Thermal Energy Storage Market

Market Leader - Thermal Energy Storage Market

The global thermal energy storage market size is projected to reach USD 369 million by 2025 from an estimated value of USD 188 million in 2020, at a CAGR of 14.4%. The growth of the market is majorly driven by increasing demand for energy storage technologies, rising number of CSP projects, and increasing HVAC applications.

The key players in the thermal energy storage market include companies such as Abengoa (Spain), SolarReserve (US), BrightSource Energy (US), Burns & McDonnell (US), and Caldwell Energy (US).

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Major strategies adopted by the players are contracts & agreements, new product launches, investments & expansions, partnerships, joint ventures, collaborations, and mergers & acquisitions, from 2017 to August 2020. Contracts & agreements was the most commonly adopted strategy. Industry players also adopted mergers & acquisitions as the second most widely followed strategy during the same period.

Abengoa Solar is a provider of technology solutions for sustainable development in the environment and energy sector. The company offers technologies that help in generating electricity from the sun, producing biofuels, recycling industrial waste, and desalinating seawater. The company operates through 2 business segments, namely, Engineering and Construction, and Concession-type Infrastructure. Through the Engineering and Construction segment, it offers projects for thermo-solar plants, conventional generation plants, solar-gas hybrid plants, and others. Besides, it is engaged in activities that are related to the development of water management technologies and solar thermal power solutions. The company offers solar power towers and parabolic troughs concentrated solar power technologies, along with molten salt thermal energy storage, in the concentrating solar power market. It offers concentrating solar power across all capacities. Europe’s first CSP 11 MW PS10 solar power plant was built by Abengoa Solar. The plant uses solar power tower technology for electricity generation and has a 30-minute storage capability. The world’s second solar power tower, PS20 of 20 MW with one-hour molten salt storage, was built by Abengoa Solar. South Africa’s first concentrated solar plant, the 100 MW Kaxu Solar, was constructed by Abengoa Solar; the plant has 2.5 hours of molten salt storage. Abengoa Solar also focuses on R&D for CSP technology. The company has its research center in Sanlucar la Mayor, Seville, Spain, for the development of photovoltaic technology and heat storage technology using molten salts and new materials. The company has been investing significantly in R&D. The company’s investment in technology research and development in 2018 increased to approximately USD 339 from USD 565 thousand in 2017. The company has operational presence in North America, Asia Pacific, Europe, and the Middle East & Africa. The key competitors of the company in the thermal energy storage market are General Electric (US), ACWA Power (Saudi Arabia), SolarReserve (US), eSolar (US), and Aalborg CSP (Denmark).

BrightSource Energy focuses on clean energy and is a designer and developer of solar thermal technology that enables the production of energy in utility-scale power plants. It offers thermal energy storage, which extends electricity production from solar thermal systems effectively in later parts of the day and after sunset. The company is involved in the designing, development, and deployment of solar thermal technology to produce high-value electricity and steam for the power, petroleum, and industrial-process markets. The company offers SOLARPLUS solutions that increase the efficiency of solar power plants with the molten storage technology. Its major customers are power utilities, and the thermal energy storage technology provided by the company helps the utilities to increase operational flexibility in managing electricity production to meet volatile customer demand. In 2014, the company ventured with Shanghai Electric Group Co., Ltd (SEC) for building utility-scale CSP plants in China. BrightSource built the 135 MW Huanghe Qinghai Delingha CSP plant in Qinghai, China, and started production in 2017. The project has multiple power towers, along with thermal energy storage, and uses 2-tank indirect for its thermal storage. The key competitors of the company in the concentrating solar power market are Abengoa (Spain), SolarReserve (US), eSolar (US), Aalborg CSP (Denmark), and Acciona Energy (Spain). The company marks a wide geographic presence in North America, Asia Pacific, Europe, and the Middle East & Africa.

Related Reports:

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

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Thermal Energy Storage Market Size,  Share & Growth Report
Report Code
EP 5089
RI Published ON
10/5/2020
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