In 2017, the Thermal Energy Storage Market attained $3,000.9 million and is expected to generate $7,472.9 million in 2023, advancing at a 15.9% CAGR during 2018–2023. This is due to the rising demand for balanced power supply, surging demand for thermal energy storage systems for heating, ventilation, and air conditioning (HVAC) applications, increasing number of concentrated solar power (CSP) plants, and government incentives for the promoting the adoption of thermal energy storage systems. Thermal energy storage systems allow the storage of excess thermal energy and its use during peak demand.
On the basis of type, the thermal energy storage market is divided into pumped heat electrical storage (PHES), CSP, and others (which include ice thermal energy storage and chilled water thermal energy storage). The CSP division accounted for the largest share of the market during 2013–2017, holding over 90.0% volume share in 2017. This was ascribed to the increased adoption of CSP systems in recent years, primarily in countries such as Morocco, the U.A.E, and Australia. The fastest growth is projected to be witnessed by the PHES division during the forecast period.
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The increasing number of CSP plants is among the primary driving factors of the thermal energy storage market. The demand for energy has been rising considerably on account of rapid urbanization, which has resulted in the deployment of several types of energy-generating utilities, such as CSP plants. For example, two CSP projects are being installed in India, one in Gujarat and the other one in Rajasthan, with a total capacity of 225 MW. Such development projects are predicted to lead to the growth of the market.
In terms of technology, the thermal energy storage market is categorized into latent heat, thermo-chemical, and sensible heat. Out of these, the sensible heat technology accounted for the largest share of the market during the historical period, contributing more than 60.0% share in 2017, in terms of value. The reason for this was the large-scale adoption of this technology as it facilitates the discharging and charging of heat for an unlimited number of cycles. During the forecast period, the thermo-chemical technology is expected to advance at the fastest pace, in terms of value.
A key driving factor of the thermal energy storage market is the growing demand for thermal energy storage systems for HVAC applications. The consumption of power by district heating and cooling facilities, which is primarily facilitated by HVAC systems, has been rising significantly over the years. These facilities rely on power utilities to cater to their energy requirements, as there is a limited availability of independent cooling and heating systems for commercial and residential units. Due to this, the power utilities are deploying thermal energy storage systems for meeting such requirements.
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A major trend being observed in the thermal energy storage market is the adoption of energy storage technologies in environment-friendly buildings. Due to the rising environmental concerns, the inclination toward environment-friendly buildings, also known as green buildings, has increased. As these buildings make use of environment-friendly materials, the carbon footprint is lowered. Moreover, these buildings are employing energy storage technologies for producing energy. Because of this, the thermal energy storage systems are predicted to find wide applications in green buildings, further leading to the growth of the market.
Thus, the market is growing considerably because of the rising requirement for thermal energy storage systems for HVAC applications and growing number of CSP plants.
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