Thermal Energy Storage Market

Thermal Energy Storage Market by Technology (Sensible, Latent, Thermochemical), Storage Material (Water, Molten Salts, PCM), Application (Power Generation, District Heating & Cooling, Process Heating & Cooling), End User and Region - Global Forecast to 2025

Report Code: EP 5089 Oct, 2020, by marketsandmarkets.com

[219 Pages Report] The global thermal energy storage market size is projected to reach USD 369 million by 2025, at a CAGR of 14.4%, from an estimated USD 188 million in 2020. The growth of the global thermal energy storage market is backed by increasing demand for electricity during peak hours, increasing commercialization of CSP plants, and demand for heating & cooling applications for smart infrastructure.  

Thermal energy storage Market

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Thermal Energy Storage Market

COVID-19 Impact on the global thermal energy storage market

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. According to the IEA, the COVID-19 crisis has significantly impacted the global growth in renewable power capacity addition. According to the IEA estimates, the number of new renewable power installations worldwide is set to fall in 2020 as a result of the unprecedented global COVID-19 crisis. This marks the first annual decline in 20 years since 2000 for renewable energy capacity addition. The net additions of renewable electricity capacity in 2020 are projected to decline by 13% compared with 2019.

The decline is represented by delays in construction activities due to supply chain disruptions caused mainly by China, lockdown measures across all major economies, social-distancing guidelines for workers, and the subsequent financing challenges. In 2021, renewable energy capacity addition is projected to increase with the resumption of the majority of the delayed projects. 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. This will be further supplemented by supportive government policies for renewable energy technologies in multiple countries. In addition, countries are likely to make investments in renewables a key part of stimulus packages to reinvigorate their economies. Advancements and investments in renewable technologies, such as solar and wind, can also help in economic development by creating jobs, reducing emissions, and fostering innovation. For the analysis of the COVID-19 impact on the market, we have considered key parameters such as the impact of COVID-19 on electricity demand and power sector investment. The IEA forecasts that renewable electricity capacity additions will decline by 13% in 2020, while CSP installed capacity additions will decline by 38% in 2020 as compared with 2019, the first downward trend since 2000. The COVID-19 impact is further intensified by policy uncertainties associated with the newly financed renewable energy projects, just before the COVID-19 outbreak. According to the Union of the Electricity Industry (Eurelectric AISBL), new investments by utilities are likely to decrease by 10 to 15% due to the COVID-19 outbreak. All these factors have been considered for the scenario analysis of COVID-19 impact on the global thermal energy storage market. 

Thermal energy storage Dynamics

Driver: Demand for energy storage for supplementing ever-increasing solar energy generation  

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. According to IRENA, accelerated deployment of renewables, along with electrification and increasing energy efficiency of electric grid, can help to achieve over 90% of the energy-related carbon dioxide (CO2) emission reductions required to meet the Paris Climate targets by 2050.

According to IRENA, global renewable energy installed capacity in 2019 was 176 GW higher than that in 2018—an increase of 7.4%. Generation growth returned to its long-term trend, due to a recovery in the hydropower sector. Solar generation continues to grow strongly; in 2018, solar overtook bioenergy to become the third largest source of renewable electricity generation. Solar and wind generation in 2018 increased by 28% and 11%, respectively. Collectively, these 2 sources of energy continue to dominate renewable energy generation, accounting for 73% of growth since 2014. Solar energy has experienced an average annual growth rate of 49% globally due to strong federal policy mechanisms to encourage the adoption of the energy, Investment Tax Credit for solar power, and increasing demand for clean energy from both public and private sectors across all major economies in North America, Europe, and Asia Pacific region. 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 country’s 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 country’s overall energy generation from renewables. In November 2018, the National Energy Administration of China disclosed that it might increase its solar target in 2020 to at least 210 GW and has the potential to reach as high as 270 GW. This will significantly impact China’s annual capacity additions.

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. Similarly, the Spanish government raised its renewable energy target to 74% by 2030, and also aims to add 157 GW of renewable energy capacity.

According to the IEA, CSP generation increased by an estimated 34% in 2019 and is expected to grow in coming years as well. This can be achieved through continuous policy support to CSP projects across the Middle East and Africa, Asia Pacific, and North America regions. Thermal energy storage stocks solar thermal energy by cooling or heating a storage medium, such as sand, rocks, water, and molten salt, in order to use the stored energy later for cooling and heating applications and power generation. Thermal energy storage is important for electricity storage in concentrating solar power plants in which solar heat can be stored for the production of electricity when sunlight is not available. This facilitates uninterrupted operations of CSP plants. Some of the key CSP thermal energy storage technologies include single-tank thermocline system, two-tank indirect system, and two-tank direct system. The advantages of thermal energy storage in CSP plants include better reliability, increase in overall efficiency, reductions in investment and running costs, and economical operations. It can also reduce the emission of carbon dioxide. Thus, integration of thermal energy storage in CSP plants is likely to drive the market growth.

Restraint:  Competition from battery storage and pumped-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. Choosing the appropriate technology ensures that the installation helps a commercial facility to consume electricity in as cost-effective manner as possible. 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. 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. In contrast, the entire building load cannot be backed up with just thermal storage.

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. According to the US Department of Energy (DOE), 2019, pumped-storage hydropower has increased by 2 GW in the past 10 years.

Most of the battery storage projects that system operators (ISOs/RTOs) develop are for short-term energy storage and are not built to replace the traditional grid. 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 facilities are used for grid reliability, to integrate renewables into the grid, and to provide relief to the energy grid during peak hours.

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. Thus, these substitutes act as barriers to the growth of the thermal energy storage market.

Opportunity: Decentralization of renewable energy sector 

The deployment of decentralized renewable energy is powering a disrupting transformation of the energy sector. The speedy growth of decentralized renewable energy technologies is likely to change the structure of the energy sector towards a multi-operator set-up in which large utilities interact with captive consumers and mini-utilities. Renewable energy distributed through the grid, as well as through mini-grids and off-grid installations, have provided power to 30% of the people who have gained access to electricity since 2000. To achieve 100% electrification rate by 2030, the share of decentralized renewable energy share will need to increase significantly. For over 70% of those who gain access in rural areas, decentralized systems based on renewable energy will be the most cost-effective solution.

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. Therefore, thermal energy storage technology is expected to gain opportunities in the coming years. However, costs related with storage projects need to be reduced and become cost-efficient at scale to observe increased deployment.

Challenge: High initial set-up costs varying with technology

The cost of thermal energy storage technologies depends on application, size, and thermal insulation technology. 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. The cost of storage systems constitutes nearly 30% to 40% of the total system cost. 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.

Sensible heat storage offers a storage capacity ranging from 10 kWh/t–50 kWh/t and storage efficiencies between 50%–90%, depending on the specific heat of the storage medium and thermal insulation technologies. PCMs can offer higher storage capacity and storage efficiencies in the range of 75%–90%. 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. ice). TCS systems can reach storage capacities of up to 250 kWh/t with operation temperatures of more than 300°C and efficiencies from 75% to nearly 100%. The cost of a complete system for sensible heat storage ranges between Euros 0.1/kWh–10/kWh (USD 0.11/kWh–10.7/kWh), depending on the size, application, and thermal insulation technology. The costs for PCM and TCS systems are higher in general. In these systems, major costs are associated with the heat (and mass) transfer technology, which has to be installed to achieve a sufficient charging or discharging power. Costs of latent heat storage systems based on PCMs range between Euros 10/kWh–50/kWh (USD 10.7/kWh–53.5/kWh) while TCS costs are estimated to range from Euros 8/kWh–100/kWh (USD 8.56/kWh–107/kWh). The economic viability of a TES depends heavily on application and operation needs, including the number and frequency of storage cycles. 

Market Interconnection

Thermal Energy Storage Market

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By technology, sensible heat storage segment is the largest contributor in the thermal energy storage during the forecast period.

Thermal energy storage, in the form of sensible heat, is based on the specific heat of a storage medium, which is kept in storage tanks with high thermal insulation. The most widely used and commercial heat storage medium is molten salt, which has a number of commercial and industrial applications. Moten salts exhibit excellent thermal properties and have been used in more than 50% of the operational thermal energy projects to date. Also, sensible heat storage technology is the most cost-efficient when it comes to economies of scale.  

By storage material, the molten salt segment is expected to grow at the fastest rate during the forecast period.

Molten salts are the most commonly used storage media for thermal energy storage as these have higher boiling points and high volumetric heat capacities. When energy is needed, the salt is pumped into a steam generator that boils water, spins a turbine, and generates electricity.

By application, the power generation segment is expected to be the largest contributor during the forecast period.

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. TES systems can collect energy during sunshine hours and store it in order to shift its delivery to a later time or to facilitate plant output during cloudy weather conditions. Hence, the operation of a solar thermal power plant can be extended beyond periods of no solar radiation without the need to burn fossil fuels. 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.

By end user, the utilities segment is expected to be the largest contributor during the forecast period.

Thermal energy storage systems are incorporated in electric utility plants as a viable demand-side management option. These systems use ice or chilled water technologies for storing thermal energy in tanks during utility off-peak hours. This helps to meet the peak demand with fewer power plants by shifting customer’s power demand to off-peak hours. Many utilities currently offer time-of-day pricing to their customers and sell power at a lower price during off-peak hours. 

Europe held the largest share of the market in 2019.

According to the IRENA, Europe’s installed CSP capacity is predicted to rise from 2.3 GW in 2017 to 4 GW by 2030, based on the market framework and current costs. Attempts of European nations to meet carbon reduction targets, shift from coal-fired power generation, and simultaneous hike in renewable energy generation will also support the case for dispatchable CSP plants with storage.

Thermal Energy Storage Market

Key Market Players

Abengoa Solar, Burns & McDonnell, SolarReserve, BrightSource Energy, Calmac, MAN Energy Solutions, and Baltimore Air Coil Technology are the leading players in the market. Cristopia Energy, Cryogel, Caldwell Energy, Dunham Bush, Goss Engineering, Steffes Corporation, DN Tanks, Turbine Air Systems (TAS), Evapco Inc., Fafco, Sunwell Tehnologies, DC Pro Engineering, CB&I (McDermott), and LIME are other players operating in the market are the leading players in the global thermal energy storage market.

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Scope of the Report

 

This research report categorizes the thermal energy storage based on technology, storage material, application, end user, and region.

Based on the technology:

  • Sensible Heat Storage
  • Latent Heat Storage
  • Thermochemical Storage

Based on the storage material:

  • Water
  • Molten Salts
  • Phase Change Materials
  • Others

Based on the application:

  • Power generation
  • District Heating & Cooling
  • Process Heating & Cooling 

Based on the end user:

  • Utilities
  • Commercial
  • Industrial

Based on the region:

  • Asia Pacific
  • Americas
  • Europe
  • Middle East & Africa 

Recent Developments

  • In August 2018, SolarReserve signed an agreement with the South Australian Government (Australia) to build a 150 MW solar thermal power station. It will use molten salt for its storage and uses parabolic tower systems.
  • In May 2018, SolarReserve expanded by adding 70 MW solar farm to Port Augusta concentrating solar power tower in South Australia. It also provided molten salt storage facility and delivered electricity at USD 78/MWh.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 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. - 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 THERMAL ENERGY STORAGE 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. - 48)
    3.1 SCENARIO ANALYSIS
           FIGURE 8 SCENARIO ANALYSIS: THERMAL ENERGY STORAGE, 2018–2025
           3.1.1 OPTIMISTIC SCENARIO
           3.1.2 REALISTIC SCENARIO
           3.1.3 PESSIMISTIC SCENARIO
                    TABLE 2 THERMAL ENERGY STORAGE MARKET SNAPSHOT
                    FIGURE 9 AMERICAS TO GROW AT HIGHEST CAGR IN THERMAL ENERGY STORAGE MARKET DURING FORECAST PERIOD
                    FIGURE 10 LATENT HEAT STORAGE SEGMENT TO GROW AT HIGHEST CAGR IN THERMAL ENERGY STORAGE MARKET DURING FORECAST PERIOD
                    FIGURE 11 MOLTEN SALTS SEGMENT TO CONTINUE TO ACCOUNT FOR LARGEST MARKET SIZE DURING FORECAST PERIOD
                    FIGURE 12 POWER GENERATION SEGMENT TO WITNESS FASTEST GROWTH IN THERMAL ENERGY STORAGE MARKET DURING FORECAST PERIOD
                    FIGURE 13 UTILITIES SEGMENT TO WITNESS FASTEST GROWTH IN THERMAL ENERGY STORAGE MARKET DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 55)
    4.1 ATTRACTIVE OPPORTUNITIES IN THERMAL ENERGY STORAGE MARKET
           FIGURE 14 DECENTRALIZATION OF RENEWABLE ENERGY SECTOR TO DRIVE THERMAL ENERGY STORAGE MARKET DURING FORECAST PERIOD
    4.2 THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY
           FIGURE 15 SENSIBLE HEAT STORAGE SEGMENT TO DOMINATE THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY, DURING FORECAST PERIOD
    4.3 THERMAL ENERGY STORAGE MARKET, BY STORAGE MATERIAL
           FIGURE 16 MOLTEN SALTS SEGMENT CAPTURED LARGEST SHARE OF THERMAL ENERGY STORAGE MARKET IN 2019
    4.4 THERMAL ENERGY STORAGE MARKET, BY APPLICATION
           FIGURE 17 DISTRICT HEATING & COOLING SEGMENT CAPTURED LARGEST SHARE OF THERMAL ENERGY STORAGE MARKET IN 2019
    4.5 THERMAL ENERGY STORAGE MARKET, BY END USER
           FIGURE 18 UTILITIES SEGMENT COMMANDED LARGEST SHARE OF THERMAL ENERGY STORAGE MARKET IN 2019
    4.6 THERMAL ENERGY STORAGE MARKET, BY REGION
           FIGURE 19 THERMAL ENERGY STORAGE MARKET IN AMERICAS TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
    4.7 THERMAL ENERGY STORAGE MARKET IN AMERICAS,  BY END USER & COUNTRY
           FIGURE 20 UTILITIES SEGMENT AND US DOMINATED THERMAL ENERGY STORAGE MARKET IN AMERICAS IN 2019

5 MARKET OVERVIEW (Page No. - 60)
    5.1 INTRODUCTION
    5.2 YC SHIFT
    5.3 COVID-19 HEALTH ASSESSMENT
           FIGURE 21 COVID-19: GLOBAL PROPAGATION
           FIGURE 22 COVID-19 PROPAGATION IN SELECT COUNTRIES
    5.4 ROAD TO RECOVERY
           FIGURE 23 RECOVERY ROAD FOR 2020
    5.5 COVID-19 ECONOMIC ASSESSMENT
           FIGURE 24 REVISED GDP FORECAST FOR SELECT G20 COUNTRIES IN 2020
    5.6 MARKET DYNAMICS
           FIGURE 25 THERMAL ENERGY STORAGE MARKET: MARKET DYNAMICS
           5.6.1 DRIVERS
                    5.6.1.1 Demand for energy storage for supplementing ever-increasing solar energy generation
                                FIGURE 26 CHANGE IN RENEWABLE ENERGY GENERATION, BY SOURCE, 2017 VS 2018
                                TABLE 3 CSP TOWER PROJECTS WITH STORAGE IN 2017
                    5.6.1.2 Increasing HVAC applications fueling demand for thermal energy storage
                    5.6.1.3 Promotion of TES by governments and other regulatory authorities
           5.6.2 RESTRAINTS
                    5.6.2.1 High grid connection barriers related to thermal energy storage
                    5.6.2.2 Competition from battery storage and pumped-storage technologies
                                TABLE 4 COST COMPARISON OF VARIOUS STORAGE TECHNOLOGIES
           5.6.3 OPPORTUNITIES
                    5.6.3.1 Decentralization of renewable energy sector
                    5.6.3.2 Increasing use of molten salts for CSP plants
           5.6.4 CHALLENGES
                    5.6.4.1 High initial costs, along with changing costs by technology
    5.7 VALUE CHAIN ANALYSIS
           FIGURE 27 THERMAL ENERGY STORAGE: VALUE CHAIN
           5.7.1 PROJECT DEVELOPMENT
           5.7.2 PROCUREMENT OF MATERIALS
           5.7.3 PROCUREMENT OF COMPONENTS
           5.7.4 PLANT ENGINEERING & CONSTRUCTION
           5.7.5 OPERATION
           5.7.6 DISTRIBUTION
    5.8 AVERAGE SELLING PRICE
           TABLE 5 THERMAL ENERGY STORAGE UNIT CAPITAL COST, BY TECHNOLOGY (USD/KWH)
    5.9 MARKET INTERCONNECTION
    5.10 CASE STUDY ANALYSIS
           5.10.1 CRESCENT DUNES USES MOLTEN SALT STORAGE FOR SOLAR POWER TOWER CSP 74
                     TABLE 6 CRESCENT DUNES PROJECT STATISTICS
           5.10.2 SUPCON DELINGHA 50MW MOLTEN SALT TOWER CSP USES SOLAR POWER TOWER CSP FOR UTILITIES
                     TABLE 7 SUPCON DELINGHA PROJECT STATISTICS

6 IMPACT OF COVID-19 ON THERMAL ENERGY STORAGE MARKET, SCENARIO ANALYSIS, BY REGION (Page No. - 76)
    6.1 INTRODUCTION
           6.1.1 IMPACT OF COVID-19 ON GDP
                    TABLE 8 GDP ANALYSIS (%)
           6.1.2 SCENARIO ANALYSIS OF GLOBAL POWER SECTOR
                    FIGURE 28 ANNUAL AVERAGE GROWTH RATE OF ELECTRICITY DEMAND, 2017–2020
           6.1.3 OPTIMISTIC SCENARIO
                    TABLE 9 OPTIMISTIC SCENARIO: THERMAL ENERGY STORAGE MARKET, BY REGION,  2018–2025 (USD THOUSAND)
           6.1.4 REALISTIC SCENARIO
                    TABLE 10 REALISTIC SCENARIO: THERMAL ENERGY STORAGE MARKET, BY REGION,  2018–2025 (USD THOUSAND)
           6.1.5 PESSIMISTIC SCENARIO
                    TABLE 11 PESSIMISTIC SCENARIO: THERMAL ENERGY STORAGE MARKET, BY REGION,  2018–2025 (USD THOUSAND)

7 THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY (Page No. - 80)
    7.1 INTRODUCTION
           TABLE 12 TECHNOLOGY COMPARISON
           FIGURE 29 SENSIBLE HEAT SEGMENT IS EXPECTED TO CONTINUE TO ACCOUNT FOR LARGEST SIZE OF THERMAL ENERGY STORAGE MARKET DURING FORECAST PERIOD
           TABLE 13 THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (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: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION,  2018–2025 (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: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION,  2018–2025 (USD THOUSAND)
    7.4 THERMOCHEMICAL STORAGE TECHNOLOGY
           7.4.1 US OFFERS HIGH POTENTIAL FOR GROWTH OF THERMOCHEMICAL STORAGE TECHNOLOGY
                    TABLE 18 THERMOCHEMICAL STORAGE: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND)

8 THERMAL ENERGY STORAGE MARKET, BY STORAGE MATERIAL (Page No. - 87)
    8.1 INTRODUCTION
           FIGURE 30 MOLTEN SALTS SEGMENT IS EXPECTED TO CONTINUE TO ACCOUNT FOR LARGEST SIZE OF THERMAL ENERGY STORAGE MARKET DURING 2020–2025
           TABLE 19 THERMAL ENERGY STORAGE MARKET SIZE, BY STORAGE MATERIAL, 2018–2025 (USD THOUSAND)
    8.2 WATER
           8.2.1 WATER-BASED THERMAL ENERGY STORAGE SYSTEMS REQUIRE LOW INVESTMENT
                    TABLE 20 WATER: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND)
    8.3 MOLTEN SALT
           8.3.1 LITHIUM SALTS
                    8.3.1.1 Good thermophysical properties and low costs of lithium salts make them more demandable for CSP thermal plants
           8.3.2 POTASSIUM SALTS
                    8.3.2.1 Binary and ternary salts, including potassium nitrate, make good storage materials for thermal energy storage
                                TABLE 21 MOLTEN SALT: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION,  2018–2025 (USD THOUSAND)
    8.4 PHASE CHANGE MATERIALS (PCM)
           8.4.1 PCMS ENABLE TARGET-ORIENTED DISCHARGING TEMPERATURES
                    TABLE 22 PHASE CHANGE MATERIALS: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND)
    8.5 OTHERS
           TABLE 23 OTHERS: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND)

9 THERMAL ENERGY STORAGE MARKET, BY APPLICATION (Page No. - 93)
    9.1 INTRODUCTION
           FIGURE 31 DISTRICT HEATING & COOLING SEGMENT IS EXPECTED TO CONTINUE TO ACCOUNT FOR LARGEST SIZE OF THERMAL ENERGY STORAGE MARKET DURING 2020–2025
           TABLE 24 THERMAL ENERGY STORAGE MARKET SIZE, BY APPLICATION,  2018–2025 (USD THOUSAND)
    9.2 POWER GENERATION
           9.2.1 UPCOMING CSP PROJECTS TO DRIVE POWER GENERATION APPLICATION OF THERMAL ENERGY STORAGE
                    TABLE 25 POWER GENERATION: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION,  2018–2025 (USD THOUSAND)
    9.3 DISTRICT HEATING & COOLING
           9.3.1 EVOLVING SMART CITY CONCEPT AND HVAC APPLICATIONS IN MIDDLE EAST AND EUROPEAN COUNTRIES IS DRIVING MARKET GROWTH
                    TABLE 26 DISTRICT HEATING & COOLING: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND)
    9.4 PROCESS HEATING & COOLING
           9.4.1 INCREASING DEMAND FOR THERMAL ENERGY STORAGE TO PROVIDE HEATING AND COOLING SOLUTIONS FOR ENERGY-INTENSIVE INDUSTRIES IS FUELING MARKET GROWTH
                    TABLE 27 PROCESS HEATING & COOLING: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION,  2018–2025 (USD THOUSAND)

10 THERMAL ENERGY STORAGE MARKET, BY END USER (Page No. - 98)
     10.1 INTRODUCTION
             FIGURE 32 UTILITIES SEGMENT IS EXPECTED TO CONTINUE TO DOMINATE THERMAL ENERGY STORAGE MARKET DURING FORECAST PERIOD
             TABLE 28 THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
     10.2 UTILITIES
             10.2.1 INCREASING FOCUS ON POWER LOAD MANAGEMENT DURING PEAK HOURS IS DRIVING DEMAND FROM UTILITIES
                       TABLE 29 UTILITIES: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND)
     10.3 COMMERCIAL
             10.3.1 THERMAL ENERGY STORAGE SYSTEMS ARE USED FOR HVAC APPLICATIONS IN COMMERCIAL SECTOR
                       TABLE 30 COMMERCIAL: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION,  2018–2025 (USD THOUSAND)
     10.4 INDUSTRIAL
             10.4.1 HIGH VOLUMES OF WASTE HEAT GENERATED IN INDUSTRIES IS ENCOURAGING USE OF TES SYSTEMS FOR PROCESS HEATING & COOLING APPLICATIONS
                       TABLE 31 INDUSTRIAL: THERMAL ENERGY STORAGE MARKET SIZE, BY REGION, 2018–2025 (USD THOUSAND)

11 THERMAL ENERGY STORAGE MARKET, BY REGION (Page No. - 103)
     11.1 INTRODUCTION
             FIGURE 33 REGIONAL SNAPSHOT: MARKET IN AMERICAS IS EXPECTED TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
             FIGURE 34 THERMAL ENERGY STORAGE MARKET SHARE (VALUE), BY REGION, 2020 & 2025
             TABLE 32 THERMAL ENERGY STORAGE MARKET, CAPACITY, BY REGION, 2018–2025 (MWH)
             TABLE 33 THERMAL ENERGY STORAGE MARKET, BY REGION, 2018–2025 (USD THOUSAND)
     11.2 EUROPE
             11.2.1 IMPACT OF COVID-19 ON THERMAL ENERGY STORAGE MARKET IN EUROPE
                       FIGURE 35 REGIONAL SNAPSHOT: EUROPE
             11.2.2 EUROPE: THERMAL ENERGY STORAGE MARKET, SCENARIO ANALYSIS,  2018–2025
                       TABLE 34 EUROPE: THERMAL ENERGY STORAGE MARKET, SCENARIO ANALYSIS,  2018–2025 (USD THOUSAND)
             11.2.3 BY TECHNOLOGY
                       TABLE 35 EUROPE: THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                        11.2.3.1 Sensible heat storage technology, by country
                                     TABLE 36 SENSIBLE HEAT STORAGE: EUROPE THERMAL ENERGY STORAGE MARKET SIZE,  BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.2.3.2 Latent heat storage technology, by country
                                     TABLE 37 LATENT HEAT STORAGE: EUROPE THERMAL ENERGY STORAGE MARKET SIZE,  BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.2.3.3 Thermochemical storage, by country
                                     TABLE 38 THERMOCHEMICAL STORAGE: EUROPE THERMAL ENERGY STORAGE MARKET SIZE,  BY COUNTRY, 2018–2025 (USD THOUSAND)
             11.2.4 BY STORAGE MATERIAL
                       TABLE 39 EUROPE: THERMAL ENERGY STORAGE MARKET SIZE, BY STORAGE MATERIAL,  2018–2025 (USD THOUSAND)
             11.2.5 BY APPLICATION
                       TABLE 40 EUROPE: THERMAL ENERGY STORAGE MARKET SIZE, BY APPLICATION,  2018–2025 (USD THOUSAND)
             11.2.6 BY END USER
                       TABLE 41 EUROPE: THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.2.6.1 Utilities, by country
                                     TABLE 42 UTILITIES: EUROPE THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY,  2018–2025 (USD THOUSAND)
                        11.2.6.2 Commercial, by country
                                     TABLE 43 COMMERCIAL: EUROPE THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY,  2018–2025 (USD THOUSAND)
                        11.2.6.3 Industrial, by country
                                     TABLE 44 INDUSTRIAL: EUROPE THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY,  2018–2025 (USD THOUSAND)
             11.2.7 BY COUNTRY
                       TABLE 45 EUROPE THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.2.7.1 Spain
                                     11.2.7.1.1 High demand from utilities for low-cost CSP plus storage solutions is driving market
                                                    TABLE 46 SPAIN THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND)
                                                    TABLE 47 SPAIN THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.2.7.2 France
                                     11.2.7.2.1 High demand for thermal energy storage for heating & cooling applications drives market in France
                                                    TABLE 48 FRANCE THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                                                    TABLE 49 FRANCE THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.2.7.3 Germany
                                     11.2.7.3.1 Government initiatives to increase share of renewables in power generation mix will drive market in Germany
                                                    TABLE 50 GERMANY THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                                                    TABLE 51 GERMANY THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.2.7.4 UK
                                     11.2.7.4.1 High focus on decarbonization of heat is driving market growth in UK
                                                    TABLE 52 UK THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND)
                                                    TABLE 53 UK THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.2.7.5 Italy
                                     11.2.7.5.1 Increased demand for molten salts and demand for energy storage in Italy is fueling market growth
                                                    TABLE 54 ITALY THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND)
                                                    TABLE 55 ITALY THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.2.7.6 Rest of Europe
                                     TABLE 56 REST OF EUROPE THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                                     TABLE 57 REST OF EUROPE THERMAL ENERGY STORAGE MARKET SIZE, BY END USER,  2018–2025 (USD THOUSAND)
     11.3 AMERICAS
             FIGURE 36 REGIONAL SNAPSHOT: AMERICAS
             11.3.1 IMPACT OF COVID-19 ON THERMAL ENERGY STORAGE MARKET  IN AMERICAS
             11.3.2 AMERICAS: THERMAL ENERGY STORAGE MARKET, SCENARIO ANALYSIS, 2018–2025
                       TABLE 58 AMERICAS: THERMAL ENERGY STORAGE MARKET, SCENARIO ANALYSIS,  2018–2025 (USD THOUSAND)
             11.3.3 BY TECHNOLOGY
                       TABLE 59 AMERICAS: THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                        11.3.3.1 Sensible heat storage technology, by country
                                     TABLE 60 SENSIBLE HEAT STORAGE: AMERICAS THERMAL ENERGY STORAGE MARKET SIZE,  BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.3.3.2 Latent heat storage technology, by country
                                     TABLE 61 LATENT HEAT STORAGE: AMERICAS THERMAL ENERGY STORAGE MARKET SIZE,  BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.3.3.3 Thermochemical storage, by country
                                     TABLE 62 THERMOCHEMICAL STORAGE: AMERICAS THERMAL ENERGY STORAGE MARKET SIZE,  BY COUNTRY, 2018–2025 (USD THOUSAND)
             11.3.4 BY STORAGE MATERIAL
                       TABLE 63 AMERICAS: THERMAL ENERGY STORAGE MARKET SIZE, BY STORAGE MATERIAL,  2018–2025 (USD THOUSAND)
             11.3.5 BY APPLICATION
                       TABLE 64 AMERICAS: THERMAL ENERGY STORAGE MARKET SIZE, BY APPLICATION,  2018–2025 (USD THOUSAND)
             11.3.6 BY END USER
                       TABLE 65 AMERICAS: THERMAL ENERGY STORAGE MARKET SIZE, BY END USER,  2018–2025 (USD THOUSAND)
                        11.3.6.1 Utilities, by country
                                     TABLE 66 UTILITIES: AMERICAS THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY,  2018–2025 (USD THOUSAND)
                        11.3.6.2 Commercial, by country
                                     TABLE 67 COMMERCIAL: AMERICAS THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.3.6.3 Industrial, by country
                                     TABLE 68 INDUSTRIAL: AMERICAS THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY,  2018–2025 (USD THOUSAND)
             11.3.7 BY COUNTRY
                       TABLE 69 AMERICAS: THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.3.7.1 US
                                     11.3.7.1.1 High investments in solar thermal storage and planned CSP power generation is likely to drive market in the US
                                                    TABLE 70 US THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND)
                                                    TABLE 71 US THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.3.7.2 Canada
                                     11.3.7.2.1 Steadily integration of solar power in overall generation mix is likely to bring opportunities for thermal energy storage market in Canada
                                                    TABLE 72 CANADA THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                                                    TABLE 73 CANADA THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.3.7.3 Chile
                                     11.3.7.3.1 Potential to supply molten salts fostering thermal energy storage market growth in Chile
                                                    TABLE 74 CHILE THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND)
                                                    TABLE 75 CHILE THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.3.7.4 Rest of Americas
                                     TABLE 76 REST OF AMERICAS THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                                     TABLE 77 REST OF AMERICAS THERMAL ENERGY STORAGE MARKET SIZE, BY END USER,  2018–2025 (USD THOUSAND)
     11.4 MIDDLE EAST & AFRICA
             11.4.1 IMPACT OF COVID-19 ON MIDDLE EAST & AFRICA THERMAL ENERGY STORAGE MARKET
             11.4.2 MIDDLE EAST & AFRICA: THERMAL ENERGY STORAGE MARKET, SCENARIO ANALYSIS, 2018–2025
                       TABLE 78 MIDDLE EAST & AFRICA: THERMAL ENERGY STORAGE MARKET, SCENARIO ANALYSIS,  2018–2025 (USD THOUSAND)
             11.4.3 BY TECHNOLOGY
                       TABLE 79 MIDDLE EAST & AFRICA: THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                        11.4.3.1 Sensible heat storage technology, by country
                                     TABLE 80 SENSIBLE HEAT STORAGE: MIDDLE EAST & AFRICA THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.4.3.2 Latent heat storage technology, by country
                                     TABLE 81 LATENT HEAT STORAGE: MIDDLE EAST & AFRICA THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.4.3.3 Thermochemical storage, by country
                                     TABLE 82 THERMOCHEMICAL STORAGE: MIDDLE EAST & AFRICA THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND)
             11.4.4 BY STORAGE MATERIAL
                       TABLE 83 MIDDLE EAST & AFRICA: THERMAL ENERGY STORAGE MARKET SIZE, BY STORAGE MATERIAL, 2018–2025 (USD THOUSAND)
             11.4.5 BY APPLICATION
                       TABLE 84 MIDDLE EAST & AFRICA: THERMAL ENERGY STORAGE MARKET SIZE, BY APPLICATION,  2018–2025 (USD THOUSAND)
             11.4.6 BY END USER
                       TABLE 85 MIDDLE EAST & AFRICA: THERMAL ENERGY STORAGE MARKET SIZE, BY END USER,  2018–2025 (USD THOUSAND)
                        11.4.6.1 Utilities, by country
                                     TABLE 86 UTILITIES: MIDDLE EAST & AFRICA THERMAL ENERGY STORAGE MARKET SIZE,  BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.4.6.2 Commercial, by country
                                     TABLE 87 COMMERCIAL: MIDDLE EAST & AFRICA THERMAL ENERGY STORAGE MARKET SIZE,  BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.4.6.3 Industrial, by country
                                     TABLE 88 INDUSTRIAL: MIDDLE EAST & AFRICA THERMAL ENERGY STORAGE MARKET SIZE,  BY COUNTRY, 2018–2025 (USD THOUSAND)
             11.4.7 BY COUNTRY
                       TABLE 89 MIDDLE EAST & AFRICA: THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY,  2018–2025 (USD THOUSAND)
                        11.4.7.1 South Africa
                                     11.4.7.1.1 Escalating power demand from mining sector to drive thermal energy storage market growth
                                                    TABLE 90 SOUTH AFRICA THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                                                    TABLE 91 SOUTH AFRICA THERMAL ENERGY STORAGE MARKET SIZE, BY END USER,  2018–2025 (USD THOUSAND)
                        11.4.7.2 UAE
                                     11.4.7.2.1 Availability of inexpensive thermal storage materials, such as sand, to favor thermal energy storage capacity additions
                                                    TABLE 92 UAE THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND)
                                                    TABLE 93 UAE THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.4.7.3 Morocco
                                     11.4.7.3.1 Growing number of CSP projects and supportive legislation to drive market in Morocco
                                                    TABLE 94 MOROCCO THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                                                    TABLE 95 MOROCCO THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.4.7.4 Rest of Middle East & Africa
                                     TABLE 96 REST OF MIDDLE EAST & AFRICA THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND)
                                     TABLE 97 REST OF MIDDLE EAST & AFRICA THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
     11.5 ASIA PACIFIC
             11.5.1 IMPACT OF COVID-19 ON THERMAL ENERGY STORAGE MARKET IN ASIA PACIFIC 138
             11.5.2 ASIA PACIFIC: THERMAL ENERGY STORAGE MARKET, SCENARIO ANALYSIS, 2018–2025
                       TABLE 98 ASIA PACIFIC: THERMAL ENERGY STORAGE MARKET, SCENARIO ANALYSIS,  2018–2025 (USD THOUSAND)
             11.5.3 BY TECHNOLOGY
                       TABLE 99 ASIA PACIFIC: THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                        11.5.3.1 Sensible heat storage technology, by country
                                     TABLE 100 SENSIBLE HEAT STORAGE: ASIA PACIFIC THERMAL ENERGY STORAGE MARKET SIZE,  BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.5.3.2 Latent heat storage technology, by country
                                     TABLE 101 LATENT HEAT STORAGE: ASIA PACIFIC THERMAL ENERGY STORAGE MARKET SIZE,  BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.5.3.3 Thermochemical storage, by country
                                     TABLE 102 THERMOCHEMICAL STORAGE: ASIA PACIFIC THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND)
             11.5.4 BY STORAGE MATERIAL
                       TABLE 103 ASIA PACIFIC: THERMAL ENERGY STORAGE MARKET SIZE, BY STORAGE MATERIAL,  2018–2025 (USD THOUSAND)
             11.5.5 BY APPLICATION
                       TABLE 104 ASIA PACIFIC: THERMAL ENERGY STORAGE MARKET SIZE, BY APPLICATION,  2018–2025 (USD THOUSAND)
             11.5.6 BY END USER
                       TABLE 105 ASIA PACIFIC: THERMAL ENERGY STORAGE MARKET SIZE, BY END USER,  2018–2025 (USD THOUSAND)
                        11.5.6.1 Utilities, by country
                                     TABLE 106 UTILITIES: ASIA PACIFIC THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY,  2018–2025 (USD THOUSAND)
                        11.5.6.2 Commercial, by country
                                     TABLE 107 COMMERCIAL: ASIA PACIFIC THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND)
                        11.5.6.3 Industrial, by country
                                     TABLE 108 INDUSTRIAL: ASIA THERMAL PACIFIC ENERGY STORAGE MARKET SIZE, BY COUNTRY, 2018–2025 (USD THOUSAND)
             11.5.7 BY COUNTRY
                       TABLE 109 ASIA PACIFIC: THERMAL ENERGY STORAGE MARKET SIZE, BY COUNTRY,  2018–2025 (USD THOUSAND)
                        11.5.7.1 China
                                     11.5.7.1.1 Increasing focus on CSP for hedging carbon emissions and meeting peak hours demand is driving thermal energy storage market in China
                                                    TABLE 110 CHINA THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND)
                                                    TABLE 111 CHINA THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)
                        11.5.7.2 India
                                     11.5.7.2.1 Focus on renewable energy generation capacity additions will support thermal energy storage technologies in India
                                                    TABLE 112 INDIA THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY, 2018–2025 (USD THOUSAND)
                                                    TABLE 113 INDIA THERMAL ENERGY STORAGE MARKET, BY END USER, 2018–2025 (USD THOUSAND)
                        11.5.7.3 Australia
                                     11.5.7.3.1 Initiation of ARENA-funded thermal energy storage projects is fostering market growth in Australia
                                                    TABLE 114 AUSTRALIA THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY,  2018–2025 (USD THOUSAND)
                                                    TABLE 115 AUSTRALIA THERMAL ENERGY STORAGE MARKET SIZE, BY END USER,  2018–2025 (USD THOUSAND)
                        11.5.7.4 Rest of Asia Pacific
                                     TABLE 116 REST OF ASIA PACIFIC THERMAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 2018–2025 (USD THOUSAND)
                                     TABLE 117 REST OF ASIA PACIFIC THERMAL ENERGY STORAGE MARKET SIZE, BY END USER, 2018–2025 (USD THOUSAND)

12 COMPETITIVE LANDSCAPE (Page No. - 148)
     12.1 OVERVIEW
             FIGURE 37 KEY DEVELOPMENTS IN GLOBAL THERMAL ENERGY STORAGE MARKET,  2017–AUGUST 2020
     12.2 MARKET EVALUATION FRAMEWORK
             FIGURE 38 MARKET EVALUATION FRAMEWORK: CONTRACTS & AGREEMENTS HAVE FUELED GROWTH OF COMPANIES FROM 2017 TO 2020
     12.3 INDUSTRY CONCENTRATION, 2019
             FIGURE 39 INDUSTRY CONCENTRATION, 2019
             12.3.1 CONTRACTS & AGREEMENTS
             12.3.2 INVESTMENTS & EXPANSION
     12.4 COMPANY EVALUATION MATRIX DEFINITIONS AND METHODOLOGY
             12.4.1 STARS
             12.4.2 EMERGING LEADERS
             12.4.3 PERVASIVE
             12.4.4 EMERGING COMPANIES
     12.5 COMPANY EVALUATION MATRIX, 2019
             FIGURE 40 THERMAL ENERGY STORAGE MARKET (GLOBAL) COMPETITIVE LEADERSHIP MAPPING, 2019
     12.6 WINNERS VS. TAIL-ENDERS
             12.6.1 WINNERS
             12.6.2 TAIL ENDERS

13 COMPANY PROFILE (Page No. - 153)
(Business overview, Products/solutions/services offered, Recent Developments,SWOT Analysis, MNM view)*
     13.1 ABENGOA
             FIGURE 41 ABENGOA: COMPANY SNAPSHOT
     13.2 MAN ENERGY SOLUTIONS
     13.3 BRIGHTSOURCE ENERGY
     13.4 BALTIMORE AIRCOIL COMPANY
     13.5 SOLARRESERVE
     13.6 CALDWELL ENERGY
     13.7 BURNS & MCDONNELL
     13.8 CRISTOPIA ENERGY
     13.9 CRYOGEL THERMAL ENERGY STORAGE
     13.10 DUNHAM BUSH
     13.11 STEFFES CORPORATION
     13.12 TURBINE AIR SYSTEMS (TAS)
     13.13 EVAPCO
     13.14 CALMAC
     13.15 CB&I (MCDERMOTT)
     13.16 LIME
     13.17 VOGTICE
     13.18 SUNWELL TECHNOLOGIES
     13.19 DC PRO ENGINEERING
     13.20 FAFCO

*Details on Business overview, Products/solutions/services offered, Recent Developments,SWOT Analysis, MNM view might not be captured in case of unlisted companies.

14 ADJACENT & RELATED MARKETS (Page No. - 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, 2018–2025 (USD MILLION)
                        14.4.4.1 Solar power towers
                                     TABLE 119 SOLAR POWER TOWERS: CONCENTRATING SOLAR POWER MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
                        14.4.4.2 Linear concentrating systems
                                     TABLE 120 LINEAR CONCENTRATING SYSTEMS: CONCENTRATING SOLAR POWER MARKET,  BY REGION, 2018–2025 (USD MILLION)
                        14.4.4.3 Stirling dish technology
                                     TABLE 121 STIRLING DISH TECHNOLOGY: CONCENTRATING SOLAR POWER MARKET, BY REGION, 2018–2025 (USD MILLION)
             14.4.5 CONCENTRATING SOLAR POWER MARKET, BY OPERATION TYPE
                       TABLE 122 CONCENTRATING SOLAR POWER MARKET, BY OPERATION TYPE, 2018–2025 (USD MILLION)
                        14.4.5.1 Stand-alone systems
                                     TABLE 123 STAND-ALONE SYSTEMS: CONCENTRATING SOLAR POWER MARKET, BY REGION,  2018–2025 (USD MILLION)
                        14.4.5.2 With storage
                                     TABLE 124 WITH STORAGE: CONCENTRATING SOLAR POWER MARKET, BY REGION,  2018–2025 (USD MILLION)
             14.4.6 CONCENTRATING SOLAR POWER MARKET, BY CAPACITY
                       TABLE 125 CONCENTRATING SOLAR POWER MARKET, BY CAPACITY, 2018–2025 (USD MILLION)
                        14.4.6.1 Less than 50 MW
                                     TABLE 126 LESS THAN 50 MW: CONCENTRATING SOLAR POWER MARKET, BY REGION,  2018–2025 (USD MILLION)
                        14.4.6.2 50 MW to 99 MW
                                     TABLE 127 50 MW TO 99 MW: CONCENTRATING SOLAR POWER MARKET, BY REGION,  2018–2025 (USD MILLION)
                        14.4.6.3 100 MW and Above
                                     TABLE 128 100 MW AND ABOVE: CONCENTRATING SOLAR POWER MARKET, BY REGION,  2018–2025 (USD MILLION)
             14.4.7 CONCENTRATING SOLAR POWER MARKET, BY END USER
                       TABLE 129 CONCENTRATING SOLAR POWER MARKET, BY END USER, 2018–2025 (USD MILLION)
                        14.4.7.1 Utilities
                                     TABLE 130 UTILITIES: CONCENTRATING SOLAR POWER MARKET, BY REGION, 2018–2025 (USD MILLION)
                        14.4.7.2 EOR
                                     TABLE 131 EOR: CONCENTRATING SOLAR POWER MARKET, BY REGION, 2018–2025 (USD MILLION)
                        14.4.7.3 Others
                                     TABLE 132 OTHERS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 2018–2025 (USD MILLION)
             14.4.8 CONCENTRATING SOLAR POWER MARKET, BY REGION
                       TABLE 133 GLOBAL CONCENTRATING SOLAR POWER MARKET, CAPACITY, BY REGION,  2018–2025 (IN MW)
                       TABLE 134 GLOBAL CONCENTRATING SOLAR POWER MARKET, BY REGION, 2018–2025 (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, 2017–2024 (USD MILLION)
                        14.5.4.1 3–6 kW
                                     TABLE 136 3–6 KW: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
                        14.5.4.2 6–10 kW
                                     TABLE 137 6–10 KW: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION,  2017–2024 (USD MILLION)
             14.5.5 RESIDENTIAL ENERGY STORAGE MARKET, BY TECHNOLOGY
                       TABLE 138 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 2017–2024 (USD MILLION)
                        14.5.5.1 Lithium-ion
                                     TABLE 139 LITHIUM-ION: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION,  2017–2024 (USD MILLION)
                        14.5.5.2 Lead–acid
                                     TABLE 140 LEAD–ACID: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION,  2017–2024 (USD MILLION)
             14.5.6 RESIDENTIAL ENERGY STORAGE MARKET, BY OWNERSHIP TYPE
                       TABLE 141 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY OWNERSHIP TYPE, 2017–2024 (USD MILLION)
                        14.5.6.1 Customer owned
                                     TABLE 142 CUSTOMER OWNED: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION,  2017–2024 (USD MILLION)
                        14.5.6.2 Utility owned
                                     TABLE 143 UTILITY OWNED: RESIDENTIAL ENRGY STORAGE MARKET SIZE, BY REGION,  2017–2024 (USD MILLION)
                        14.5.6.3 Third-party owned
                                     TABLE 144 THIRD-PARTY OWNED: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION,  2017–2024 (USD MILLION)
             14.5.7 RESIDENTIAL ENERGY STORAGE MARKET, BY OPERATION TYPE
                       TABLE 145 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY OPERATION TYPE, 2017–2024 (USD MILLION)
                        14.5.7.1 Standalone systems
                                     TABLE 146 STANDALONE SYSTEMS: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE,  BY REGION, 2017–2024 (USD MILLION)
                        14.5.7.2 Solar and storage
                                     TABLE 147 SOLAR AND STORAGE: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION,  2017–2024 (USD MILLION)
             14.5.8 RESIDENTIAL ENERGY STORAGE MARKET, BY CONNECTIVITY TYPE
                       TABLE 148 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY CONNECTIVITY TYPE,  2017–2024 (USD MILLION)
                        14.5.8.1 On-grid
                                     TABLE 149 ON-GRID: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
                        14.5.8.2 Off-grid
                                     TABLE 150 OFF-GRID: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION,  2017–2024 (USD MILLION)
             14.5.9 RESIDENTIAL ENERGY STORAGE MARKET, BY REGION
                       TABLE 151 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 2017–2024 (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, 2015–2022 (USD MILLION)
                        14.6.4.1 Solar PV
                                     TABLE 153 SOLAR PV: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE,  BY REGION, 2015–2022 (USD MILLION)
                        14.6.4.2 Wind
                                     TABLE 154 WIND: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE,  BY REGION, 2015–2022 (USD MILLION)
                        14.6.4.3 Energy Storage
                                     TABLE 155 ENERGY STORAGE: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 2015–2022 (USD MILLION)
                        14.6.4.4 Combined Heat & Power (CHP)
                                     TABLE 156 COMBINED HEAT & POWER: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 2015–2022 (USD MILLION)
                        14.6.4.5 Others
                                     TABLE 157 OTHERS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE,  BY REGION, 2015–2022 (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, 2015–2022 (USD MILLION)
                        14.6.5.1 Analytics
                                     TABLE 159 ANALYTICS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE,  BY REGION, 2015–2022 (USD MILLION)
                        14.6.5.2 Management & Control
                                     TABLE 160 MANAGEMENT & CONTROL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 2015–2022 (USD MILLION)
                        14.6.5.3 Virtual Power Plants
                                     TABLE 161 VIRTUAL POWER PLANTS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 2015–2022 (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, 2015–2022 (USD MILLION)
                        14.6.6.1 Industrial
                                     TABLE 163 INDUSTRIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE,  BY REGION, 2015–2022 (USD MILLION)
                        14.6.6.2 Government & Municipalities
                                     TABLE 164 GOVERNMENT & MUNICIPALITIES: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 2015–2022 (USD MILLION)
                        14.6.6.3 Commercial
                                     TABLE 165 COMMERCIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 2015–2022 (USD MILLION)
                        14.6.6.4 Military
                                     TABLE 166 MILITARY: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE,  BY REGION, 2015–2022 (USD MILLION)
                        14.6.6.5 Residential
                                     TABLE 167 RESIDENTIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 2015–2022 (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, 2015–2022 (USD MILLION)

15 APPENDIX (Page No. - 211)
     15.1 INSIGHTS OF INDUSTRY EXPERTS
     15.2 DISCUSSION GUIDE
     15.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     15.4 AVAILABLE CUSTOMIZATIONS
     15.5 RELATED REPORTS
     15.6 AUTHOR DETAILS

This study involved four major activities in estimating the current market size. Exhaustive secondary research was done to collect information on the market and the peer market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. After that, the market breakdown and data triangulation were done to estimate the market size of the segments and subsegments.

Secondary Research

This research study involved the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg, Businessweek, Factiva, World Bank, BP Statistical Review of World Energy 2020, US DOE, and IEA, to identify and collect information useful for a technical, market-oriented, and commercial study of the global thermal energy storage market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases. 

Primary Research

The thermal energy storage market comprises several stakeholders, such as power companies, thermal energy storage technology providers, government and research organizations, consulting companies, and power & energy associations. The demand side of this market is characterized by estimating the year-on-year installed power generation capacity and replacement of power generation capacity each year. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is as following-

Thermal Energy Storage Market Size

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the global thermal energy storage market and its dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • 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 industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Global Thermal energy storage  Market Size: Bottom-Up Approach 

Global Thermal energy storage  Market Size: Bottom-Up Approach

To know about the assumptions considered for the study, Request for Free Sample Report

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into segments and subsegments. 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. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Report Objectives

  • 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

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:

Regional Analysis

  • Further breakdown of region or country-specific analysis

Company Information

  • Detailed analyses and profiling of additional market players (up to 5)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Thermal Energy Storage Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Thermal Energy Storage Market

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Published ON
Oct, 2020
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