One of the biggest factors fuelling the surge in the demand for thermal (heat) energy storage is the rapid urbanization across the world and the resultant rise in the demand for electricity, which is contributing toward the growing deployment of various advanced energy generating utilities, including concentrating solar power (CSP) plants. According to China’s National Energy Administration, the installation of nearly 111 CSP projects has been initiated in the country, with a gross capacity of around 9 Gigawatts (GW). Amongst these, the first batch of CSP plants has recently been made operational.
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Thus, the global thermal energy storage market is expected to see an increase in its value from $3,000.9 million in 2017 to $7,472.9 million by 2023, exhibiting a CAGR of 15.9% during the forecast period (2018–2023). The rise in the consumption of power for district cooling and heating purposes is another major factor boosting the demand for thermal energy storage. Power utilities, owing to the limited number of independent heating and cooling systems for commercial and residential buildings, are rapidly establishing energy storage systems, in order to meet the escalating energy demand, thereby fuelling the adoption of thermal energy storage.
There are various ways in which heat energy is stored, such as CSP, ice thermal energy storage, pumped heat electrical storage (PHES), and chilled water thermal energy storage. Out of these, CSP accounted for the largest installed capacity for storing heat energy, in 2017. This is attributed to the massive increase in the deployment of advanced CSP systems over the last few years, especially in countries such as the U.A.E., Australia, and Morocco.
The integration of thermal energy storage systems is primarily observed in the following sectors: power generation, combined heating and cooling, research and development, and micro-grids. Amongst these, the combined heating and cooling sector, on account of the increasing adoption of district heating and cooling purposes, recorded the highest demand for thermal energy storage equipment during 2013–2017. Within the combined heating and cooling sector, residential and commercial buildings registered the highest usage of heat energy storage systems in 2017. This is mainly ascribed to the high requirement for these solutions for temperature regulation in commercial and residential buildings, due to rising urbanization and industrialization rates.
