North America Thermal Energy Storage Market Forecast to 2030
North America Thermal Energy Storage Market Forecast to 2030 – Regional Analysis – by Technology (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), Storage Material (Water, Molten Salt, PCM, Others), Application (Power Generation, Process Heating and Cooling, District Heating and Cooling), and End User (Utility, Nonutility)
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Description
Rising Renewable Energy Share Fuels North America Thermal Energy Storage Market
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 Thermal Energy Storage Market Overview
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.
North America Thermal Energy Storage Market Revenue and Forecast to 2030 (US$ Million)
North America Thermal Energy Storage Market Segmentation
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 int o 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.
Summary Info
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According to The Research Team’ research, the North America thermal energy storage market was valued at US$ 4,716.91 million in 2022 and is expected to reach US$ 7,179.17 million by 2030, registering a CAGR of 5.4% from 2022 to 2030. Rising renewable energy share and application of artificial intelligence for optimization and control of thermal energy storage systems are among the critical factors attributed to the North America thermal energy storage market expansion.
Energy storage systems are crucial for boosting the operational efficiency of existing energy sources; these systems help reduce energy consumption and costs, decrease environmental impacts, and improve the power grids’ flexibility and consistency. To improve thermal energy storage systems, artificial intelligence is being integrated into these systems. Different research and development activities are being conducted to understand and implement the viability of artificial intelligence for predicting, optimizing, and monitoring the performance of energy systems that encompass thermal energy storage facilities. Various studies have been led to observe the viability of applying artificial intelligence techniques, such as artificial neural networks (ANN), particle swarm optimization (PSO), adaptive neuro-fuzzy inference system (ANFIS), and square vector machine (SVM), in the energy storage sector. In addition, the global energy trend is shifting toward renewables, and various large-scale solar, wind, and geothermal projects are being initiated across the globe. The development of effective and high-capacity energy storage systems can assist in overcoming the intermittent issue of renewable energy as it can store and discharge energy during a shortage. The implementation of AI in such systems offers various benefits, including rapid decision-making, minimization of human errors, and digital assistance. Further, traditional computing demands a lot of labor and time and can only resolve one issue at a time; as a result, the implementation of AI is rising in these systems. The utilization of AI and other advanced technologies helps optimize operations, forecast energy production and consumption, enhance the system’s efficiency, and reduce energy costs. This factor is expected to fuel the thermal energy storage market growth in the coming years.
On the contrary, lack of technology readiness hampers the North America thermal energy storage market.
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 52.2% share of North America thermal energy storage market in 2022, amassing US$ 2,460.93 million. It is projected to garner US$ 3,585.99 million by 2030 to expand at 4.8% CAGR during 2022–2030.
Based on storage material, the North America thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held 35.0% share of North America thermal energy storage market in 2022, amassing US$ 1,650.92 million. It is projected to garner US$ 2,261.44 million by 2030 to expand at 4.0% CAGR during 2022–2030.
Based on application, the North America thermal energy storage market is segmented into low power generation, process heating and cooling, and district heating and cooling. The district heating and cooling segment held 48.6% share of North America thermal energy storage market in 2022, amassing US$ 2,294.66 million. It is projected to garner US$ 3,334.65 million by 2030 to expand at 4.8% CAGR during 2022–2030.
Based on end user, the North America thermal energy storage market is segmented into utility and nonutility. The utility segment held 60.9% share of North America thermal energy storage market in 2022, amassing US$ 2,872.36 million. It is projected to garner US$ 4,262.66 million by 2030 to expand at 5.1% CAGR during 2022–2030.
Based on country, the North America thermal energy storage market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 59.5% share of North America thermal energy storage market in 2022. It was assessed at US$ 2,806.56 million in 2022 and is likely to hit US$ 4,028.95 million by 2030, exhibiting a CAGR of 4.6% during 2022–2030.
Key players operating in the North America thermal energy storage market are 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, among others.
o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America Thermal Energy Storage Market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the North America Thermal Energy Storage Market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Thermal Energy Storage Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. North America Thermal Energy Storage Market – Key Industry Dynamics
5.1 North America Thermal Energy Storage Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Rising share of renewables
5.2.2 Growing adoption in Concentrated Solar Plants
5.2.3 Increasing Applications of Thermal Energy Storage
5.2.4 Growing Focus on Building Robust Storage Infrastructure
5.3 Market Restraints
5.3.1 Lack of Technology Readiness Levels
5.3.2 Lack of Decarbonization Policies in Underdeveloped Economies
5.3.3 Uncertainties Associated with Future Energy System Development
5.4 Market Opportunities
5.4.1 Application of Thermal Energy Storage Technology in Defense Sector
5.4.2 Deployment of Thermal Energy Storage Technology for Electric Vehicles at Extreme Temperatures
5.5 Future Trends
5.5.1 Application of AI for Optimization and Control of Thermal Energy Storage Systems
5.6 Impact of Drivers and Restraints:
6. Thermal Energy Storage Market – North America Market Analysis
6.1 North America Thermal Energy Storage Market Revenue (US$ Million), 2022 – 2030
6.2 North America Thermal Energy Storage Market Forecast and Analysis
7. North America Thermal Energy Storage Market Analysis – Technology
7.1 Sensible Heat Storage
7.1.1 Overview
7.1.2 Sensible Heat Storage: North America Thermal Energy Storage Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Latent Heat Storage
7.2.1 Overview
7.2.2 Latent Heat Storage: North America Thermal Energy Storage Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Thermochemical Storage
7.3.1 Overview
7.3.2 Thermochemical Storage: North America Thermal Energy Storage Market Revenue and Forecast to 2030 (US$ Million)
8. North America Thermal Energy Storage Market Analysis – Storage Material
8.1 Water
8.1.1 Overview
8.1.2 Water: North America Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Molten Salt
8.2.1 Overview
8.2.2 Molten Salt: North America Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Phase Change Material (PCM)
8.3.1 Overview
8.3.2 Phase Change Material: North America Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Others
8.4.1 Overview
8.4.2 Others: North America Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
9. North America Thermal Energy Storage Market Analysis – Application
9.1 Power Generation
9.1.1 Overview
9.1.2 Power Generation: North America Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
9.2 Process Heating and Cooling
9.2.1 Overview
9.2.2 Process Heating and Cooling: North America Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
9.3 District Heating and Cooling
9.3.1 Overview
9.3.2 District Heating and Cooling Market Revenue, and Forecast to 2030 (US$ Million)
10. North America Thermal Energy Storage Market Analysis – End User
10.1 Utility
10.1.1 Overview
10.1.2 Utility Market Revenue, and Forecast to 2030 (US$ Million)
10.2 Nonutility
10.2.1 Overview
10.2.2 Nonutility Market Revenue, and Forecast to 2030 (US$ Million)
11. North America Thermal Energy Storage Market – Country Analysis
11.1 North America Thermal Energy Storage Market Overview
11.1.1 North America Thermal Energy Storage Market Revenue and Forecasts and Analysis – By Country
11.1.1.1 North America Thermal Energy Storage Market Revenue and Forecasts and Analysis – By Country
11.1.1.2 US: North America Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.2.1 US: North America Thermal Energy Storage Market Breakdown by Technology
11.1.1.2.2 US: North America Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.2.3 US: North America Thermal Energy Storage Market Breakdown by Application
11.1.1.2.4 US: North America Thermal Energy Storage Market Breakdown by End User
11.1.1.3 Canada: North America Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.3.1 Canada: North America Thermal Energy Storage Market Breakdown by Technology
11.1.1.3.2 Canada: North America Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.3.3 Canada: North America Thermal Energy Storage Market Breakdown by Application
11.1.1.3.4 Canada: North America Thermal Energy Storage Market Breakdown by End User
11.1.1.4 Mexico: North America Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.4.1 Mexico: North America Thermal Energy Storage Market Breakdown by Technology
11.1.1.4.2 Mexico: North America Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.4.3 Mexico: North America Thermal Energy Storage Market Breakdown by Application
11.1.1.4.4 Mexico: North America Thermal Energy Storage Market Breakdown by End User
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. COMPANY PROFILES
13.1 Goss Engineering Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Evapco Inc
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Burns & McDonnell Consultants Inc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Baltimore Aircoil Co
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Kelvin Energy Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Sunamp Ltd
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Calmac Corp
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 MAN Energy Solutions SE
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Steffes LLC
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The Research Team
14.2 Word Index
LIST OF TABLES
Table 1. North America Thermal Energy Storage Market Segmentation
Table 2. North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Technology
Table 4. North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Storage Material
Table 5. North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Application
Table 6. North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – End User
Table 7. North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Country
Table 8. US: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 9. US: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 10. US: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 11. US: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 12. Canada: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 13. Canada: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 14. Canada: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 15. Canada: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 16. Mexico: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 17. Mexico: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 18. Mexico: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 19. Mexico: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 20. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Thermal Energy Storage Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: North America Thermal Energy Storage Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. North America Thermal Energy Storage Market Revenue (US$ Million), 2022 – 2030
Figure 6. North America Thermal Energy Storage Market Share (%) – Technology, 2022 and 2030
Figure 7. Sensible Heat Storage: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Latent Heat Storage: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Thermochemical Storage: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. North America Thermal Energy Storage Market Share (%) – Storage Material, 2022 and 2030
Figure 11. Water: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Molten Salt: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Phase Change Material: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Others: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. North America Thermal Energy Storage Market Share (%) – Application, 2022 and 2030
Figure 16. Power Generation: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Process Heating and Cooling: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. District Heating and Cooling Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. North America Thermal Energy Storage Market Share (%) – End User, 2022 and 2030
Figure 20. Utility Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Nonutility Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. North America Thermal Energy Storage Market, By Key Country – Revenue (2022) (US$ Million)
Figure 23. North America Thermal Energy Storage Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 24. US: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 25. Canada: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 26. Mexico: North America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
The List of Companies – North America Thermal Energy Storage Market
o Baltimore Aircoil Co
o Burns & McDonnell Consultants Inc
o Calmac Corp
o Evapco Inc
o Goss Engineering Inc
o MAN Energy Solutions SE
o Steffes LLC
o Sunamp Ltd
o Kelvin Energy Inc
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