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.
Scope of the Study
Market Segments Covered in the Report:
By Technology
- Sensible
- Thermochemical
- Latent
By Storage Material
- Water
- Molten Salt
- Phase Change Material (pcm)
- Others
By End-user
- Commercial & Industrial
- Utilities
- Residential
By Application
- Heating
- Power Generation
- Cooling
By Country
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- 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
- Goss, Inc.
TABLE 1 Europe Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 2 Europe Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 3 Europe Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 4 Europe Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 5 Europe Sensible Market by Country, 2018 - 2021, USD Million
TABLE 6 Europe Sensible Market by Country, 2022 - 2028, USD Million
TABLE 7 Europe Thermochemical Market by Country, 2018 - 2021, USD Million
TABLE 8 Europe Thermochemical Market by Country, 2022 - 2028, USD Million
TABLE 9 Europe Latent Market by Country, 2018 - 2021, USD Million
TABLE 10 Europe Latent Market by Country, 2022 - 2028, USD Million
TABLE 11 Europe Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 12 Europe Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 13 Europe Water Market by Country, 2018 - 2021, USD Million
TABLE 14 Europe Water Market by Country, 2022 - 2028, USD Million
TABLE 15 Europe Molten Salt Market by Country, 2018 - 2021, USD Million
TABLE 16 Europe Molten Salt Market by Country, 2022 - 2028, USD Million
TABLE 17 Europe Phase Change Material (pcm) Market by Country, 2018 - 2021, USD Million
TABLE 18 Europe Phase Change Material (pcm) Market by Country, 2022 - 2028, USD Million
TABLE 19 Europe Others Market by Country, 2018 - 2021, USD Million
TABLE 20 Europe Others Market by Country, 2022 - 2028, USD Million
TABLE 21 Europe Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 22 Europe Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 23 Europe Commercial & Industrial Market by Country, 2018 - 2021, USD Million
TABLE 24 Europe Commercial & Industrial Market by Country, 2022 - 2028, USD Million
TABLE 25 Europe Utilities Market by Country, 2018 - 2021, USD Million
TABLE 26 Europe Utilities Market by Country, 2022 - 2028, USD Million
TABLE 27 Europe Residential Market by Country, 2018 - 2021, USD Million
TABLE 28 Europe Residential Market by Country, 2022 - 2028, USD Million
TABLE 29 Europe Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 30 Europe Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 31 Europe Heating Market by Country, 2018 - 2021, USD Million
TABLE 32 Europe Heating Market by Country, 2022 - 2028, USD Million
TABLE 33 Europe Power Generation Market by Country, 2018 - 2021, USD Million
TABLE 34 Europe Power Generation Market by Country, 2022 - 2028, USD Million
TABLE 35 Europe Cooling Market by Country, 2018 - 2021, USD Million
TABLE 36 Europe Cooling Market by Country, 2022 - 2028, USD Million
TABLE 37 Europe Thermal Energy Storage Market by Country, 2018 - 2021, USD Million
TABLE 38 Europe Thermal Energy Storage Market by Country, 2022 - 2028, USD Million
TABLE 39 Germany Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 40 Germany Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 41 Germany Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 42 Germany Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 43 Germany Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 44 Germany Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 45 Germany Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 46 Germany Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 47 Germany Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 48 Germany Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 49 UK Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 50 UK Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 51 UK Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 52 UK Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 53 UK Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 54 UK Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 55 UK Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 56 UK Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 57 UK Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 58 UK Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 59 France Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 60 France Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 61 France Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 62 France Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 63 France Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 64 France Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 65 France Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 66 France Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 67 France Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 68 France Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 69 Russia Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 70 Russia Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 71 Russia Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 72 Russia Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 73 Russia Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 74 Russia Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 75 Russia Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 76 Russia Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 77 Russia Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 78 Russia Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 79 Spain Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 80 Spain Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 81 Spain Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 82 Spain Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 83 Spain Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 84 Spain Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 85 Spain Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 86 Spain Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 87 Spain Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 88 Spain Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 89 Italy Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 90 Italy Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 91 Italy Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 92 Italy Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 93 Italy Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 94 Italy Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 95 Italy Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 96 Italy Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 97 Italy Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 98 Italy Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 99 Rest of Europe Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 100 Rest of Europe Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 101 Rest of Europe Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 102 Rest of Europe Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 103 Rest of Europe Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 104 Rest of Europe Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 105 Rest of Europe Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 106 Rest of Europe Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 107 Rest of Europe Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 108 Rest of Europe Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 109 Key Information – Baltimore Aircoil Company, Inc.
TABLE 110 Key Information – Steffes, LLC
TABLE 111 Key Information – Dunham-Bush Limited
TABLE 112 Key Information – Evapco, Inc.
TABLE 113 Key Information – SR ENERGY
TABLE 114 Key Information – Caldwell Energy Company
TABLE 115 Key Information – Abengoa
TABLE 116 Key Information – New BrightSource, Ltd.
TABLE 117 Key Information – Terrafore Technologies, LLC
TABLE 118 Key Information – Goss, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 Recent strategies and developments: Baltimore Aircoil Company, Inc.
FIG 3 Recent strategies and developments: Steffes Corp.