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Global Thermal Energy Storage Markets Expecting Remarkable Expansion

As Business on Camera (BOC) continues to develop and narrate stories about cleantech and innovative Canadian solutions, recent reports are projecting significant growth in the global thermal energy storage (TES) market. This surge is driven by the escalating incorporation of renewable energy sources into the global energy mix, underscoring the pivotal role of TES technologies in facilitating the transition towards sustainable energy systems.

According to Research and Markets, the thermal energy storage market is projected to reach $31.96 million by 2030. TES technologies involve heating or cooling a medium to store energy for later use, allowing for balanced energy consumption between day and night. Various technologies, including sensible heat storage, latent heat storage, and thermochemical storage, are anticipated to offer versatile solutions for thermal energy storage applications.

There are various types of TES technologies, as explained by Research and Markets. Thermal energy storage utilizes water or rock for storing and distributing heat energy, which is considered a feasible option for decreasing energy consumption and lowering CO2 emissions, particularly in residential buildings. Latent heat storage systems, which rely on phase change materials to store heat as latent heat, find applications in buildings and solar energy, allowing for the accumulation and storage of excess heat. Thermochemical heat storage systems, based on chemical reactions, offer further opportunities for energy storage innovation.

Wood Mackenzie’s analysis of the global Battery Energy Storage Systems (BESS) integrator market in 2022 underscores the concentrated nature of the industry, with the top five global system integrators dominating 62 percent of overall BESS shipments. However, supply chain challenges, particularly in transformer availability, pose a bottleneck to the energy storage supply chain, impacting system integrators globally.

Looking ahead, BloombergNEF forecasts significant growth in global energy storage deployments, with total energy storage deployments in 2023 expected to be 34 percent higher than 2022 figures. With durations growing and energy-driven applications for storage taking center stage, the global energy storage market is estimated to expect continued expansion.

These projections underscore the significant growth potential of global thermal energy storage and battery energy storage systems, driven by the increasing demand for renewable, reliable, and flexible energy storage solutions. If implemented at a national scale in Canada, these solutions have potential to create a cleaner power grid, safeguarding Canadians with emissions-free and climate-conscious power.

To learn more about innovative solutions taking hold in Canada, click here or here.