BANGALORE, India, Sept. 21, 2021 /PRNewswire/ -- Thermal Energy Storage Market By Type - Latent Heat Storage, Thermochemical Mode, Sensible Heat Regenerative, By Application - Residential, Industrial. Global Opportunity Analysis and Industry Forecast, 2021 - 2027. It is published in Valuates Reports under the Energy & Utilities Category.
The global Thermal Energy Storage (TES) market size is projected to reach USD 6019.7 million by 2027, from USD 3817.1 million in 2020, at a CAGR of 6.3% during 2021-2027.
Major factors driving the growth of the thermal energy storage market are:
On a daily, monthly, and even seasonal basis, TES systems can assist in balancing energy demand and supply. They can also lower peak demand, reduce energy consumption, minimize emissions, and lower costs while improving overall system efficiency. Such advantages are in turn expected to drive the growth of the thermal energy storage market.
Increased adoption of renewable energy sources and rising demand for continuous power supply are driving the Thermal Energy Storage Market. Furthermore, the Thermal Energy Storage (TES) Market is predicted to increase due to the high demand for TES in heating, ventilation, and air conditioning (HVAC) for district heating and cooling.
Thermal energy storage is significantly less expensive than electricity storage, and it has a high potential for integrating intermittent renewable energy sources such as wind and solar into the heating or cooling sector, for example, through heat pumps or electric boilers. Thus the cost effective feature of thermal energy storage is expected to further fuel the market.
TRENDS INFLUENCING THE GROWTH OF THERMAL ENERGY STORAGE MARKET
The Thermal Energy Storage market is expected to grow due to demand from ever-increasing solar energy generation. Due to strong federal policy mechanisms to encourage the adoption of solar energy, such as the Investment Tax Credit for solar power, and increasing demand for clean energy from both the public and private sectors across all major economies in North America, Europe, and the Asia Pacific region, solar energy has experienced rapid growth in recent years. Thermal energy storage is critical for electricity storage in concentrating solar power plants, where solar heat may be stored and used to generate electricity when the sun is not shining.
Thermal Energy Storage systems are used with a variety of heating and cooling systems to save energy and reduce waste by using them off-peak. TES can improve an electrical system's efficiency by lowering power usage while coordinating with peak power demands. TES reduces the usage of other fuels by making the most of the facility's running time and eliminating lost energy. Thermal Storage systems are useful both economically and environmentally, regardless of the type of plant or its activities. Such advantages are expected to further increase the growth of the TES market.
Furthermore, in facilities that use gas turbines, the water-cooled and held in a Thermal Storage tank can also be used to provide Turbine Inlet Air Cooling, increasing the facility's overall efficiency. TES systems can also offer backup cooling for District Cooling systems during planned maintenance outages or when components fail. In addition to the day-to-day benefits of a Thermal Storage system, these advantages might be a huge plus.
THERMAL ENERGY STORAGE (TES) MARKET SHARE ANALYSIS
Based on type, the sensible heat regenerative segment is expected to be the most lucrative. The specific heat of a storage medium, which is retained in storage tanks with good thermal insulation, is used to store thermal energy. Molten salt is the most frequently used and commercial heat storage medium, with a variety of commercial and industrial applications.
Based on application, the industrial segment is expected to be the most lucrative. Increased spending on infrastructure development and construction would boost demand for HVAC systems, which will propel the industrial segment forward. Furthermore, the segment's expansion will be aided by the increasing use of these systems across a variety of businesses that use huge amounts of hot water for cost-cutting considerations.
Based on region, Europe is expected to be the most lucrative region during the forecast period. Thermal energy storage systems, which are used for space heating, water heating, district heating and cooling, and power generating, are abundant in the Europe region. Furthermore, the vast number of operational TES projects across the countries in Europe is also contributing to the regional market growth.
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