The Global Market for Thermal Energy Storage 2024-2035

Published: April 2024
Pages: 270
Tables: 33
Figures: 33
Companies profiled: 80

Thermal energy storage (TES) is a rapidly growing sector within the broader energy storage industry, offering unique solutions for managing and optimizing energy supply and demand. TES technologies enable the capture, storage, and release of thermal energy, allowing for more efficient and sustainable energy utilization across various applications. As the world transitions towards cleaner energy sources and seeks to reduce greenhouse gas emissions, TES is poised to play a crucial role in decarbonizing power generation, industrial processes, and building energy systems.

TES technologies leverage the principles of thermodynamics to store energy in the form of heat or cold, using a variety of materials and systems. The three main categories of TES technologies are sensible heat storage, latent heat storage, and thermochemical energy storage. Sensible heat storage, the most mature and widely adopted TES technology, utilizes materials such as molten salts, concrete, and solid materials to store thermal energy through temperature changes. Latent heat storage employs phase change materials (PCMs) that absorb or release heat during phase transitions, offering higher energy densities and more stable storage temperatures. Thermochemical energy storage, an emerging technology, harnesses reversible chemical reactions to store and release thermal energy, providing the highest energy densities and long-term storage capabilities.

The TES market encompasses a diverse range of applications, including concentrated solar power (CSP), industrial process heat, district heating and cooling, residential and commercial buildings, and long-duration energy storage. In the power sector, TES enables the integration of renewable energy sources, such as solar thermal and geothermal, by providing a means to store and dispatch energy when needed. Industrial manufacturing processes can benefit from TES by recovering and reusing waste heat, improving energy efficiency, and reducing fuel consumption. District heating and cooling networks leverage TES to optimize supply and demand, while residential and commercial buildings can utilize TES for space heating, cooling, and domestic hot water production. Additionally, TES is emerging as a promising solution for long-duration energy storage, complementing batteries and other storage technologies in grid-scale applications.

The global TES market is driven by several factors, including the increasing adoption of renewable energy, the need for energy efficiency and cost savings, and supportive government policies and regulations. The decarbonization of the power and industrial sectors, coupled with the integration of intermittent renewable energy sources, is creating a growing demand for TES solutions. Energy efficiency measures, such as peak shaving, load shifting, and waste heat recovery, are further driving the adoption of TES across various end-use sectors. Moreover, government initiatives, renewable energy mandates, and emissions trading schemes are providing incentives and support for TES projects worldwide.

As the TES market continues to evolve, several key trends and opportunities are emerging. Advancements in materials science are leading to the development of novel TES materials with improved performance, durability, and cost-effectiveness. Innovations in system design, such as modular and scalable TES solutions, are enabling easier integration and deployment across diverse applications. Furthermore, the increasing focus on long-duration energy storage is opening up new market segments for TES technologies, particularly in grid-scale applications and the integration of renewable energy sources.

This report provides a comprehensive analysis of the global TES market, covering the period from 2024 to 2045. It offers insights into the current market landscape, technology trends, key applications, and regional developments. The report includes market size and growth projections, segmented by technology, application, and region, along with a detailed value chain analysis and competitive landscape assessment. Additionally, it features in-depth profiles of leading TES companies, highlighting their product offerings, strategic initiatives, and market positioning. With its extensive coverage and strategic insights, this report serves as an invaluable resource for stakeholders across the TES value chain, including technology providers, project developers, utilities, industrial end-users, investors, and policymakers.

Contents include:

Comprehensive overview of TES technologies, including sensible heat storage, latent heat storage, and thermochemical energy storage
In-depth analysis of TES applications, such as concentrated solar power, industrial process heat, district heating and cooling, residential and commercial buildings, and long-duration energy storage
Market size and growth projections for the global TES market, segmented by technology, application, and region, from 2024 to 2045
Detailed value chain analysis, identifying key players and their roles in the TES market
Competitive landscape assessment, featuring profiles of leading TES companies and their product offerings, strategic initiatives, and market positioning. Companies profiled include 1414 Degrees, Alumina Energy, Antora, Bedrock Energy, Build to Zero, Cartesian, Echogen, Electrified Thermal Solutions, EnergyNest, Fourth Power, Harvest Thermal, Heliogen, Highview Power, Hyme Energy, Kraftblock, Kyoto Group, Lumenion, MGA Thermal, Polar Night Energy, Rondo Energy, and Sunamp.
Discussion of key market drivers, opportunities, and challenges, including the decarbonization of the power and industrial sectors, integration of renewable energy sources, and supportive government policies and regulations
Analysis of regional TES markets, including North America, Europe, Asia-Pacific, and the Rest of the World, highlighting key projects, installations, and market trends
Identification of emerging trends and opportunities in the TES market, such as advancements in materials science, modular and scalable system designs, and the growing focus on long-duration energy storage
Strategic insights and recommendations for stakeholders across the TES value chain, including technology providers, project developers, utilities, industrial end-users, investors, and policymakers

The Global Market for Thermal Energy Storage (TES) 2024-2045 is an essential resource for anyone seeking to understand the current state and future potential of the TES market. With its comprehensive coverage, in-depth analysis, and strategic insights, this report provides a solid foundation for making informed decisions and developing effective strategies in the dynamic and rapidly evolving TES industry.

1 RESEARCH METHODOLOGY 12

2 REPORT SCOPE 14

3 EXECUTIVE SUMMARY 15

3.1 Current market size and growth potential 15
3.2 Major market drivers and barriers 16
3.3 Emerging trends and opportunities 17
3.4 Key technology conclusions 18
- 3.4.1 TES technologies and their applications 18
- 3.4.2 Technology readiness levels and commercialization status 19
- 3.4.3 Future technology development and innovation roadmap 20
3.5 Thermal energy storage value chain and key players 21
3.6 Thermal energy storage market size and growth projections 24
- 3.6.1 Global market size and forecast 24
- 3.6.2 Market segmentation by technology, application, and region 25
- 3.6.3 Regional initiatives 31

4 INTRODUCTION 33

4.1 Overview of thermal energy storage technologies 33
- 4.1.1 Historical development and milestones 34
- 4.1.2 Comparison with other energy storage technologies 35
- 4.1.3 Benefits and challenges of TES deployment 36
4.2 Working principles of thermal energy storage systems 37
- 4.2.1 Charging and discharging processes 39
- 4.2.2 Heat transfer and storage mechanisms 40
- 4.2.3 System components and configurations 41
4.3 Thermal energy storage classification and applications 42
- 4.3.1 Sensible 42
- 4.3.2 Latent 43
- 4.3.3 Thermochemical storage 44
- 4.3.4 Mechanical-thermal 45
- 4.3.5 Low, medium, and high-temperature applications 46
- 4.3.6 Centralized and distributed storage systems 47

5 MARKET DRIVERS AND OPPORTUNITIES 48

5.1 Decarbonization of power and industrial sectors 48
- 5.1.1 Renewable energy integration and intermittency management 48
- 5.1.2 Emissions reduction targets and carbon pricing 49
- 5.1.3 Energy efficiency and process optimization 50
5.2 Integration of renewable energy sources 51
- 5.2.1 Solar thermal and concentrated solar power 51
- 5.2.2 Wind energy and power-to-heat solutions 52
- 5.2.3 Geothermal energy and waste heat recovery 53
5.3 Energy efficiency and cost savings 54
- 5.3.1 Peak shaving and load shifting 54
- 5.3.2 Demand response and energy arbitrage 55
- 5.3.3 Reduced fuel consumption and operating costs 56
5.4 Grid stability and resilience 57
- 5.4.1 Frequency regulation and ancillary services 57
- 5.4.2 Transmission and distribution infrastructure deferral 58
- 5.4.3 Microgrid and off-grid applications 59
5.5 Policy support and emissions trading schemes 60
- 5.5.1 Renewable energy mandates and incentives 60
- 5.5.2 Carbon markets and emissions trading schemes 60
- 5.5.3 Building codes and energy efficiency standards 61
5.6 Regional initiatives and funding programs 62

6 THERMAL ENERGY STORAGE APPLICATIONS 63

6.1 Concentrated solar power (CSP) 64
- 6.1.1 Parabolic trough and power tower systems 65
- 6.1.2 Molten salt and other storage media 65
- 6.1.3 Hybridization with fossil fuel and biomass 67
- 6.1.4 SWOT analysis 68
6.2 Industrial process heat 69
- 6.2.1 Overview of industrial heat demand by temperature and operation 71
  - 6.2.1.1 Low-temperature processes (<100°C) 71
  - 6.2.1.2 Medium-temperature processes (100-400°C) 72
  - 6.2.1.3 High-temperature processes (>400°C) 73
- 6.2.2 TES applications for specific industrial processes 74
  - 6.2.2.1 Food and beverage processing 74
  - 6.2.2.2 Pulp and paper manufacturing 75
  - 6.2.2.3 Chemical and petrochemical industries 76
  - 6.2.2.4 Metallurgy and mining 77
  - 6.2.2.5 Cement and ceramic production 78
- 6.2.3 SWOT analysis 80
6.3 District heating and cooling 81
- 6.3.1 Combined heat and power (CHP) systems 81
- 6.3.2 Waste heat recovery and utilization 82
- 6.3.3 Seasonal storage and load balancing 83
- 6.3.4 SWOT analysis 83
6.4 Residential and commercial buildings 85
- 6.4.1 Space heating and cooling 86
- 6.4.2 Water heating and thermal comfort 87
- 6.4.3 Integration with solar thermal and heat pump systems 87
- 6.4.4 SWOT analysis 88
6.5 Long-duration energy storage 90
- 6.5.1 Electro-thermal energy storage systems 90
- 6.5.2 Pumped thermal electricity storage (PTES) 91
- 6.5.3 Compressed air energy storage (CAES) with TES 92
- 6.5.4 SWOT analysis 93
6.6 Chemical looping and hydrogen production 95
- 6.6.1 Chemical looping combustion (CLC) and reforming (CLR) 95
- 6.6.2 Hydrogen production and storage 96
- 6.6.3 Integration with carbon capture and utilization (CCU) 96
6.7 Cold chain and refrigeration 97
- 6.7.1 Food and pharmaceutical storage and transport 97
- 6.7.2 Industrial refrigeration and process cooling 98
- 6.7.3 Air conditioning and space cooling 99
- 6.7.4 SWOT analysis 100

7 TECHNOLOGIES AND MATERIALS 102

7.1 Sensible heat storage 104
- 7.1.1 Molten salts 105
  - 7.1.1.1 Nitrate salts and eutectics 106
  - 7.1.1.2 Chloride and carbonate salts 107
  - 7.1.1.3 Salt selection criteria and properties 108
- 7.1.2 Concrete and solid materials 109
  - 7.1.2.1 High-temperature concrete and ceramics 110
  - 7.1.2.2 Natural and recycled materials (rock, sand, bricks) 111
  - 7.1.2.3 Compatibility with heat transfer fluids 112
7.2 Latent heat storage (phase change materials) 113
- 7.2.1 Organic PCMs (paraffins, fatty acids) 115
  - 7.2.1.1 Paraffin wax 115
  - 7.2.1.2 Non-Paraffins (fatty acids, esters, alcohols) 118
  - 7.2.1.3 Bio-based phase change materials 121
- 7.2.2 Inorganic PCMs (salt hydrates, metallics) 124
  - 7.2.2.1 Salt hydrates 124
  - 7.2.2.2 Metal and metal alloy PCMs (High-temperature) 127
- 7.2.3 Encapsulation and heat exchanger design 129
  - 7.2.3.1 Benefits 130
  - 7.2.3.2 Macroencapsulation 130
  - 7.2.3.3 Micro/nanoencapsulation 130
  - 7.2.3.4 Shape Stabilized PCMs 132
  - 7.2.3.5 Commercial Encapsulation Technologies 134
  - 7.2.3.6 Self-Assembly Encapsulation 134
- 7.2.4 Eutectic PCMs 135
  - 7.2.4.1 Eutectic Mixtures 135
  - 7.2.4.2 Examples of Eutectic Inorganic PCMs 135
  - 7.2.4.3 Benefits 136
  - 7.2.4.4 Applications 137
  - 7.2.4.5 Advantages and disadvantages of eutectics 137
  - 7.2.4.6 Recent developments 138
7.3 Thermochemical energy storage 139
- 7.3.1 Adsorption and absorption 141
  - 7.3.1.1 Zeolites and silica gels 141
  - 7.3.1.2 Metal-organic frameworks (MOFs) 142
  - 7.3.1.3 Salt hydrates and ammoniates 143
- 7.3.2 Chemical reaction energy storage 144
  - 7.3.2.1 Metal oxide redox reactions 144
  - 7.3.2.2 Carbonation and calcination cycles 145
  - 7.3.2.3 Catalytic reactions and reforming 146
7.4 Electro-thermal energy storage 147
- 7.4.1 Joule heating and resistive heating 147
- 7.4.2 Induction heating and electromagnetic systems 148
- 7.4.3 Heat pumps and refrigeration cycles 149
7.5 Comparison of TES technologies: advantages and disadvantages 150
- 7.5.1 Energy density and storage capacity 151
- 7.5.2 Efficiency and round-trip 152
- 7.5.3 Cost and economic viability 152
- 7.5.4 Operational flexibility and response time 153
- 7.5.5 Environmental impact and safety considerations 154
7.6 Technology readiness levels and commercial maturity 154
- 7.6.1 Research and development (TRL 1-3) 155
- 7.6.2 Prototype and pilot-scale demonstration (TRL 4-6) 155
- 7.6.3 Commercial-scale deployment (TRL 7-9) 156

8 MARKET ANALYSIS 157

8.1 Market Size 157
- 8.1.1 By technology type 157
- 8.1.2 By application and end-use sector 159
- 8.1.3 By region 161
8.2 Price and Cost Analysis 162
8.3 Value Chain 164
8.4 Project case studies and deployment examples 166
- 8.4.1 Utility-scale TES projects 166
- 8.4.2 Industrial TES applications 166
- 8.4.3 District heating and cooling networks 167
- 8.4.4 Residential and commercial building projects 168
8.5 Competitive Landscape 169
8.6 Customer Segmentation 172
8.7 Risks and Opportunities 174

9 THERMAL ENERGY STORAGE PROJECTS AND INSTALLATIONS 176

9.1 Global overview of TES projects and installations 176
- 9.1.1 Number and capacity of operational projects 176
- 9.1.2 Planned and under-construction projects 177
9.2 Regional breakdown of TES projects 179
- 9.2.1 North America 179
- 9.2.2 Europe 180
- 9.2.3 Asia-Pacific 181
- 9.2.4 Rest of the World 182
9.3 TES projects by application and industry 183
- 9.3.1 Power generation and utilities 183
- 9.3.2 Industrial manufacturing and process heat 184
- 9.3.3 District heating and cooling 185
- 9.3.4 Buildings and construction 187
- 9.3.5 Transportation and mobility 188

10 COMPANY PROFILES 190 (80 company profiles)

11 REFERENCES 261

List of Tables

Table 1. Market drivers and barriers in thermal energy storage. 16
Table 2. TES technologies and applications. 18
Table 3. Thermal energy storage revenues, by technology (Billions USD) 2020-2035. 25
Table 4. Thermal energy storage revenues, by applications and end-use sector (Billions USD) 2020-2035. 27
Table 5. Thermal energy storage revenues, by region (Billions USD) 2020-2035. 29
Table 6, Regional initiatives in Thermal energy storage. 31
Table 7. Historical development and milestones of TES technologies. 34
Table 8. Comparison of TES with other energy storage technologies. 35
Table 9. Benefits and challenges of TES deployment. 36
Table 10. Concentrated solar power and thermal energy storage plants. 63
Table 11. TES applications for decarbonizing industrial process heating. 69
Table 12. TES for industrial and non-CSP applications. 69
Table 13. Operating temperatures and time ranges for TES technologies. 104
Table 14. Concrete and solid materials in TES. 109
Table 15. Advantages and disadvantages of parafiin wax PCMs. 116
Table 16. Advantages and disadvantages of non-paraffins. 120
Table 17. Advantages and disadvantages of Bio-based phase change materials. 123
Table 18. Advantages and disadvantages of salt hydrates 125
Table 19. Advantages and disadvantages of low melting point metals. 128
Table 20. Advantages and disadvantages of eutectics. 137
Table 21. Comparative properties of TES technologies. 151
Table 22. Thermal energy storage revenues, by technology (Billions USD) 2020-2035. 157
Table 23. Thermal energy storage revenues, by applications and end-use sector (Billions USD) 2020-2035. 159
Table 24. Thermal energy storage revenues, by region (Billions USD) 2020-2035. 161
Table 25. TES price and cost analysis. 163
Table 26. Thermal energy storage value chain. 164
Table 27. Market players in Sensible and Latent Heat TES. 169
Table 28. Market players in Electro-thermal Energy Storage. 171
Table 29. Market players in Thermochemical Energy Storage 172
Table 30. Operational TES projects. 176
Table 31. Planned and under-construction TES projects. 177
Table 32. Caldera battery system. 206
Table 33. CrodaTherm Range. 211

List of Figures

Figure 1. Components of the energy transition strategy. 15
Figure 2. Technology readiness levels and commercialization status for thermal energy storage. 20
Figure 3. Thermal energy storage (RES) roadmap. 21
Figure 4. Thermal energy storage value chain and key players. 22
Figure 5. Thermal energy storage revenues, by technology (Billions USD) 2020-2035. 26
Figure 6. Thermal energy storage revenues, by applications and end-use sector (Billions USD) 2020-2035. 28
Figure 7. Thermal energy storage revenues, by region (Billions USD) 2020-2035. 30
Figure 8. Thermal energy storage technology working principle. 38
Figure 9. SWOT analysis: TES concentrated solar power. 68
Figure 10. SWOT analysis: TES for industrial process heat. 80
Figure 11. SWOT analysis: district heating and coooling. 84
Figure 12. SWOT analysis: TES for residential and commercial buildings. 89
Figure 13. SWOT analysis: LDES. 94
Figure 14. CaL process scheme. 95
Figure 15. SWOT analysis: TES for cold chain and refrigeration. 101
Figure 16. Thermal energy storage materials. 103
Figure 17. Direct molten-salt storage system. 105
Figure 18. Indirect molten-salt storage system. 106
Figure 19. Molten-salt TES capacity installed globally (gigawatt hour). 106
Figure 20. Schematic of PCM in storage tank linked to solar collector. 114
Figure 21. UniQ line of thermal batteries. 115
Figure 22. Thermochemical storage methods and materials. 139
Figure 23. TES technologies by commercial readiness levels (CRL). 154
Figure 24. Thermal energy storage revenues, by technology (Billions USD) 2020-2035. 158
Figure 25. Thermal energy storage revenues, by applications and end-use sector (Billions USD) 2020-2035. 160
Figure 26. Thermal energy storage revenues, by region (Billions USD) 2020-2035. 161
Figure 27. Thermal energy storage installations, by technology (GWh) 2020-2035. 162
Figure 28. Thermal energy storage installations, by markets (GWh) 2020-2035. 162
Figure 29. Thermal energy storage installations, by region (GWh) 2020-2035. 178
Figure 30. Thermal energy storage installations, by technology (GWh) 2020-2035. 178
Figure 31. Thermal energy storage installations, by markets (GWh) 2020-2035. 178
Figure 32. Ultraguard -70°C Phase Change Material (PCM) being loaded into a Stirling Ultracold ULT25NEU portable freezer. 202
Figure 33. HI-FLOW Phase Change Materials. 228