The thermal energy storage market is expected to grow from an estimated USD 3.67 Billion in 2017 to USD 6.20 Billion by 2022, registering a CAGR of 11.0% from 2017 to 2022, a new report has revealed.
The global market is witnessing a significant growth due to 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.
The report highlights "Thermal Energy Storage Market by Technology (Sensible, Latent, and TCS), Storage Material (Water, Molten Salt, and PCM), Application (Power Generation, District Heating & Cooling, and Process Heating & Cooling), End-User, and Region - Global Forecast to 2022",
The sensible heat storage segment is expected to hold the largest share of the thermal energy storage market, by technology, during the forecast period
The sensible heat storage segment led the overall thermal energy storage market in 2016. Sensible heat storage of thermal energy has a number of residential and industrial applications. Underground storage of sensible heat in both liquid and solid storage medium is also used for typically large-scale applications such as district heating and cooling systems. Increased applications of sensible heat based thermal storage in the Middle East & Africa and Asia-Pacific is projected to drive the market during the forecast period.
Molten salt is expected to hold the largest market share of the thermal energy storage market, by storage material, during the forecast period
The molten salt based thermal energy storage segment is expected to hold the largest share in the thermal energy storage market during the forecast period. Molten salts have high boiling points, low viscosity, low vapor pressure, and high volumetric heat capacities. A higher heat capacity corresponds to a smaller storage tank volume.
Molten salt can function as a large-scale thermal storage method that would allow other energy sources, such as solar, to become more feasible by smoothing out the fluctuations in demand and weather. Looking to the future after depleting carbon-based fuel, the successful demonstration of molten salt storage for solar power, provides an edge for tapping into the desert areas to meet power demands. The Middle East & African market is driven by the implementation of concentrating solar projects based on molten salt storage material.
The Middle East & Africa is estimated to be the largest market for thermal energy storage by 2022. Heat thermal storage and molten salt thermal storage are major technology types employed in South Africa.
Majority of thermal storage projects are present in Northern Cape in the country. South Africa is endowed with enormous solar and wind resources. This will drive the thermal energy storage market in the country during the forecast period.