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Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global thermal energy storage market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 12.6% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor. 

Thermal energy storage refers to a power storage system that is used for transferring and storing energy obtained from ice, cold air or water for later usage. It includes sensible, latent and thermochemical heat storage that is based on molten salt, ice and miscibility gap alloy technology (MGA). Some of these solutions are used for storing hot or cold energy for powering electrical systems in commercial and residential complexes, while others are used for storing solar energy in the summers, which is further utilized in the winters. This aids in preventing the overutilization of conventional energy from the grid systems. 

 

 
 

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Increasing emphasis on the utilization of renewable energy resources across the globe is one of the key factors driving the growth of the market. The growing demand for thermal energy storage systems in heating, ventilation and air conditioning (HVAC) technology for large-scale heating and cooling is also providing a boost to the market growth. Furthermore, concentrated solar power (CSP) is increasingly being integrated with the thermal energy storage systems to offer grid flexibility and minimize efficiency losses by generating electricity through dry cooling during lower ambient temperatures. Additionally, increasing environmental consciousness, coupled with the growing adoption of thermal energy storage for power generation in green buildings, is acting as another growth-inducing factor. Other factors, including the implementation of favorable government policies to promote sustainable infrastructural development, along with extensive research and development (R&D) activities, are projected to drive the market further. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global thermal energy storage market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on storage type, technology, material type, application and end-use.

Breakup by Storage Type:

 

 
 

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  • Sensible Heat Storage
  • Latent Heat Storage
  • Thermochemical Heat Storage
     

Breakup by Technology:

  • Molten Salt Technology
  • Electric Thermal Storage Heaters
  • Solar Energy Storage
  • Ice-Based Technology
  • Miscibility Gap Alloy Technology (MGA)
  • Others
     

Breakup by Material Type:

  • Water
  • Molten Salt
  • Phase Change Materials (PCM)
  • Others
     

Breakup by Application:

  • Power Generation
  • District Heating and Cooling
  • Process Heating and Cooling
     

Breakup by End-Use:

  • Residential and Commercial Sector
  • Utility Industry
  • Other Industries
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

 

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Abengoa Solar S.A., Baltimore Aircoil Company Inc., Brightsource Energy Inc., Burns & McDonnell Inc., Chicago Bridge & Iron Company (McDermott International), DC Pro Engineering, Fafco Inc., Solarreserve LLC, Steffes Corporation, Terrafore Technologies LLC, etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2020
Historical Period 2015-2020
Forecast Period 2021-2026
Units US$ Billion
Segment Coverage Storage Type, Technology, Material Type, Application, End-Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Abengoa Solar S.A., Baltimore Aircoil Company Inc., Brightsource Energy Inc., Burns & McDonnell Inc., Chicago Bridge & Iron Company (McDermott International), DC Pro Engineering, Fafco Inc., Solarreserve LLC, Steffes Corporation and Terrafore Technologies LLC
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2299
Five User License: US$ 3399
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the global thermal energy storage market performed so far and how will it perform in the coming years?
  • What are the key regional markets?
  • What has been the impact of COVID-19 on the global thermal energy storage market?
  • What is the breakup of the market based on the storage type?
  • What is the breakup of the market based on the technology?
  • What is the breakup of the market based on the material type?
  • What is the breakup of the market based on the application?
  • What is the breakup of the market based on the end-use?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global thermal energy storage market and who are the key players?
  • What is the degree of competition in the industry?

1   Preface
2   Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Thermal Energy Storage Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Storage Type 
    6.1    Sensible Heat Storage
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Latent Heat Storage
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Thermochemical Heat Storage
        6.3.1 Market Trends
        6.3.2 Market Forecast
7   Market Breakup by Technology
    7.1    Molten Salt Technology
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Electric Thermal Storage Heaters
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Solar Energy Storage
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Ice-Based Technology
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Miscibility Gap Alloy Technology (MGA)
        7.5.1 Market Trends
        7.5.2 Market Forecast
    7.6    Others
        7.6.1 Market Trends
        7.6.2 Market Forecast
8   Market Breakup by Material Type
    8.1    Water
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Molten Salt
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Phase Change Materials (PCM)
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Others
        8.4.1 Market Trends
        8.4.2 Market Forecast
9   Market Breakup by Application
    9.1    Power Generation
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    District Heating and Cooling
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Process Heating and Cooling
        9.3.1 Market Trends
        9.3.2 Market Forecast
10  Market Breakup by End-Use
    10.1    Residential and Commercial Sector
        10.1.1 Market Trends
        10.1.2 Market Forecast
    10.2    Utility Industry
        10.2.1 Market Trends
        10.2.2 Market Forecast
    10.3    Other Industries
        10.3.1 Market Trends
        10.3.2 Market Forecast
11  Market Breakup by Region
    11.1    North America
        11.1.1 United States
           11.1.1.1 Market Trends
           11.1.1.2 Market Forecast
        11.1.2 Canada
           11.1.2.1 Market Trends
           11.1.2.2 Market Forecast
    11.2    Asia Pacific
        11.2.1 China
           11.2.1.1 Market Trends
           11.2.1.2 Market Forecast
        11.2.2 Japan
           11.2.2.1 Market Trends
           11.2.2.2 Market Forecast
        11.2.3 India
           11.2.3.1 Market Trends
           11.2.3.2 Market Forecast
        11.2.4 South Korea
           11.2.4.1 Market Trends
           11.2.4.2 Market Forecast
        11.2.5 Australia
           11.2.5.1 Market Trends
           11.2.5.2 Market Forecast
        11.2.6 Indonesia
           11.2.6.1 Market Trends
           11.2.6.2 Market Forecast
        11.2.7 Others
           11.2.7.1 Market Trends
           11.2.7.2 Market Forecast
    11.3    Europe
        11.3.1 Germany
           11.3.1.1 Market Trends
           11.3.1.2 Market Forecast
        11.3.2 France
           11.3.2.1 Market Trends
           11.3.2.2 Market Forecast
        11.3.3 United Kingdom
           11.3.3.1 Market Trends
           11.3.3.2 Market Forecast
        11.3.4 Italy
           11.3.4.1 Market Trends
           11.3.4.2 Market Forecast
        11.3.5 Spain
           11.3.5.1 Market Trends
           11.3.5.2 Market Forecast
        11.3.6 Russia
           11.3.6.1 Market Trends
           11.3.6.2 Market Forecast
        11.3.7 Others
           11.3.7.1 Market Trends
           11.3.7.2 Market Forecast
    11.4    Latin America
        11.4.1 Brazil
           11.4.1.1 Market Trends
           11.4.1.2 Market Forecast
        11.4.2 Mexico
           11.4.2.1 Market Trends
           11.4.2.2 Market Forecast
        11.4.3 Others
           11.4.3.1 Market Trends
           11.4.3.2 Market Forecast
    11.5    Middle East and Africa
        11.5.1 Market Trends
        11.5.2 Market Breakup by Country
        11.5.3 Market Forecast
12  SWOT Analysis
    12.1    Overview
    12.2    Strengths
    12.3    Weaknesses
    12.4    Opportunities
    12.5    Threats
13  Value Chain Analysis
14  Porters Five Forces Analysis

    14.1    Overview
    14.2    Bargaining Power of Buyers
    14.3    Bargaining Power of Suppliers
    14.4    Degree of Competition
    14.5    Threat of New Entrants
    14.6    Threat of Substitutes
15  Competitive Landscape
    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    Abengoa Solar S.A.
           15.3.1.1 Company Overview
           15.3.1.2 Product Portfolio 
           15.3.1.3 Financials
        15.3.2    Baltimore Aircoil Company Inc.
           15.3.2.1 Company Overview
           15.3.2.2 Product Portfolio
        15.3.3    Brightsource Energy Inc.
           15.3.3.1 Company Overview
           15.3.3.2 Product Portfolio 
        15.3.4    Burns & McDonnell Inc.
           15.3.4.1 Company Overview
           15.3.4.2 Product Portfolio 
        15.3.5    Chicago Bridge & Iron Company (McDermott International)
           15.3.5.1 Company Overview
           15.3.5.2 Product Portfolio 
        15.3.6    DC Pro Engineering.
           15.3.6.1 Company Overview
           15.3.6.2 Product Portfolio
        15.3.7    Fafco Inc.
           15.3.7.1 Company Overview
           15.3.7.2 Product Portfolio 
        15.3.8    Solarreserve LLC
           15.3.8.1 Company Overview
           15.3.8.2 Product Portfolio 
        15.3.9    Steffes Corporation
           15.3.9.1 Company Overview
           15.3.9.2 Product Portfolio 
        15.3.10    Terrafore Technologies LLC
           15.3.10.1 Company Overview
           15.3.10.2 Product Portfolio 

List of Figures

Figure 1: Global: Thermal Energy Storage Market: Major Drivers and Challenges
Figure 2: Global: Thermal Energy Storage Market: Sales Value (in Billion US$), 2015-2020
Figure 3: Global: Thermal Energy Storage Market: Breakup by Storage Type (in %), 2020
Figure 4: Global: Thermal Energy Storage Market: Breakup by Technology (in %), 2020
Figure 5: Global: Thermal Energy Storage Market: Breakup by Material Type (in %), 2020
Figure 6: Global: Thermal Energy Storage Market: Breakup by Application (in %), 2020
Figure 7: Global: Thermal Energy Storage Market: Breakup by End-Use (in %), 2020
Figure 8: Global: Thermal Energy Storage Market: Breakup by Region (in %), 2020
Figure 9: Global: Thermal Energy Storage Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 10: Global: Thermal Energy Storage (Sensible Heat Storage) Market: Sales Value (in Million US$), 2015 & 2020
Figure 11: Global: Thermal Energy Storage (Sensible Heat Storage) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 12: Global: Thermal Energy Storage (Latent Heat Storage) Market: Sales Value (in Million US$), 2015 & 2020
Figure 13: Global: Thermal Energy Storage (Latent Heat Storage) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 14: Global: Thermal Energy Storage (Thermochemical Heat Storage) Market: Sales Value (in Million US$), 2015 & 2020
Figure 15: Global: Thermal Energy Storage (Thermochemical Heat Storage) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 16: Global: Thermal Energy Storage (Molten Salt Technology) Market: Sales Value (in Million US$), 2015 & 2020
Figure 17: Global: Thermal Energy Storage (Molten Salt Technology) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 18: Global: Thermal Energy Storage (Electric Thermal Storage Heaters) Market: Sales Value (in Million US$), 2015 & 2020
Figure 19: Global: Thermal Energy Storage (Electric Thermal Storage Heaters) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 20: Global: Thermal Energy Storage (Solar Energy Storage) Market: Sales Value (in Million US$), 2015 & 2020
Figure 21: Global: Thermal Energy Storage (Solar Energy Storage) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 22: Global: Thermal Energy Storage (Ice-Based Technology) Market: Sales Value (in Million US$), 2015 & 2020
Figure 23: Global: Thermal Energy Storage (Ice-Based Technology) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 24: Global: Thermal Energy Storage (Miscibility Gap Alloy Technology-MGA) Market: Sales Value (in Million US$), 2015 & 2020
Figure 25: Global: Thermal Energy Storage (Miscibility Gap Alloy Technology-MGA) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 26: Global: Thermal Energy Storage (Other Technologies) Market: Sales Value (in Million US$), 2015 & 2020
Figure 27: Global: Thermal Energy Storage (Other Technologies) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 28: Global: Thermal Energy Storage (Water) Market: Sales Value (in Million US$), 2015 & 2020
Figure 29: Global: Thermal Energy Storage (Water) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 30: Global: Thermal Energy Storage (Molten Salt) Market: Sales Value (in Million US$), 2015 & 2020
Figure 31: Global: Thermal Energy Storage (Molten Salt) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 32: Global: Thermal Energy Storage (Phase Change Materials- PCM) Market: Sales Value (in Million US$), 2015 & 2020
Figure 33: Global: Thermal Energy Storage (Phase Change Materials- PCM) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 34: Global: Thermal Energy Storage (Other Materials) Market: Sales Value (in Million US$), 2015 & 2020
Figure 35: Global: Thermal Energy Storage (Other Materials) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 36: Global: Thermal Energy Storage (Power Generation) Market: Sales Value (in Million US$), 2015 & 2020
Figure 37: Global: Thermal Energy Storage (Power Generation) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 38: Global: Thermal Energy Storage (District Heating and Cooling) Market: Sales Value (in Million US$), 2015 & 2020
Figure 39: Global: Thermal Energy Storage (District Heating and Cooling) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 40: Global: Thermal Energy Storage (Process Heating and Cooling) Market: Sales Value (in Million US$), 2015 & 2020
Figure 41: Global: Thermal Energy Storage (Process Heating and Cooling) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 42: Global: Thermal Energy Storage (Residential and Commercial Sector) Market: Sales Value (in Million US$), 2015 & 2020
Figure 43: Global: Thermal Energy Storage (Residential and Commercial Sector) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 44: Global: Thermal Energy Storage (Utility Industry) Market: Sales Value (in Million US$), 2015 & 2020
Figure 45: Global: Thermal Energy Storage (Utility Industry) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 46: Global: Thermal Energy Storage (Other Industries) Market: Sales Value (in Million US$), 2015 & 2020
Figure 47: Global: Thermal Energy Storage (Other Industries) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 48: North America: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 49: North America: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 50: United States: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 51: United States: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 52: Canada: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 53: Canada: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 54: Asia Pacific: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 55: Asia Pacific: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 56: China: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 57: China: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 58: Japan: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 59: Japan: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 60: India: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 61: India: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 62: South Korea: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 63: South Korea: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 64: Australia: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 65: Australia: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 66: Indonesia: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 67: Indonesia: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 68: Others: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 69: Others: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 70: Europe: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 71: Europe: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 72: Germany: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 73: Germany: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 74: France: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 75: France: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 76: United Kingdom: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 77: United Kingdom: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 78: Italy: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 79: Italy: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 80: Spain: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 81: Spain: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 82: Russia: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 83: Russia: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 84: Others: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 85: Others: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 86: Latin America: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 87: Latin America: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 88: Brazil: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 89: Brazil: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 90: Mexico: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 91: Mexico: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 92: Others: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 93: Others: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 94: Middle East and Africa: Thermal Energy Storage Market: Sales Value (in Million US$), 2015 & 2020
Figure 95: Middle East and Africa: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 96: Global: Thermal Energy Storage Industry: SWOT Analysis
Figure 97: Global: Thermal Energy Storage Industry: Value Chain Analysis
Figure 98: Global: Thermal Energy Storage Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Global: Thermal Energy Storage Market: Key Industry Highlights, 2020 and 2026
Table 2: Global: Thermal Energy Storage Market Forecast: Breakup by Storage Type (in Million US$), 2021-2026
Table 3: Global: Thermal Energy Storage Market Forecast: Breakup by Technology (in Million US$), 2021-2026
Table 4: Global: Thermal Energy Storage Market Forecast: Breakup by Material Type (in Million US$), 2021-2026
Table 5: Global: Thermal Energy Storage Market Forecast: Breakup by Application (in Million US$), 2021-2026
Table 6: Global: Thermal Energy Storage Market Forecast: Breakup by End-Use (in Million US$), 2021-2026
Table 7: Global: Thermal Energy Storage Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 8: Global: Thermal Energy Storage Market Structure
Table 9: Global: Thermal Energy Storage Market: Key Players

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