2020 Deep Research Report on Global and China Thermal Energy Storage (Material) Industry


Molten salt is the most commonly used thermal energy storage medium, which has a higher boiling point and a higher volumetric heat capacity. When energy is needed, the molten salt will be pumped into the steam generator, which will boil the water, spin the turbine and generate electricity.

  The heat storage material is a new material that can store and release heat energy on demand. The heat storage equipment made of this material not only has high energy storage density, but also has the characteristics of low cost, convenient transportation and long energy storage time, which will create a new way to capture and store solar energy. At present, the latest material is composed of azobenzene and carbon nanotubes. In addition to the advantages of diruthenium fullvalene, it also has the characteristics of low price and good thermal stability, and it surpasses lithium-ion batteries in energy density.

The "2020 Global and China Thermal Energy Storage (Material) Industry Deep Research Report" issued by the New Thinking Industry Research Center shows that the global thermal energy storage industry market will grow from US$194 million in 2020 to 4.05 in 2025. Billion US dollars, with a compound annual growth rate of 15.9%. The growth in the size of the thermal energy storage market can be attributed to factors such as the increasing demand for power storage technology related to the increase in the number of CSP projects and the increase in HVAC applications.

  Divided by technology, sensible heat storage is the largest market segment

The thermal energy storage in the form of "sensible heat" is based on the specific heat of the storage medium, which is stored in a storage tank with high thermal insulation. The most widely used and commercialized heat storage medium is molten salt, which has many commercial and industrial applications. Molybdenum salt has excellent thermal properties and has been used in more than 50% of operating thermal energy projects so far. Similarly, in terms of economies of scale, reasonable heat storage technology is the most cost-effective.

  By dividing storage materials, molten salt materials are expected to grow at the fastest rate during the forecast period

  Molten salt is the most commonly used thermal energy storage medium, which has a higher boiling point and a higher volumetric heat capacity. When energy is needed, the molten salt will be pumped into the steam generator, which will boil the water, spin the turbine and generate electricity.

  The power generation field is expected to become the largest contributor to the market during the forecast period

   Thermal energy storage in concentrated solar power plants (CSP) can help overcome the intermittency of solar energy, and can also reduce the levelized cost of energy (LCOE) by extending the use time. The TES system can collect energy and store it during sunshine hours to postpone its delivery to a later time or to promote factory output in cloudy weather conditions. Therefore, the operation of solar thermal power plants can be extended to periods without solar radiation without burning fossil fuels. Energy storage not only reduces the mismatch between supply and demand, but also improves the performance and reliability of the energy system, and plays an important role in saving energy.

  By downstream users, the utility sector is expected to become the largest contributor during the forecast period

  The thermal energy storage system has been incorporated into the power plant as a viable demand-side management option. These systems use ice water or chilled water technology to store thermal energy in storage tanks during utility off-peak hours. By shifting customers' power demand to off-peak hours, this helps to meet peak demand with fewer power plants. Currently, many utility companies offer time-of-day pricing to their customers and sell electricity at lower prices during off-peak hours.

  Europe accounted for the largest share of the thermal energy storage market in 2019

   The installed capacity of CSP in Europe is expected to increase from 2.3 GW in 2017 to 4 GW in 2030. Countries in the European region try to achieve carbon emission reduction targets, and raise interest rates while switching from coal-fired power generation to renewable energy power generation. This will also support the development of dispatchable CSP plants with storage.

   The major players in the global heat storage market include companies such as Abengoa Solar (Spain), Burns & McDonnell (US), BrightSource Energy (US), Calmac (US) and SolarReserve (US).