The global thermal energy storage market size is poised to grow by 1,956.30 MW during 2020-2024, progressing at a CAGR of almost 10% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Thermal Energy Storage Market 2020-2024 (Graphic: Business Wire)
Thermal storage enhances the solar plant system’s flexibility by extending the rate of solar electricity generation and improving its coincidence with existing demand. This is accomplished by reducing constraints of ramping and minimum generation levels in CSP plants. The use of thermal energy storage in CSP plants allows generating power in adverse weather conditions as well as with no reduction in the operating efficiency. Additionally, the cost of electricity generation using CSP plants has reduced significantly in recent years. The cost of electricity generation from projects commissioned from 2020 onwards is expected to decrease by up to 70%. These factors are increasing the demand for the installation of CSP plants and will drive the thermal energy storage market growth.
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Report Highlights:
- The major thermal energy storage market growth came from the MSES segment. The MSES segment holds the largest market share of the global thermal energy storage market. The most significant reason for the dominance of MSES in the global thermal energy storage market is its low-temperature loss, which results in longer storage periods. This helps plants in generating electricity in adverse weather conditions. MSES is used in large-scale solar plants such as CSP to produce electricity round the clock. However, the thermal energy storage market share growth by the MSES segment will be slower than the growth of the market by the PCM segment.
- APAC will offer several growth opportunities to market vendors during the forecast period. Factors such as the rising focus on more reliable sources of energy and traditional sources of energy, such as fossil fuels, moving toward extinction will significantly drive thermal energy storage market growth in this region over the forecast period. China is a key market for thermal energy storage in APAC. Market growth in this region will be faster than the growth of the market in other regions.
- The global thermal energy storage market is fragmented. Abengoa SA, Acciona SA, Amsted Industries, Araner, BrightSource Energy Inc., CALMAC, DN Tanks Inc., EnergyNest, McDermott International Inc., and SENER group are some of the major market participants. To help clients improve their market position, this thermal energy storage market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the thermal energy storage market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Increasing Use of Thermal Energy Storage in Smart Cities and Smart Buildings will be a Key Market Trend
The increasing use of thermal energy storage in smart cities and smart buildings is one of the significant thermal energy storage market trends that will impact the growth of the market across the globe. Market experts predict that the dependence on fuel-based energy is expected to be eliminated with the concept of smart cities. The need for peak load electricity distribution demand will lead to the adoption of thermal energy storage systems. The demand charges can be reduced significantly from on-peak to off-peak rates by using cooling technologies such as PCM. With growing applications and cost-efficient solutions, thermal energy storage is becoming an essential component for smart cities. As a result of such factors, the thermal energy storage market will grow during the forecast period.
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Thermal Energy Storage Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist thermal energy storage market growth during the next five years
- Estimation of the thermal energy storage market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the thermal energy storage market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of thermal energy storage market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Technology
- Market segments
- Comparison by Technology by volume
- MSES - Market size and forecast 2019-2024
- PCM - Market size and forecast 2019-2024
- Market opportunity by Technology by volume
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume driver - Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Abengoa SA
- Acciona SA
- Amsted Industries
- Araner
- BrightSource Energy Inc.
- CALMAC
- DN Tanks Inc.
- EnergyNest
- McDermott International Inc.
- SENER group
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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