- 37) 2.1 RESEARCH DATA FIGURE 1 THERMAL ENERGY STORAGE MARKET: RESEARCH DESIGN 2.2 MARKET BREAKDOWN AND DATA TRIANGULATION FIGURE 2 DATA TRIANGULATION METHODOLOGY 2.2.1 SECONDARY DATA 2.2.1.1 Key data from secondary sources 2.2.2 PRIMARY DATA 2.2.2.1 Key data from primary sources 2.2.2.2 Breakdown of primaries TABLE 1 THERMAL ENERGY STORAGE MARKET: PLAYERS/COMPANIES CONNECTED 2.3 SCOPE FIGURE 3 MAIN METRICS CONSIDERED IN ASSESSING DEMAND FOR MARKET 2.4 MARKET SIZE ESTIMATION 2.4.1 BOTTOM-UP APPROACH FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 2.4.2 TOP-DOWN APPROACH FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 2.4.3 IDEAL DEMAND-SIDE ANALYSIS 2.4.3.1 Assumptions 2.4.3.2 Limitations 2.4.3.3 Calculation 2.4.4 FORECAST 2.4.5 SUPPLY-SIDE ANALYSIS FIGURE 6 MAIN METRICS CONSIDERED IN ASSESSING SUPPLY FOR THERMAL ENERGY STORAGE MARKET 2.4.5.1 Calculation 2.4.5.2 Assumptions FIGURE 7 INDUSTRY CONCENTRATION, 2019 2.5 PRIMARY INSIGHTS, 3 EXECUTIVE SUMMARY (Page No. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Continued research into energy storage technologies to drive down the upfront capital requirement is anticipated to make thermal energy storage technologies more competitive in the near future. When energy is needed, the salt is pumped into a steam generator that boils water, spins a turbine, and generates electricity. 
Air conditioning makes up a third of energy costs in summer months and it would be highly inefficient and costly to store energy in a battery only to have it transformed yet again to create instantaneous cooling. Many utilities currently offer time-of-day pricing to their customers and sell power at a lower price during off-peak hours. In the US, pumped-storage hydropower (PSH) is by far the most popular form of energy storage which accounts for 95% of utility-scale energy storage.
Being able to differentiate between the perks of battery and thermal energy storage, two of the most common solutions available, is vital for utilities and power plant operators considering deployment in the near future. The research methodology used to estimate the market size includes the following: Global Thermal energy storage Market Size: Bottom-Up Approach. The industrys supply chain and market size, in terms of value, have been determined through primary and secondary research processes. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. Collectively, these 2 sources of energy continue to dominate renewable energy generation, accounting for 73% of growth since 2014. In addition, countries are likely to make investments in renewables a key part of stimulus packages to reinvigorate their economies. Similarly, the Spanish government raised its renewable energy target to 74% by 2030, and also aims to add 157 GW of renewable energy capacity.
Energy storage not only reduces the mismatch between supply and demand but also improves the performance and reliability of energy systems and plays an important role in conserving energy. PCMs can offer higher storage capacity and storage efficiencies in the range of 75%90%. Decarbonization of the energy sector and reduction of carbon emissions in order to cap the global climate change are some of the most hegemonic goals for governments, energy authorities, and utilities across the world.
The key players in the industry and market have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research. The breakdown of primary respondents is as following-.
The most widely used and commercial heat storage medium is molten salt, which has a number of commercial and industrial applications. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. After arriving at the overall market sizeusing the market size estimation processes as explained abovethe market was split into segments and subsegments. These facilities are used for grid reliability, to integrate renewables into the grid, and to provide relief to the energy grid during peak hours. Batteries are great for providing backup power for lighting, elevators, and computers whereas thermal energy storage is a building's easiest way of reducing peak electric demand.
Americas is the fastest-growing market for thermal energy storages during the forecast period.
Therefore, thermal energy storage technology is expected to gain opportunities in the coming years. At the start of 2020, the development of renewable energy technologies in several markets was already challenged by financing, policy uncertainties, and grid integration, which has been intensified further by COVID-19.
Although, Thermal energy storage demands for lower project costs but it is less preferred over battery storage and pumped-hydro storage due to their lower efficiency at economies of scale. Exhaustive secondary research was done to collect information on the market and the peer market. Thermal energy storage in concentrating solar power (CSP) plants can help in overcoming the intermittency of the solar resource and also reduce the levelized cost of energy (LCOE) by utilizing power for extended periods of time. Global top 2000 strategist rely on us for their growth strategies. The costs for PCM and TCS systems are higher in general.
After that, the market breakdown and data triangulation were done to estimate the market size of the segments and subsegments. The economic viability of a TES depends heavily on application and operation needs, including the number and frequency of storage cycles. To know about the assumptions considered for the study, download the pdf brochure. What is the current market size of the thermal energy storage market? The following customization options are available for this report: This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. For over 70% of those who gain access in rural areas, decentralized systems based on renewable energy will be the most cost-effective solution. In most cases, storage is based on a solid or liquid phase change with energy densities on the order of 100 kWh/ m3 (e.g. This will lead to a rebound in new installations, and as a result, the next year is forecast to reach the same level of renewable electricity capacity additions as in 2019.
In contrast, the entire building load cannot be backed up with just thermal storage. Molten salts are the most commonly used storage media for thermal energy storage as these have higher boiling points and high volumetric heat capacities. The thermal energy storage is driven by major factors such as increasing demand for electricity and the rising consumption of solar CSP. See for yourself. Costs of latent heat storage systems based on PCMs range between Euros 10/kWh50/kWh (USD 10.7/kWh53.5/kWh) while TCS costs are estimated to range from Euros 8/kWh100/kWh (USD 8.56/kWh107/kWh). This study involved four major activities in estimating the current market size. Industrial bulk consumption, self-consumption, and the application of distributed storage can yield benefits for both end users and the power system as a whole. This marks the first annual decline in 20 years since 2000 for renewable energy capacity addition. Costs of phase change material- and thermo-chemical storage-based thermal storage systems are usually higher in comparison to the cost of storage capacity they provide.
Most of these facilities use lithium-ion batteries, which provide enough energy to shore up the local grid for approximately 4 hours or less. These systems use ice or chilled water technologies for storing thermal energy in tanks during utility off-peak hours. According to the Renewable Energy World, in China, power generation from renewable energy sources reached up to 1,870 TWh in 2018 (26.7% of the countrys total), which is an increase of 170 TWh. Hydro contributed 1,200 TWh (increased by 3.2%), wind contributed 366 TWh (increased by 20%), PV contributed 177.5 TWh (increased by 50%), and biomass contributed 90.6 TWh (increased by 14%) to the countrys overall energy generation from renewables. Some of the key CSP thermal energy storage technologies include single-tank thermocline system, two-tank indirect system, and two-tank direct system. . - 32) 1.1 STUDY OBJECTIVES 1.2 DEFINITION 1.3 INCLUSIONS AND EXCLUSIONS 1.3.1 THERMAL ENERGY STORAGE MARKET: INCLUSIONS AND EXCLUSIONS 1.4 MARKET SCOPE 1.4.1 MARKET SEGMENTATION 1.4.2 REGIONS COVERED 1.4.3 YEARS CONSIDERED 1.5 CURRENCY 1.6 LIMITATIONS 1.7 STAKEHOLDERS 1.8 SUMMARY OF CHANGES, 2 RESEARCH METHODOLOGY (Page No. The cost of thermal energy storage technologies depends on application, size, and thermal insulation technology.
The data was triangulated by studying various factors and trends from both the demand and supply sides.
Which region dominates during the forecasted period in the thermal energy storage market? The cost of a complete system for sensible heat storage ranges between Euros 0.1/kWh10/kWh (USD 0.11/kWh10.7/kWh), depending on the size, application, and thermal insulation technology. This will significantly impact Chinas annual capacity additions.
According to IRENA, global renewable energy installed capacity in 2019 was 176 GW higher than that in 2018an increase of 7.4%. To define, describe, segment, and forecast the global market by technology, storage material, application, end user, and region, in terms of value, To provide critical analysis of the drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the market, To provide a detailed overview of the thermal energy storage value chain, To strategically analyze the global market with respect to individual growth trends, future expansions, and contribution of each segment to the market, To analyze opportunities in the market for stakeholders and provide details of the competitive landscape of the market, To forecast the growth of the global market in key regions, namely, Americas, Europe, Asia Pacific, and Middle East & Africa, To profile and rank key players and comprehensively analyze their market shares, To analyze competitive developments in the market, such as product launches, investments & expansions, contracts & agreements, expansions & investments, mergers & acquisitions, joint ventures, and partnerships & collaborations, Further breakdown of region or country-specific analysis, Detailed analyses and profiling of additional market players (up to 5). - 80) 7.1 INTRODUCTION TABLE 12 TECHNOLOGY COMPARISON FIGURE 29 SENSIBLE HEAT SEGMENT IS EXPECTED TO CONTINUE TO ACCOUNT FOR LARGEST SIZE OF MARKET DURING FORECAST PERIOD TABLE 13 MARKET SIZE, BY TECHNOLOGY, 20182025 (USD THOUSAND) 7.2 SENSIBLE HEAT STORAGE TECHNOLOGY 7.2.1 HIGH DEMAND FOR MOLTEN SALTS FOR THERMAL ENERGY STORAGE IS DRIVING SENSIBLE HEAT STORAGE TECHNOLOGY DEMAND TABLE 14 LIST OF STORAGE MATERIALS FOR SENSIBLE HEAT STORAGE TABLE 15 SENSIBLE HEAT STORAGE: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 7.3 LATENT HEAT STORAGE TECHNOLOGY 7.3.1 DEVELOPMENT OF PHASE CHANGE MATERIALS IS LIKELY TO DRIVE MARKET TABLE 16 LIST OF STORAGE MATERIALS FOR LATENT HEAT STORAGE TABLE 17 LATENT HEAT STORAGE: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 7.4 THERMOCHEMICAL STORAGE TECHNOLOGY 7.4.1 US OFFERS HIGH POTENTIAL FOR GROWTH OF THERMOCHEMICAL STORAGE TECHNOLOGY TABLE 18 THERMOCHEMICAL STORAGE: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND), 8 THERMAL ENERGY STORAGE MARKET, BY STORAGE MATERIAL (Page No. The Government of India has set a target of installing 175 GW of renewable energy capacity by 2022; this includes adding 60 GW from wind, 10 GW from bio power, 100 GW from solar, and 5 GW from small hydropower to its overall renewable capacity. - 175) 14.1 INTRODUCTION 14.2 LIMITATIONS 14.3 ENERGY STORAGE INTERCONNECTED MARKETS 14.4 CONCENTRATING SOLAR POWER (CSP) MARKET 14.4.1 MARKET DEFINITION 14.4.2 LIMITATIONS 14.4.3 MARKET OVERVIEW 14.4.4 CONCENTRATING SOLAR POWER MARKET, BY TECHNOLOGY TABLE 118 CONCENTRATING SOLAR POWER MARKET, BY TECHNOLOGY, 20182025 (USD MILLION) 14.4.4.1 Solar power towers TABLE 119 SOLAR POWER TOWERS: CONCENTRATING SOLAR POWER MARKET SIZE, BY REGION, 20182025 (USD MILLION) 14.4.4.2 Linear concentrating systems TABLE 120 LINEAR CONCENTRATING SYSTEMS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.4.3 Stirling dish technology TABLE 121 STIRLING DISH TECHNOLOGY: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.5 CONCENTRATING SOLAR POWER MARKET, BY OPERATION TYPE TABLE 122 CONCENTRATING SOLAR POWER MARKET, BY OPERATION TYPE, 20182025 (USD MILLION) 14.4.5.1 Stand-alone systems TABLE 123 STAND-ALONE SYSTEMS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.5.2 With storage TABLE 124 WITH STORAGE: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6 CONCENTRATING SOLAR POWER MARKET, BY CAPACITY TABLE 125 CONCENTRATING SOLAR POWER MARKET, BY CAPACITY, 20182025 (USD MILLION) 14.4.6.1 Less than 50 MW TABLE 126 LESS THAN 50 MW: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6.2 50 MW to 99 MW TABLE 127 50 MW TO 99 MW: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6.3 100 MW and Above TABLE 128 100 MW AND ABOVE: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7 CONCENTRATING SOLAR POWER MARKET, BY END USER TABLE 129 CONCENTRATING SOLAR POWER MARKET, BY END USER, 20182025 (USD MILLION) 14.4.7.1 Utilities TABLE 130 UTILITIES: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7.2 EOR TABLE 131 EOR: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7.3 Others TABLE 132 OTHERS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.8 CONCENTRATING SOLAR POWER MARKET, BY REGION TABLE 133 GLOBAL CONCENTRATING SOLAR POWER MARKET, CAPACITY, BY REGION, 20182025 (IN MW) TABLE 134 GLOBAL CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.5 RESIDENTIAL ENERGY STORAGE MARKET 14.5.1 MARKET DEFINITION 14.5.2 LIMITATIONS 14.5.3 MARKET OVERVIEW 14.5.4 RESIDENTIAL ENERGY STORAGE MARKET, BY POWER RATING TABLE 135 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY POWER RATING, 20172024 (USD MILLION) 14.5.4.1 36 kW TABLE 136 36 KW: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.4.2 610 kW TABLE 137 610 KW: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.5 RESIDENTIAL ENERGY STORAGE MARKET, BY TECHNOLOGY TABLE 138 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 20172024 (USD MILLION) 14.5.5.1 Lithium-ion TABLE 139 LITHIUM-ION: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.5.2 Leadacid TABLE 140 LEADACID: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6 RESIDENTIAL ENERGY STORAGE MARKET, BY OWNERSHIP TYPE TABLE 141 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY OWNERSHIP TYPE, 20172024 (USD MILLION) 14.5.6.1 Customer owned TABLE 142 CUSTOMER OWNED: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6.2 Utility owned TABLE 143 UTILITY OWNED: RESIDENTIAL ENRGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6.3 Third-party owned TABLE 144 THIRD-PARTY OWNED: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.7 RESIDENTIAL ENERGY STORAGE MARKET, BY OPERATION TYPE TABLE 145 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY OPERATION TYPE, 20172024 (USD MILLION) 14.5.7.1 Standalone systems TABLE 146 STANDALONE SYSTEMS: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.7.2 Solar and storage TABLE 147 SOLAR AND STORAGE: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.8 RESIDENTIAL ENERGY STORAGE MARKET, BY CONNECTIVITY TYPE TABLE 148 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY CONNECTIVITY TYPE, 20172024 (USD MILLION) 14.5.8.1 On-grid TABLE 149 ON-GRID: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.8.2 Off-grid TABLE 150 OFF-GRID: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.9 RESIDENTIAL ENERGY STORAGE MARKET, BY REGION TABLE 151 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.6 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET 14.6.1 MARKET DEFINITION 14.6.2 LIMITATIONS 14.6.3 MARKET OVERVIEW 14.6.4 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY TECHNOLOGY TABLE 152 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY TECHNOLOGY, 20152022 (USD MILLION) 14.6.4.1 Solar PV TABLE 153 SOLAR PV: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.2 Wind TABLE 154 WIND: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.3 Energy Storage TABLE 155 ENERGY STORAGE: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.4 Combined Heat & Power (CHP) TABLE 156 COMBINED HEAT & POWER: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.5 Others TABLE 157 OTHERS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY SOFTWARE TABLE 158 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY SOFTWARE, 20152022 (USD MILLION) 14.6.5.1 Analytics TABLE 159 ANALYTICS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5.2 Management & Control TABLE 160 MANAGEMENT & CONTROL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5.3 Virtual Power Plants TABLE 161 VIRTUAL POWER PLANTS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY END-USER TABLE 162 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY END-USER INDUSTRY, 20152022 (USD MILLION) 14.6.6.1 Industrial TABLE 163 INDUSTRIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.2 Government & Municipalities TABLE 164 GOVERNMENT & MUNICIPALITIES: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.3 Commercial TABLE 165 COMMERCIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.4 Military TABLE 166 MILITARY: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.5 Residential TABLE 167 RESIDENTIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.7 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY REGION TABLE 168 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION), 15 APPENDIX (Page No.
Continued research into energy storage technologies to drive down the upfront capital requirement is anticipated to make thermal energy storage technologies more competitive in the near future. When energy is needed, the salt is pumped into a steam generator that boils water, spins a turbine, and generates electricity. Air conditioning makes up a third of energy costs in summer months and it would be highly inefficient and costly to store energy in a battery only to have it transformed yet again to create instantaneous cooling. Many utilities currently offer time-of-day pricing to their customers and sell power at a lower price during off-peak hours. In the US, pumped-storage hydropower (PSH) is by far the most popular form of energy storage which accounts for 95% of utility-scale energy storage. Being able to differentiate between the perks of battery and thermal energy storage, two of the most common solutions available, is vital for utilities and power plant operators considering deployment in the near future. The research methodology used to estimate the market size includes the following: Global Thermal energy storage Market Size: Bottom-Up Approach. The industrys supply chain and market size, in terms of value, have been determined through primary and secondary research processes. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. Collectively, these 2 sources of energy continue to dominate renewable energy generation, accounting for 73% of growth since 2014. In addition, countries are likely to make investments in renewables a key part of stimulus packages to reinvigorate their economies. Similarly, the Spanish government raised its renewable energy target to 74% by 2030, and also aims to add 157 GW of renewable energy capacity.
Energy storage not only reduces the mismatch between supply and demand but also improves the performance and reliability of energy systems and plays an important role in conserving energy. PCMs can offer higher storage capacity and storage efficiencies in the range of 75%90%. Decarbonization of the energy sector and reduction of carbon emissions in order to cap the global climate change are some of the most hegemonic goals for governments, energy authorities, and utilities across the world.
The key players in the industry and market have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research. The breakdown of primary respondents is as following-.
The most widely used and commercial heat storage medium is molten salt, which has a number of commercial and industrial applications. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. After arriving at the overall market sizeusing the market size estimation processes as explained abovethe market was split into segments and subsegments. These facilities are used for grid reliability, to integrate renewables into the grid, and to provide relief to the energy grid during peak hours. Batteries are great for providing backup power for lighting, elevators, and computers whereas thermal energy storage is a building's easiest way of reducing peak electric demand.
Americas is the fastest-growing market for thermal energy storages during the forecast period.
Therefore, thermal energy storage technology is expected to gain opportunities in the coming years. At the start of 2020, the development of renewable energy technologies in several markets was already challenged by financing, policy uncertainties, and grid integration, which has been intensified further by COVID-19.
Although, Thermal energy storage demands for lower project costs but it is less preferred over battery storage and pumped-hydro storage due to their lower efficiency at economies of scale. Exhaustive secondary research was done to collect information on the market and the peer market. Thermal energy storage in concentrating solar power (CSP) plants can help in overcoming the intermittency of the solar resource and also reduce the levelized cost of energy (LCOE) by utilizing power for extended periods of time. Global top 2000 strategist rely on us for their growth strategies. The costs for PCM and TCS systems are higher in general.
After that, the market breakdown and data triangulation were done to estimate the market size of the segments and subsegments. The economic viability of a TES depends heavily on application and operation needs, including the number and frequency of storage cycles. To know about the assumptions considered for the study, download the pdf brochure. What is the current market size of the thermal energy storage market? The following customization options are available for this report: This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. For over 70% of those who gain access in rural areas, decentralized systems based on renewable energy will be the most cost-effective solution. In most cases, storage is based on a solid or liquid phase change with energy densities on the order of 100 kWh/ m3 (e.g. This will lead to a rebound in new installations, and as a result, the next year is forecast to reach the same level of renewable electricity capacity additions as in 2019.
In contrast, the entire building load cannot be backed up with just thermal storage. Molten salts are the most commonly used storage media for thermal energy storage as these have higher boiling points and high volumetric heat capacities. The thermal energy storage is driven by major factors such as increasing demand for electricity and the rising consumption of solar CSP. See for yourself. Costs of latent heat storage systems based on PCMs range between Euros 10/kWh50/kWh (USD 10.7/kWh53.5/kWh) while TCS costs are estimated to range from Euros 8/kWh100/kWh (USD 8.56/kWh107/kWh). This study involved four major activities in estimating the current market size. Industrial bulk consumption, self-consumption, and the application of distributed storage can yield benefits for both end users and the power system as a whole. This marks the first annual decline in 20 years since 2000 for renewable energy capacity addition. Costs of phase change material- and thermo-chemical storage-based thermal storage systems are usually higher in comparison to the cost of storage capacity they provide.
Most of these facilities use lithium-ion batteries, which provide enough energy to shore up the local grid for approximately 4 hours or less. These systems use ice or chilled water technologies for storing thermal energy in tanks during utility off-peak hours. According to the Renewable Energy World, in China, power generation from renewable energy sources reached up to 1,870 TWh in 2018 (26.7% of the countrys total), which is an increase of 170 TWh. Hydro contributed 1,200 TWh (increased by 3.2%), wind contributed 366 TWh (increased by 20%), PV contributed 177.5 TWh (increased by 50%), and biomass contributed 90.6 TWh (increased by 14%) to the countrys overall energy generation from renewables. Some of the key CSP thermal energy storage technologies include single-tank thermocline system, two-tank indirect system, and two-tank direct system. . - 32) 1.1 STUDY OBJECTIVES 1.2 DEFINITION 1.3 INCLUSIONS AND EXCLUSIONS 1.3.1 THERMAL ENERGY STORAGE MARKET: INCLUSIONS AND EXCLUSIONS 1.4 MARKET SCOPE 1.4.1 MARKET SEGMENTATION 1.4.2 REGIONS COVERED 1.4.3 YEARS CONSIDERED 1.5 CURRENCY 1.6 LIMITATIONS 1.7 STAKEHOLDERS 1.8 SUMMARY OF CHANGES, 2 RESEARCH METHODOLOGY (Page No. The cost of thermal energy storage technologies depends on application, size, and thermal insulation technology.
The data was triangulated by studying various factors and trends from both the demand and supply sides.
Which region dominates during the forecasted period in the thermal energy storage market? The cost of a complete system for sensible heat storage ranges between Euros 0.1/kWh10/kWh (USD 0.11/kWh10.7/kWh), depending on the size, application, and thermal insulation technology. This will significantly impact Chinas annual capacity additions.
According to IRENA, global renewable energy installed capacity in 2019 was 176 GW higher than that in 2018an increase of 7.4%. To define, describe, segment, and forecast the global market by technology, storage material, application, end user, and region, in terms of value, To provide critical analysis of the drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the market, To provide a detailed overview of the thermal energy storage value chain, To strategically analyze the global market with respect to individual growth trends, future expansions, and contribution of each segment to the market, To analyze opportunities in the market for stakeholders and provide details of the competitive landscape of the market, To forecast the growth of the global market in key regions, namely, Americas, Europe, Asia Pacific, and Middle East & Africa, To profile and rank key players and comprehensively analyze their market shares, To analyze competitive developments in the market, such as product launches, investments & expansions, contracts & agreements, expansions & investments, mergers & acquisitions, joint ventures, and partnerships & collaborations, Further breakdown of region or country-specific analysis, Detailed analyses and profiling of additional market players (up to 5). - 80) 7.1 INTRODUCTION TABLE 12 TECHNOLOGY COMPARISON FIGURE 29 SENSIBLE HEAT SEGMENT IS EXPECTED TO CONTINUE TO ACCOUNT FOR LARGEST SIZE OF MARKET DURING FORECAST PERIOD TABLE 13 MARKET SIZE, BY TECHNOLOGY, 20182025 (USD THOUSAND) 7.2 SENSIBLE HEAT STORAGE TECHNOLOGY 7.2.1 HIGH DEMAND FOR MOLTEN SALTS FOR THERMAL ENERGY STORAGE IS DRIVING SENSIBLE HEAT STORAGE TECHNOLOGY DEMAND TABLE 14 LIST OF STORAGE MATERIALS FOR SENSIBLE HEAT STORAGE TABLE 15 SENSIBLE HEAT STORAGE: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 7.3 LATENT HEAT STORAGE TECHNOLOGY 7.3.1 DEVELOPMENT OF PHASE CHANGE MATERIALS IS LIKELY TO DRIVE MARKET TABLE 16 LIST OF STORAGE MATERIALS FOR LATENT HEAT STORAGE TABLE 17 LATENT HEAT STORAGE: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 7.4 THERMOCHEMICAL STORAGE TECHNOLOGY 7.4.1 US OFFERS HIGH POTENTIAL FOR GROWTH OF THERMOCHEMICAL STORAGE TECHNOLOGY TABLE 18 THERMOCHEMICAL STORAGE: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND), 8 THERMAL ENERGY STORAGE MARKET, BY STORAGE MATERIAL (Page No. The Government of India has set a target of installing 175 GW of renewable energy capacity by 2022; this includes adding 60 GW from wind, 10 GW from bio power, 100 GW from solar, and 5 GW from small hydropower to its overall renewable capacity. - 175) 14.1 INTRODUCTION 14.2 LIMITATIONS 14.3 ENERGY STORAGE INTERCONNECTED MARKETS 14.4 CONCENTRATING SOLAR POWER (CSP) MARKET 14.4.1 MARKET DEFINITION 14.4.2 LIMITATIONS 14.4.3 MARKET OVERVIEW 14.4.4 CONCENTRATING SOLAR POWER MARKET, BY TECHNOLOGY TABLE 118 CONCENTRATING SOLAR POWER MARKET, BY TECHNOLOGY, 20182025 (USD MILLION) 14.4.4.1 Solar power towers TABLE 119 SOLAR POWER TOWERS: CONCENTRATING SOLAR POWER MARKET SIZE, BY REGION, 20182025 (USD MILLION) 14.4.4.2 Linear concentrating systems TABLE 120 LINEAR CONCENTRATING SYSTEMS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.4.3 Stirling dish technology TABLE 121 STIRLING DISH TECHNOLOGY: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.5 CONCENTRATING SOLAR POWER MARKET, BY OPERATION TYPE TABLE 122 CONCENTRATING SOLAR POWER MARKET, BY OPERATION TYPE, 20182025 (USD MILLION) 14.4.5.1 Stand-alone systems TABLE 123 STAND-ALONE SYSTEMS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.5.2 With storage TABLE 124 WITH STORAGE: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6 CONCENTRATING SOLAR POWER MARKET, BY CAPACITY TABLE 125 CONCENTRATING SOLAR POWER MARKET, BY CAPACITY, 20182025 (USD MILLION) 14.4.6.1 Less than 50 MW TABLE 126 LESS THAN 50 MW: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6.2 50 MW to 99 MW TABLE 127 50 MW TO 99 MW: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6.3 100 MW and Above TABLE 128 100 MW AND ABOVE: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7 CONCENTRATING SOLAR POWER MARKET, BY END USER TABLE 129 CONCENTRATING SOLAR POWER MARKET, BY END USER, 20182025 (USD MILLION) 14.4.7.1 Utilities TABLE 130 UTILITIES: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7.2 EOR TABLE 131 EOR: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7.3 Others TABLE 132 OTHERS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.8 CONCENTRATING SOLAR POWER MARKET, BY REGION TABLE 133 GLOBAL CONCENTRATING SOLAR POWER MARKET, CAPACITY, BY REGION, 20182025 (IN MW) TABLE 134 GLOBAL CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.5 RESIDENTIAL ENERGY STORAGE MARKET 14.5.1 MARKET DEFINITION 14.5.2 LIMITATIONS 14.5.3 MARKET OVERVIEW 14.5.4 RESIDENTIAL ENERGY STORAGE MARKET, BY POWER RATING TABLE 135 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY POWER RATING, 20172024 (USD MILLION) 14.5.4.1 36 kW TABLE 136 36 KW: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.4.2 610 kW TABLE 137 610 KW: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.5 RESIDENTIAL ENERGY STORAGE MARKET, BY TECHNOLOGY TABLE 138 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 20172024 (USD MILLION) 14.5.5.1 Lithium-ion TABLE 139 LITHIUM-ION: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.5.2 Leadacid TABLE 140 LEADACID: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6 RESIDENTIAL ENERGY STORAGE MARKET, BY OWNERSHIP TYPE TABLE 141 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY OWNERSHIP TYPE, 20172024 (USD MILLION) 14.5.6.1 Customer owned TABLE 142 CUSTOMER OWNED: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6.2 Utility owned TABLE 143 UTILITY OWNED: RESIDENTIAL ENRGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6.3 Third-party owned TABLE 144 THIRD-PARTY OWNED: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.7 RESIDENTIAL ENERGY STORAGE MARKET, BY OPERATION TYPE TABLE 145 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY OPERATION TYPE, 20172024 (USD MILLION) 14.5.7.1 Standalone systems TABLE 146 STANDALONE SYSTEMS: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.7.2 Solar and storage TABLE 147 SOLAR AND STORAGE: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.8 RESIDENTIAL ENERGY STORAGE MARKET, BY CONNECTIVITY TYPE TABLE 148 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY CONNECTIVITY TYPE, 20172024 (USD MILLION) 14.5.8.1 On-grid TABLE 149 ON-GRID: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.8.2 Off-grid TABLE 150 OFF-GRID: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.9 RESIDENTIAL ENERGY STORAGE MARKET, BY REGION TABLE 151 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.6 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET 14.6.1 MARKET DEFINITION 14.6.2 LIMITATIONS 14.6.3 MARKET OVERVIEW 14.6.4 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY TECHNOLOGY TABLE 152 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY TECHNOLOGY, 20152022 (USD MILLION) 14.6.4.1 Solar PV TABLE 153 SOLAR PV: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.2 Wind TABLE 154 WIND: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.3 Energy Storage TABLE 155 ENERGY STORAGE: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.4 Combined Heat & Power (CHP) TABLE 156 COMBINED HEAT & POWER: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.5 Others TABLE 157 OTHERS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY SOFTWARE TABLE 158 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY SOFTWARE, 20152022 (USD MILLION) 14.6.5.1 Analytics TABLE 159 ANALYTICS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5.2 Management & Control TABLE 160 MANAGEMENT & CONTROL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5.3 Virtual Power Plants TABLE 161 VIRTUAL POWER PLANTS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY END-USER TABLE 162 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY END-USER INDUSTRY, 20152022 (USD MILLION) 14.6.6.1 Industrial TABLE 163 INDUSTRIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.2 Government & Municipalities TABLE 164 GOVERNMENT & MUNICIPALITIES: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.3 Commercial TABLE 165 COMMERCIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.4 Military TABLE 166 MILITARY: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.5 Residential TABLE 167 RESIDENTIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.7 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY REGION TABLE 168 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION), 15 APPENDIX (Page No.