Product Overview

Thermal energy storage systems are especially used to store energy which is also known as heat storage. It has an energy transfer process that is quick and highly efficient and does not require chemical conversion. This is among the most feasible options for eco-friendly energy savings. It temporarily retains thermal energy for utilization at a later stage in the hot or cold form. Thermal energy storage systems minimize carbon dioxide emissions, decrease end-user energy usage and decrease energy demand during peak hours. The system's performance and economy depend on the type of material used in manufacturing. It is commonly used like other energy storage applications in solar plants and thermal power plants as well as combined heat & power plants and process industries.

Market Highlights

Thermal Energy Storage Market is expected to project a notable CAGR of 14.2% in 2030.

Thermal Energy Storage Market to surpass USD 374 Million by 2030 from USD 190 Million in terms of value growing at a CAGR of 14.2% throughout the forecast period, i.e., 2020-30. The shifting preference towards the generation of renewable energy, including concentrated solar power, and the growing demand for HVAC thermal energy storage (TES) systems are key factors driving the growth of the industry. The rising need for improved energy efficiency, combined with ongoing efforts to use energy, would have a positive impact on the demand for thermal energy storage. Increasing government steps towards the implementation of sustainable technologies would help to achieve the carbon emission reduction goals developed and thus stimulate consumer demand. The market environment will be complemented by rising demand for energy-efficient and cost-competitive sources coupled with continuous and reliable power requirements across different industries.

Thermal Energy Storage Market: Segments

Thermochemical heat storage Segment to grow with the highest CAGR of 13.2% during 2019-30

Thermal Energy Storage Market is segmented by Product Type as Sensible Heat Storage, Latent Heat Storage, and Thermochemical Heat Storage. The sensible heat storage segment is estimated to lead the market with a share of over 45.0% which can be attributed to increased demand for solar thermal systems, along with applicability across HVAC systems on a large scale. The main aspect of the technology that will further increase the penetration of the product is the provision of reversible charging and discharge facilities for an infinite number of cycles. Over the forecast period, the thermochemical heat storage segment is projected to display the highest CAGR of 13.2%. Compared to latent or sensible heat storage systems, thermochemical storage systems have high energy density. For long-term storage, this type of heat storage is preferable because losses do not occur over time, but only during the charging and discharge phases.

Utilities Segment to grow with the highest CAGR during 2019-30

Thermal Energy Storage Market is segmented by End-user into Industrial, Utilities and Residential & Commercial. The industrial segment accounted for the largest revenue share of 28% in 2019 and is projected to maintain its lead over the forecast period. Rising spending on the construction and establishment of infrastructure would fuel demand for HVAC systems, which will, in turn, drive the industrial segment. Besides, the increasing adoption of these systems across several industries would fuel the growth of the segment by using large quantities of hot water for economic purposes. Over the forecast period, the utility segment is expected to see the fastest growth. Public utilities, such as broadband Internet, transportation, telecommunications, sanitation, water, natural gas, and electricity, are included in the section. Thermal power is used at an extremely low cost to provide these public services. To derive thermal energy and then convert it to the appropriate type of energy, cogeneration plants are used.

Thermal Energy Storage Market: Market Dynamics

Drivers

Rapidly growing urbanization

The demand for electricity has been on the rise with rapid urbanization around the world leading to the deployment of various forms of energy-generating utilities, including CSP plants. Besides, there has been a considerable increase in power consumption for district heating and cooling purposes. Because of the limited availability of independent cooling and heating systems for residential and commercial buildings, to meet their power requirements, these facilities are dependent on power utilities. Energy utilities are therefore increasingly setting up energy storage systems to meet the energy demand of these facilities, which in turn is driving the growth of the thermal energy storage market.

Rising deployment of concentrated solar power plants

The main factors driving the market growth are the increasing installation rate of concentrated solar power (CSP) systems and the increasing demand for energy storage solutions for heating, ventilating, and cooling (HVAC) applications. Renewable energy sources such as solar and wind power, are increasingly being adopted for self-consumption by the commercial and industrial (C&I) sector. But renewable energy is an intermittent source of power, and the C&I sector is failing to make full use of these resources. The C&I sector is therefore expected to increasingly adopt energy storage systems to increase the utilization rate of renewable energy sources, which in turn, will create significant opportunities for thermal energy storage providers in the future.

Restrain

Lack of awareness about technology and High Initial Cost

Factors such as the lack of awareness of storage technology, the additional costs associated with the use of the thermal energy storage system, and the need for highly qualified technicians to maintain the system are expected to hinder the market growth. Thermal storage is a relatively new technology that has been introduced to the market. There are different components in the energy storage system, each having its own associated cost. The cost of generating electricity using this system is currently around four times the cost of generating electricity using traditional fossil fuels, such as coal and natural gas. Besides the initial investment is quite high for setting up this system. The heavy costs associated with this system, therefore, result in its low utility adoption, which in turn restricts the growth of the market for thermal energy storage.

Thermal Energy Storage Market: Key Players

BrightSource Energy Inc.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.

SolarReserve LLC

Abengoa SA

Terrafore Technologies LLC

Baltimore Aircoil Company

Ice Energy

Caldwell Energy

Cryogel

Steffes Corporation

Trane Technologies plc

Thermal Energy Storage Market: Regions

Thermal Energy Storage Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.

Thermal Energy Storage Market in Europe led the market with a lion share of more than 30% in 2019 and is projected to maintain its lead over the forecast period. A large number of thermal energy storage systems that are used for space heating, water heating, district heating, and cooling, and power generation characterize this region. Due to a large number of operational TES projects across the country, along with the presence of major players, Spain is the largest contributor to regional market growth. The Asia Pacific market is expected to expand over the forecast period at the highest CAGR of 14.3%. The urbanization and population of developing nations such as China, India, South Korea, Japan, Indonesia, and Malaysia are experiencing rapid growth. There are many unreliable power grids and fundamental infrastructure systems for these developing nations. This factor is expected to force industry participants to invest in these countries and thus increase the growth of thermal energy storage facilities and distribution grids.

Competitive Landscape:

The Thermal Energy Storage market, which is highly competitive, consists of several major players such as Abengoa Solar, Burns & McDonnell, Solar Reserve, BrightSource Energy, Calmac, MAN Energy Solutions, and Baltimore Air Coil Technology hold a substantial market share in the Thermal Energy Storage market. Other players analyzed in this report are Cristopia Energy, Cryogel, Caldwell Energy, Dunham Bush, Goss Engineering, Steffes Corporation, DN Tanks, Turbine Air Systems (TAS), Evapco Inc., Fafco, Sunwell Technologies, DC Pro Engineering, CB&I (McDermott), and LIME among others.

Key players are adopting inorganic growth strategies such as product launches in the global nutritional supplement market. For instance, In August 2018, Solar Reserve signed an agreement with the South Australian Government (Australia) to build a 150 MW solar thermal power station. It will use molten salt for its storage and uses parabolic tower systems.

Thermal Energy Storage Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe

APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC

MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Thermal Energy Storage Market report also contains analysis on:

Thermal Energy Storage Market Segments:

By Product Type:

Sensible Heat Storage

Latent Heat Storage

Thermochemical Heat Storage

By Technology:

Molten Salt Technology

Electric Thermal Storage Heaters

Solar Energy Storage

Ice-based Technology

Miscibility Gap Alloy Technology

By Application:

Process Heating & Cooling

District Heating & Cooling

Power Generation

Ice storage air-conditioning

Others

By End-user:

Industrial

Utilities

Residential & Commercial

Thermal Energy Storage Market Dynamics

Thermal Energy Storage Market Size

Supply & Demand

Current Trends/Issues/Challenges

Competition & Companies Involved in the Market

Value Chain of the Market

Market Drivers and Restraints

FAQs on Thermal Energy Storage Market

Which segment is anticipated to hold the largest market share

At what CAGR is the market anticipated to grow between 2020 and 2030

Who are the key players in the Thermal Energy Storage Market

What could be the challenging factors in the growth of Thermal Energy Storage Market

What are the growth drivers for the Thermal Energy Storage Market

Contents

1. Executive Summary

2. Thermal Energy Storage Market

2.1. Product Overview

2.2. Market Definition

2.3. Segmentation

2.4. Assumptions and Acronyms

3. Research Methodology

3.1. Research Objectives

3.2. Primary Research

3.3. Secondary Research

3.4. Forecast Model

3.5. Market Size Estimation

4. Average Pricing Analysis

5. Macro-Economic Indicators

6. Market Dynamics

6.1. Growth Drivers

6.2. Restraints

6.3. Opportunity

6.4. Trends

7. Correlation & Regression Analysis

7.1. Correlation Matrix

7.2. Regression Matrix

8. Recent Development, Policies & Regulatory Landscape

9. Risk Analysis

9.1. Demand Risk Analysis

9.2. Supply Risk Analysis

10. Thermal Energy Storage Analysis

10.1. Porters Five Forces

10.1.1. Threat of New Entrants

10.1.2. Bargaining Power of Suppliers

10.1.3. Threat of Substitutes

10.1.4. Rivalry

10.2. PEST Analysis

10.2.1. Political

10.2.2. Economic

10.2.3. Social

10.2.4. Technological

11. Thermal Energy Storage Market

11.1. Market Size & forecast, 2019A-2030F

11.1.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

11.1.2. By Volume (Million Units) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12. Thermal Energy Storage: Market Segmentation

12.1. By Regions

12.1.1. North America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.2. Europe:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.3. Asia-Pacific:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.4. MEA:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.5. Latin America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2. By Product Type: Market Share (2020-2030F)

12.2.1. Sensible Heat Storage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.2. Latent Heat Storage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.3. Thermochemical Heat Storage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3 By Technology: Market Share (2020-2030F)

12.3.1. Molten Salt Technology, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.2. Electric Thermal Storage Heaters, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.3. Solar Energy Storage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.4. Ice-based Technology, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.5. Miscibility Gap Alloy Technology, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4. By Application: Market Share (2020-2030F)

12.4.1. Process Heating & Cooling, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.2. District Heating & Cooling, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.3. Power Generation, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.4. Ice storage air-conditioning, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.5. Others, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

13. Company Profile

13.1.1. BrightSource Energy Inc.

13.1.2. Company Overview

13.1.3. Company Total Revenue (Financials)

13.1.4. Market Potential

13.1.5. Global Presence

13.1.6. Key Performance Indicators

13.1.7. SWOT Analysis

13.1.8. Product Launch

13.2. SolarReserve LLC

13.3. Abengoa SA

13.4. Terrafore Technologies LLC

13.5. Baltimore Aircoil Company

13.6. Ice Energy

13.7. Caldwell Energy

13.8. Cryogel

13.9. Steffes Corporation

13.10. Trane Technologies plc

14 Consultant Recommendation

**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.

Methodology/Research Approach

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Research Programs/Design

Historical Data (2015-2019)	Industry Trends Competitive Landscape By Company Expansion Mergers and Acquisitions Market Segment by Type by Application By Regions/ Geography	Value Status and Outlook Value for Major Players Market Share Growth Rate Present Situation Analysis Value Market Share Growth Rate Present Situation Analysis
Influencing Factors	Market Environment Government Policy Technological Changes Market Risks	Market Drivers Growing Demand of Downstream Reduction in Cost
Market Forecast (2021-2026)	Overall Size by Type by Application By Regions/Geography	Key Data (Value) Market Share Growth Rate CAGR (2021-2026)

Market Size Estimation

Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).

The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.

Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report

The following figure shows an illustrative representation of the overall market size estimation process used for this study.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.

Data Source

Secondary Sources

Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.

Market Size	Segmental value Geographic Penetration Product Adoption Rate for Different market	Journals, Websites, and Press Releases Annual Reports and SEC Filings Company Websites and Press Releases Public and Paid Databases Market Intellix Data Repository
Market Position of Top Company	Product Financials Geographic value Mix Total Company value Business/Segmental value Mix
Qualitative Analysis	Influence Factors Market Potential Market Risks and Opportunities Industry Trends Geographical Features Government Policies	Company Websites and Press Releases Public and Paid Databases Annual Reports Industry Associations Market Intellix Data Repository

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.

Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.

Key Executives Interviewed

Key Data Information from Primary Sources

Primary Sources	Parameters	Key Data
Market Segments(by Application, by Type)	Value by Type Status and Forecast Value by Application Value by Regions, Status and Forecast (2021-2026)	Value Market Share by Type Value Growth Rate by Type Value by Application Percentage and Growth Rate by Application Value Growth Rate and Market Share by Regions Market Size Status and Forecast (2021-2026)
Total Market	Overall Size, Status and Forecast	Market Size Status and Forecast (2021-2026)