Thermal Energy Storage Market to Cross $6.20 Billion Mark by 2022

Posted on 2020-03-20 by MarketsandMarkets in Energy, Environment, Technology // 0 Comments

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The global thermal energy storage market is projected to grow at a CAGR of 11.0% to reach USD 6.20 Billion by 2022. The Middle East & African region is estimated to be the largest market, followed by Asia-Pacific. The trend is expected to continue till 2022. The growth of the thermal energy storage market is driven by rising impetus on renewable energy generation such as concentrated solar power, increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems are expected to drive the growth of thermal energy storage industry. High demand in CSP, especially in the Middle East & African region offers lucrative opportunity for thermal energy storage.

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Rising impetus on renewable energy generation such as concentrated solar power drives the global thermal energy storage market

Concentrated Solar Power (CSP) when combined with Thermal Energy Storage (TES) offers grid flexibility and is commonly coupled with TES as well as conventional fuels. Unlike other renewable generation resources, such as solar photovoltaics (PV) or wind, it is easily dispatch able. Ongoing research in TES technologies has increased interest in CSP, as it uses thermal energy of sunlight to generate electricity. Parabolic troughs and power towers are the two most common designs which concentrate sunlight against a Heat-Transfer Fluid (HTF), used to drive a steam turbine. CSP is advantageous over non-dispatch able renewable generation sources (PV, wind) and the design of its plant, built with TES, facilitates energy shifting to periods without solar resource. The dispatch ability of CSP with TES enables higher penetration of the grid by providing backup power even during periods of low solar radiation. TES with CSP can reduce efficiency losses by shifting generation to hours with lower ambient temperatures associated with dry cooling, thus, driving the TES market.

Government incentives for thermal energy storage systems drive the growth of this market

TES helps shifting electrical load by creating and storing ice or cold water during the day or later evening hours, when energy rates are lower. When rates are higher during the afternoon hours, the building’s HVAC system uses this cold resource stored beforehand, to reduce cooling costs, and maintain comfortable facility temperatures. State’s investor-owned utilities (IOUs) administer a wide variety of public-purpose-funded energy efficiency programs. For example, in the U.S., IOUs that offer such programs are Pacific Gas and Electric (PG&E), Southern California Edison (SCE), Southern California Gas (SoCal Gas), San Diego Gas and Electric (SDG&E), and Southwest Gas Corporation (SWG). Rebates are offered for the installation of new distributed generation equipment, specifically wind turbines, Combined Heat and Power (CHP), biogas, fuel cells, and advanced energy storage, through the Self-Generation Incentive Program (SGIP), which is administered by PG&E, SCE, SoCal Gas, and, for customers of SDG&E, the center for sustainable energy. Incentives which range from USD 0.44/watt to USD 1.46/watt, depending on technology, are capped at 3 MW, although there are no criteria for minimum or maximum system size.

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The thermal energy storage market is dominated by a few global players. Some of the key players operating in the thermal energy storage market are Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar (Spain), SolarReserve, LLC (U.S.), and Burns & McDonnell (U.S.) among others.

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