Global Thermal Energy Storage (TES) Market Set to Reach $7.7 Billion by 2030: Driven by Water and Molten Salt Segments

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Sep 28, 2023, 20:15 ET

DUBLIN, Sept. 28, 2023 /PRNewswire/ --The "Thermal Energy Storage (TES) - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global Thermal Energy Storage (TES) market is set for substantial growth, with an estimated value of $7.7 billion by 2030. In 2022, the market was valued at $4.4 billion, and it is projected to grow at a CAGR of 7.1% during the analysis period of 2022-2030. This growth is primarily driven by the adoption of thermal energy storage systems, with segments such as water and molten salt showcasing significant potential.

Key Market Segments

Water Thermal Energy Storage: This segment is expected to record a CAGR of 6.3%, reaching a value of $3.1 billion by the end of 2030. The use of water as a medium for thermal energy storage continues to gain traction.
Molten Salt Thermal Energy Storage: Growth in the molten salt segment is estimated at a CAGR of 7.3% for the next 8 years, highlighting its importance in the TES market.

Geographic Insights

United States: The TES market in the U.S. is estimated at $1.5 billion in 2022, signaling substantial growth potential in this region.
China: China is forecasted to reach a market size of $890.3 million by 2030, with a CAGR of 8.8% over the analysis period.
Other Regions: Japan, Canada, and Germany are also expected to contribute to the global TES market growth, with forecasted CAGRs of 5.7%, 6.2%, and 6.7%, respectively.

These companies play a significant role in shaping the thermal energy storage market landscape.

Economic Outlook

The global economic outlook is on the path to improvement, with expectations of growth recovery in the near future. While challenges persist, such as uncertainties related to the Ukraine conflict and inflation concerns, governments and economies are adapting to these complexities.

United States: Despite facing slowing GDP growth, the U.S. has successfully managed to overcome the recession threat.
Euro Area: Easing of headline inflation is boosting real incomes and economic activity.
China: China is anticipated to experience robust GDP growth as the pandemic threat recedes, and government policies evolve.

Select Competitors (Total 50 Featured)

Baltimore Aircoil Company
Caldwell Energy Company
CALMAC Corporation
Amplifon SpA
bioLytical Laboratories Inc.
Axiom Energy Conversion Ltd
Abengoa SA
Araner
ALICO S.r.L.
Adamed Pharma S.A.
Chemetron Corporation
Arround Inc.
Cala Del Forte
Celgene Corporation
Blanidas company

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Key Drivers for TES Market
Market Restrains
CSP Combines with TES to Provide Grid Flexibility
Methods to Store Heat: Key Storage Means
Utilities: Largest & Fastest Growing End-Use Sector for Thermal Energy Storage Systems
Energy Storage Market to Chart Growth Path in 2021 and Beyond
Need for Improved Energy Management amidst Increasing Demand for Electricity Benefits Market Expansion
Global Energy Demand & Growth (In Million Tonnes of Oil Equivalent (Mtoe)) for the Years 1990, 2000, 2010, 2020, 2030 and 2040
Impact of COVID-19 Pandemic on the Power Sectors in China and the US
Smart Grids Elevate the Prospects for TES Systems
Global Spend on Smart Grid Technologies by Region (2014, 2017 & 2020): Percentage Breakdown of Cumulative Spending for Asia-Pacific (incl. China), Europe, Latin America, and North America
Growing Investments in Renewable Energy Projects Drive Strong Demand for TES Solutions
Global Investments in Electricity Networks and Storage (In US$ Billion): 2000, 2008, 2012, 2016, and 2019
Global Grid Connected Energy Storage by Technology: Percentage Breakdown of Installed Capacity for 2014, 2017 and 2020
TES Gains Traction in Managing Inconsistencies of Wind & Solar Power Generation
Global Levelized Cost (US$ Per MWh) of Energy Storage Technologies in Utilities by Type: 2015 and 2030
Global Wind and Solar Installed Capacity (GW) for the Years 2011, 2017, 2020 and 2022
TES Pairing with Solar Generation: Opportunities Galore for Electric Utilities
Important Role of TES in Commercialization of Solar Thermal Energy Plants
Growing Trend towards Green/LEED Buildings Offer Lucrative Market Growth Opportunities
TES Techniques Offer Increased Efficiency in Buildings
Demand for TES in HVAC & Refrigeration Systems on the Rise
TES' Energy Efficiency Augments its Application
TES Set to Address Peak Demand for Air Conditioning
Utility Load Factors
Stable and Secure Grid
Impact of Climate Change on Air Conditioning
Developments in Controls
TES Extends Cost & Energy Savings to Cold Storage Chains
Growing Investments on Smart Cities to Fuel Large-Scale Adoption of TES Systems
Number of Smart Cities Worldwide by Geographic Region (2025E)
Educational Institutes Seek to Leverage TES to Achieve Associated Cost Savings
Favorable Demographic and Urbanization Trends Aid Market Growth
World Population (in Thousands) by Geographic Region for the Years 2018, 2025, 2040, 2050
Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
Innovations & Advancements
Recent Select Innovations in Brief
Notable TES Innovations of Recent Past
Issues & Challenges: A Note on Factors Hampering Market Prospects for TES Technologies

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/npaolh

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