North America Thermal Energy Storage Market
No. of Pages: 85 | Report Code: BMIRE00029429 | Category: Energy and Power
No. of Pages: 85 | Report Code: BMIRE00029429 | Category: Energy and Power
The revolution of the global energy system following the Paris Agreement which was introduced in 2015 and entered into force in 2016, is boosting the application of renewables among the end-users of energy. The adoption of thermal energy storage is growing due to increasing concern towards more sustainable and green energy alternatives, rising climate change concerns, and government initiatives towards boosting the usage of renewable energy across the globe. The renewable industry includes power sources, primarily wind, hydroelectric, and solar. According to IEA, solar PV generation grew by 270 TWh than 2021 and reached almost 1,300 TWh in 2022. Wind electricity generation increased by a record 265 TWh than 2021 and accounted for more than 2,100 TWh in 2022.
Thermal energy storage (TES) technology is one of the alternatives like battery storage, which can aid the integration of renewable energy in sectors such as power generation, commercial, and residential. Deploying TES technologies in these sectors can help reduce the heating and cooling demand created by instant power generation from supply resources. TES decreases the requirement for expensive grid reinforcements for PV. It also aids in meeting periodic demand for power and supports the shift to a primarily renewable-driven energy system. Thermal storage technology can also ease the process of load shifting, resulting in better deployment of renewables and improved grid congestion. By assisting the transition to renewables and boosting electrification, TES technologies can aid in meeting long-term climate and sustainability goals. Thus, the rising deployment of renewable generation technologies is driving the thermal energy storage market.
North America is one of the leading thermal energy storage markets. The US holds the major market share in terms of revenue in North America, followed by Canada and Mexico. The growing presence of renewable energy in the power mix is one of the prime reasons behind the increasing proliferation of thermal energy storage technologies across North America. The increasing government focus on boosting the energy shift from conventional to green energy sources positively impacts the thermal energy storage market. Favorable regulatory policies and increasing green energy incentives are the major driving forces behind the growing application of thermal energy storage facilities in different industrial, commercial, and residential sectors. For instance, in section 203 of the Energy Policy Act of 2005, the federal government must utilize at least 7.5% of its renewable energy each fiscal year. In order to attain the goal of net-zero carbon emissions by 2050, coupled with a net-zero power industry by 2035, actions have been commenced by each country of North America, individually following their conditions, specific legal frameworks, and national clean energy goals. The US Inflation Reduction Act was presented into law in 2022, and it declared long-term plans for renewable energy development and energy storage installations. The new law corresponds to growing investment in energy and climate change schemes to facilitate the transition of the US economy toward more ecological energy reserves.
The North America thermal energy storage market is segmented into technology, storage material, application, end user, and country.
Based on technology, the North America thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held the largest share of the North America thermal energy storage market in 2022.
Based on storage material, the North America thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held the largest share of the North America thermal energy storage market in 2022.
Based on application, the North America thermal energy storage market is segmented into power generation, process heating and cooling, and district heating and cooling. The district heating and cooling segment held the largest share of the North America thermal energy storage market in 2022.
Based on end user, the North America thermal energy storage market is segmented into utility and nonutility. The utility segment held a larger share of the North America thermal energy storage market in 2022.
Based on country, the North America thermal energy storage market is segmented into the US, Canada, and Mexico. The US dominated the North America thermal energy storage market in 2022.
Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Calmac Corp, Evapco Inc, Goss Engineering Inc, Kelvin Energy Inc, MAN Energy Solutions SE, Steffes LLC, and Sunamp Ltd are some of the leading companies operating in the North America thermal energy storage market.
Strategic insights for the North America Thermal Energy Storage provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 4,716.91 Million |
| Market Size by 2030 | US$ 7,179.17 Million |
| Global CAGR (2022 - 2030) | 5.4% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Thermal Energy Storage refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The North America Thermal Energy Storage Market is valued at US$ 4,716.91 Million in 2022, it is projected to reach US$ 7,179.17 Million by 2030.
As per our report North America Thermal Energy Storage Market, the market size is valued at US$ 4,716.91 Million in 2022, projecting it to reach US$ 7,179.17 Million by 2030. This translates to a CAGR of approximately 5.4% during the forecast period.
The North America Thermal Energy Storage Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Thermal Energy Storage Market report:
The North America Thermal Energy Storage Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Thermal Energy Storage Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Thermal Energy Storage Market value chain can benefit from the information contained in a comprehensive market report.
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