The Europe Thermal Energy Storage Market would witness market growth of 7.6% CAGR during the forecast period (2022-2028).
Concentrated solar power (CSP) is gradually being combined with thermal energy storage systems to provide grid flexibility and reduce performance degradation by generating electricity through dry cooling at lower ambient temperatures. Furthermore, rising environmental awareness, combined with the increased use of thermal energy storage for energy production in green buildings, is a growth-inducing element. Other factors, such as the implementation of favorable government policies to support sustainable infrastructure development and substantial research & innovation activities, are expected to boost the market.
The use of lithium-ion batteries has been a significant advancement in this field. These batteries have a high power density and a long lifespan of 500 deep cycles, which refers to the number of occasions they can be recharged from 20% to full capacity before deteriorating. Electric vehicles, district cooling and heating, and electricity-generating can all benefit from them.
One of the primary factors driving the market's growth is a growing emphasis on the use of sustainable energy resources around the world. The growing need for thermal storage in HVAC technologies for sizable heating and cooling is also boosting the industry forward.
Europe has been applying different thermal energy storage systems in the metropolitan areas of countries such as Austria, Spain, and other Northern and Central European countries. The high energy use during the winter months and the exploration of renewable district heating methods are the main drivers for such a strategic step.
To accommodate the ever-increasing annual and short-term storage demand, the region has scheduled far more large-scale thermal storage projects, the majority of which will use molten salt technology and subsurface hot water tanks. They'll likely act as multifunctional energy centers for future regional heating sources and another usage.
Thermal energy storage systems, which are used for space heating, heat water, district heating systems, and power generating, are abundant in the region. Due to the vast number of development TES projects across the country, along with the presence of key players like Abengoa Solar, Spain is the biggest contributor to regional market growth.
For Example, Vantaa Energy, announced intentions to build a seasonally thermal energy storage plant in Vantaa, Finland, in July 2021. Hot water tunnels roughly 60 metres below in bedrock will be part of the 90GWh million cubic metre storage plant. The project is expected to be completed in 2026, according to the business and its project partners AFRY and YIT.
The Germany market dominated the Europe Thermal Energy Storage Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,922 million by 2028. The UK market is anticipated to grow at a CAGR of 6.7% during (2022 - 2028). Additionally, The France market would showcase a CAGR of 8.4% during (2022 - 2028).
Based on Technology, the market is segmented into Sensible, Thermochemical, and Latent. Based on Storage Material, the market is segmented into Water, Molten Salt, Phase Change Material (pcm), and Others. Based on End-user, the market is segmented into Commercial & Industrial, Utilities, and Residential. Based on Application, the market is segmented into Heating, Power Generation, and Cooling. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Thermal Energy Storage Market Size will Hit $35.4 Billion by 2028, at a CAGR of 8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Baltimore Aircoil Company, Inc.(Amsted Industries), Steffes, LLC, Dunham Bush Limited (Yantai Moon Group Co Ltd) (Moon Environment Technology Co., Ltd.), Evapco, Inc., SR ENERGY (SolarReserve), Caldwell Energy Company, Abengoa, BrightSource Energy, Inc., Terrafore Technologies, LLC, and Goss, Inc.
By Technology
By Storage Material
By End-user
By Application
By Country
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