 7.1 Abengoa Solar
  • 7.2 Burns and McDonnel
  • 7.3 SolarReserve
  • 7.4 BrightSourceENergy
  • 7.5 Baltimore air coil technology
  • 7.6 Cristopia energy
  • 7.7 Steffes corporation
  • 7.8 DN tanks
  • 7.9 Caledonia MacBrayne
  • 7.10 Fafco

 8. Competitive Landscape

  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Market Share Analysis
  • 8.4 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures

Abbreviations

Additional Notes

Disclaimer

Original Report

This report helps to:-

  • Gain a deeper understanding of the impact of COVID-19 on the Thermal energy Market.  
  • Equip yourself with rigorous analysis and forward-looking insight into Thermal energy Market.
  • Gain an understanding of uncertainty and discover how the country’s most influential growth drivers and barriers will impact market development.
  • Evaluate the industry’s attractiveness and gain a comprehensive view of the emerging market trends and developments to identify opportunities and develop a strategy.
  • Discover information on government policy and regulations in the country
  • Gain perspectives and insights about the industry’s current state and how the market is likely to evolve in the next five years.
  • Keep abreast of the project activity and developments in the country.
  • Understand the market and its participants to make the best strategic decisions

 Who need this report?

  • OEMs
  • Contract Manufacturers & Suppliers
  • Automobile, Utilities
  • Raw Materials & Component Suppliers
  • Investor Community
  • Others 

What’s included

Report – Global Thermal energy Market Outlook to 2026

Market Data – Global Thermalenergy Market Outlook to 2026

About Blackridge Research & Consulting
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