According to Market Research Future (MRFR), the Europe Thermal Energy Storage market size is estimated to reach USD 957.07 billion, with 15.20% CAGR from 2024 to 2032 (forecast period). The report describes the opportunities, strengths, challenges, and future business risks and provides a rigorous summary of the market situation with the effect of COVID-19.
Europe Thermal Energy Storage is a technology that includes energy storage by heating or cooling medium so that the energy stored can be used for power generation purposes at a later stage. It also promotes the equilibrium between energy supply and demand. The Europe Thermal Energy Storage depends on a variety of factors, such as storage duration, supply and utilization of temperature requirements, heat losses, and available space and storage capacity. The vital advantages of Europe Thermal Energy Storage are improved system reliability, increased power generation capacity, and lower generation costs.
Market Dynamics
Significant factors impelling the growth of the global market for Europe Thermal Energy Storage are increasingly focusing on renewable energy generation and growing government initiatives for the Europe Thermal Energy Storage system. In addition, the increasing demand for Europe Thermal Energy Storage in heating, ventilation, and cooling (HVAC) will boost demand for the market for Europe Thermal Energy Storage. In addition, the high demand for Europe Thermal Energy Storage in concentrated solar energy (CSP) also poses a growing opportunity for the global market for Europe Thermal Energy Storage.
In addition, the global market for Europe Thermal Energy Storage is expected to expand at a high pace during the assessment period due to a growing emphasis on renewable energy generation. As renewable energy has a more significant foothold in the energy system, the need for energy storage has become a crucial part of renewable energy generation. As per the Energy Information Administration, US, fuel production decreased by 7% between 2015 and 2016. Renewable energy production, on the other hand, increased by almost 7% over the same period. However, as renewable energy generation grows, this energy needs to be stored as much as possible, as renewable energy generation relies on wind and sun. This need to store renewable energy generation from sources like solar, thermal, and hydrogen will fuel the market for energy storage systems, including thermal storage.
Market Segmentation
The global market for Europe Thermal Energy Storage has been segmented based on technology, storage material, and end-use.
By technology, the global market has been divided into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment is anticipated to lead the global market as it is the most simple, longstanding, and low-cost method.
By storage material, the global market has been classified into the water, molten salt, phase change material, and others. Water is anticipated to lead the Europe Thermal Energy Storage market as it is the most common storage material. Additionally, the storage capacity of water in a typical house heating application is around 60 kWh/m³.
By end-use, the market has been divided into commercial & industrial, utilities, and residential. Utilities are anticipated to lead the market as utilities as significant renewable energy generation is through the centralized grid.
Regional Analysis
Based on region, the Europe Thermal Energy Storage market has been segmented into Asia Pacific, South America, North America, Europe, and the Middle East & Africa.
North America has the largest share of the market for Europe Thermal Energy Storage. Many energy storage projects have been seen in the US in recent years that will boost the demand for Europe Thermal Energy Storage in the region.
Key Players
Industry giants in the Europe Thermal Energy Storage market are Caledonian MacBrayne (UK), Brightsource Energy, Inc. (US), DN Tanks (US), Abengoa Solar (Spain), Steffes Corporation (US), Burns & McDonnell (US), Solarreserve, LLC (US), Ice Energy (US), Baltimore Aircoil Company (US), Calmac (UK), FAFCO, Inc (US), and Cristopia Energy Systems (India).
Many players are centered on providing highly competitive Europe Thermal Energy Storage systems. Major players, including Siemens Gamesa (Germany), Man Energy Solutions (Germany), and Ice Energy (US), among others, deliver Europe Thermal Energy Storage systems and solutions by doing an in-depth study of the geographies depending on various storage technologies, thereby creating an effective solution for their consumers. For example, Ice Energy completed the first phase of the most extensive distributed thermal storage system in the US in February 2019. Similar contracts will fuel demand for the Europe Thermal Energy Storage market in the US and around the globe.
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