Thermal energy storage enables the storage of thermal energy for short durations or inter-seasonally. Thermal energy can be stored in molten salts, phase change materials, or different methods. It allows for heating and cooling applications and shifting electric peak loads. The increasing deployment of concentrated solar power plants drives the need for thermal energy storage technologies as they enable grid flexibility and integration of renewables.

The Global Thermal Energy Storage Market is estimated to be valued at US$ 5.66 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Thermal Energy Storage are BrightSource Energy, Inc., EnergyNest AS., Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, and Burns and McDonnell, Inc. BrightSource Energy, Inc. and Abengoa Solar, S.A are leading developers of solar thermal power plants using molten salt-based thermal energy storage. Key opportunities in the market include the increasing use of renewable energy sources and shifting focus towards grid flexibility. Technological advancements include the development of advanced phase change materials and thermo-chemical energy storage technologies that enable higher energy densities and round-trip efficiencies.

Market Drivers

The increasing installation of concentrated solar power and solar thermal power plants is a major driver for the Thermal Energy Storage Market Demand As many countries aim to achieve high shares of solar power in their energy mix, the need for cost-effective energy storage rises. Thermal energy storage allows the dispatching of power even when the sun is not shining, thereby increasing the penetration of solar power.

The recent technological advancements and falling costs of renewable energy sources are Thermal Energy Storage Market Size And Trends for associated storage technologies like thermal energy storage. Policy support for renewable integration and initiatives promoting grid flexibility also contribute to the growth of the thermal energy storage market.

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