This report titled “Thermal Energy Storage Market - Growth, Future Prospects, and Competitive Analysis, 2023 – 2030” offers strategic insights into the trends in thermal energy storage market along with the market size and forecast for the duration 2023 to 2030. The said research study incorporates in-depth analysis of multiple market segments based technology, storage material, end user and geographical distribution.

The global thermal energy storage market is expected to witness high growth with growing emphasis on reducing the emission of greenhouse gases and increase energy dependency on renewable energy sources anticipated to propel the demand for thermal energy storage systems. Furthermore, emergence in technology such as latent heat technology is projected to propel the demand for thermal energy storage market.

Key players in the thermal energy storage market accounting for the major share of the global thermal energy storage market. Further, increasing research and development and advancement in technology changing the nature of operations of the oil industry. Further, increasing shale gas exploration activities in Europe and Asia Pacific is further anticipated to fuel the demand for thermal energy storage over the forecast period

Rapid growth of this market has also resulted in creating further skilled job opportunities in major hubs spread across North America, Europe, Latin America, Middle East & Africa and Asia Pacific.

Based on technology, the global thermal energy storage market is segmented as sensible, latent and TCS. By storage material, the global thermal energy storage market is segmented into water, molten salt, phase change material (PCM) and others. In addition, thermal energy storage manufacturing companies, distributors and academic organizations form the major client types for thermal energy storage market. 

Along with the quantitative information sets, this report also provides qualitative information such as market dynamics and executive summary for the global thermal energy storage market. Tools such as competition assessment and attractive investment proposition are also included in the report to provide the readers with competitive mapping assistance. This study concludes with company profiles section. This section includes major information about the key companies engaged in development, and provision of thermal energy storage.

On the basis of technology, the global thermal energy storage market can be segmented into sensible, latent and thermo chemical heat storage (TCS). In 2020, sensible heat technology segment accounted for the largest revenue share among all technology segments. Growth in installation of concentrated power plants with increasing use of thermal energy storage systems using sensible heat technology is projected to drive growth of the segment during the forecast period. However, growing popularity of latent heat technology thermal energy storage systems is anticipated to propel the growth of latent heat technology segment over the forecast period.

On the basis of storage type, the global thermal energy storage market can be segmented into water, molten salt, phase change material and others. In 2020, molten salts segment accounted for the largest revenue share in the global thermal energy storage market. Properties of molten salts including high boiling point, low viscosity, high volumetric heat capacities and low vapor pressure increasing the adoption of molten salts as suitable energy storage material. Higher volumetric heat capacity of molten salts resembles less storage volume which in turn makes it suitable material for large energy storage materials in applications such as solar energy. Thus, growing array application for molten salts is projected to drive the growth of the segment during the forecast period.

On the basis of end user, the global thermal energy storage market can be segmented into commercial & industrial, utilities and residential users. In 2020, commercial & industrial end user was observed to be the largest application segment and is projected to maintain its dominance during the forecast period. Increasing demand for uninterrupted supply from commercial and industrial installations for continuous operations driving the demand for efficient power back up sources which in turn is anticipated to drive the growth of the segment over the forecast period. Furthermore, increasing adoption of roof top solar panels in households anticipated to fuel the growth of residential segment during the forecast period.

On the basis of geography, global thermal energy storage market can be segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In 2020, Europe is estimated to hold largest share in global thermal energy storage market and projected to maintain its dominance over the forecast period. Increasing investment in renewable energy to meet energy demand and growing inclination of governments to promote the usage of clean energy and reduce carbon footprints is projected to drive the demand for thermal energy storage during the forecast period.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Thermal Energy Storage market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Thermal Energy Storage market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Thermal Energy Storage market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Thermal Energy Storage market?
• Which is the largest regional market for Thermal Energy Storage market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Thermal Energy Storage market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Thermal Energy Storage market worldwide?