South & Central America Thermal Energy Storage Market Forecast to 2030

South & Central 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

The South & Central America thermal energy storage market is expected to grow from US$ 1,630.37 million in 2022 to US$ 3,851.69 million by 2030. It is estimated to grow at a CAGR of 11.3% from 2022 to 2030.

Application of thermal energy storage technology in the defense sector Fuels South & Central America Thermal Energy Storage Market

Defense applications impose a set of challenges on the usage of energy storage infrastructure. A stable, reliable, and steady power supply is important in defense applications. Phase change materials (PCM) are one of the most promising technologies in thermal energy storage. PCMs are being significantly employed and researched for enhancing thermal performance of buildings by stabilizing temperature peaks as well as power-saving functions where heating or cooling is essential. The exclusive features of a PCM-based latent heat storage system can be used in lightweight prefabricated PUF (polyurethane foam) insulated shelters leveraged by security forces to upsurge the system’s thermal resistance or used in the process of storing surplus heat from sporadic renewable sources during daytime for usage at night. These features primarily help in maintaining a comfortable temperature inside the shelters. Governments of various countries are launching several research and development projects in the field of PCM applications to meet the problems of extreme temperatures met by armed forces: for example, high-capacity heat sinks for critical instruments and hot jackets for high-altitude areas. Thus, the rise in the application of thermal energy storage technology in the defense sector is likely to create lucrative opportunities for the thermal energy storage market growth during the forecast period.

South & Central America Thermal Energy Storage Market Overview

In South & Central America, Brazil and Argentina are the major countries in terms of thermal energy storage. Brazil dominates the thermal storage market in the region, followed by Argentina. The increasing energy demand from the residential, industrial, and commercial sectors, along with the rising renewable energy drive, is positively influencing the need for thermal energy storage in countries in South & Central America. Changing energy domain scenarios and growing approach toward energy security are anticipated to boost the thermal energy storage demand across the region in the coming years. Brazil is leading the market for thermal energy storage and is anticipated to remain the same in the coming years. The growing focus on increasing the share of renewables in the overall energy mix and aiming toward achieving net zero carbon emission targets are a few driving factors for the thermal energy storage market. At COP26, Brazil declared its long-term goal to achieve net-zero emissions by 2050 and a 50% carbon emissions reduction plan by 2030. Energy policy in Brazil mainly highlights renewable energy generation, specifically in transportation and electricity sectors. The country is still implementing and initiating plans, policies, and mandates to achieve a sustainable approach toward climate change and working toward influencing the end users for opting renewables instead of conventional energy sources. Increased demand for storing the energy produced from renewable sources for use in the time of requirement and cost-efficient approaches for storage are boosting the growth of the thermal energy storage market in Brazil.

South & Central America Thermal Energy Storage Market Revenue and Forecast to 2030 (US$ Million)

South & Central America Thermal Energy Storage Market Segmentation

The South & Central America thermal energy storage market is segmented into technology, storage material, application, end user, and country .

Based on technology , the South & Central 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 South & Central America thermal energy storage market in 2022.

Based on storage material , the South & Central America thermal energy storage market is segmented into water, molten salt, PCM, and others . The water segment held the largest share of the South & Central America thermal energy storage market in 2022.

Based on application , the South & Central 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 South & Central America thermal energy storage market in 2022.

Based on end user, the South & Central America thermal energy storage market is segmented into utility and nonutility . The utility segment held a larger share of the South & Central America thermal energy storage market in 2022.

Based on country, the South & Central America thermal energy storage market is segmented int o Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America thermal energy storage market in 2022.

Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Evapco Inc, and MAN Energy Solutions SE are some of the leading companies operating in the South & Central America thermal energy storage market.

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At 11.3% CAGR, the South & Central America Thermal Energy Storage Market is speculated to be worth US$ 3,851.69 million by 2030, says The Research Team

According to The Research Team’ research, the South & Central America thermal energy storage market was valued at US$ 1,630.37 million in 2022 and is expected to reach US$ 3,851.69 million by 2030, registering a CAGR of 11.3% 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 South & Central 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 South & Central America thermal energy storage market.

Based on technology, the South & Central America thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held 52.7% share of South & Central America thermal energy storage market in 2022, amassing US$ 858.98 million. It is projected to garner US$ 1,919.14 million by 2030 to expand at 10.6% CAGR during 2022–2030.

Based on storage material, the South & Central America thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held 40.3% share of South & Central America thermal energy storage market in 2022, amassing US$ 656.51 million. It is projected to garner US$ 1,486.28 million by 2030 to expand at 10.8% CAGR during 2022–2030.

Based on application, the South & Central 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 48.4% share of South & Central America thermal energy storage market in 2022, amassing US$ 789.50 million. It is projected to garner US$ 1,769.94 million by 2030 to expand at 10.6% CAGR during 2022–2030.

Based on end user, the South & Central America thermal energy storage market is segmented into utility and nonutility. The utility segment held 56.8% share of South & Central America thermal energy storage market in 2022, amassing US$ 926.04 million. It is projected to garner US$ 2,102.83 million by 2030 to expand at 10.8% CAGR during 2022–2030.

Based on country, the South & Central America thermal energy storage market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 54.3% share of South & Central America thermal energy storage market in 2022. It was assessed at US$ 885.94 million in 2022 and is likely to hit US$ 2,009.04 million by 2030, exhibiting a CAGR of 10.8% during 2022–2030.

Key players operating in the South & Central America thermal energy storage market are Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Evapco Inc, and MAN Energy Solutions SE, among others.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South & Central 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 South & Central 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 South & Central 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. South & Central America Thermal Energy Storage Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. South & Central America Thermal Energy Storage Market – Key Industry Dynamics
5.1 South & Central 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 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 – South & Central America Market Analysis
6.1 South & Central America Thermal Energy Storage Market Revenue (US$ Million), 2022 – 2030
6.2 South & Central America Thermal Energy Storage Market Forecast and Analysis
7. South & Central America Thermal Energy Storage Market Analysis – Technology
7.1 Sensible Heat Storage
7.1.1 Overview
7.1.2 Sensible Heat Storage: South & Central 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: South & Central 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: South & Central America Thermal Energy Storage Market Revenue and Forecast to 2030 (US$ Million)
8. South & Central America Thermal Energy Storage Market Analysis – Storage Material
8.1 Water
8.1.1 Overview
8.1.2 Water: South & Central 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: South & Central 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: South & Central America Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Others
8.4.1 Overview
8.4.2 Others: South & Central America Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
9. South & Central America Thermal Energy Storage Market Analysis – Application
9.1 Power Generation
9.1.1 Overview
9.1.2 Power Generation: South & Central 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: South & Central 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: South & Central America Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
10. South & Central America Thermal Energy Storage Market Analysis – End User
10.1 Utility
10.1.1 Overview
10.1.2 Utility: South & Central America Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
10.2 Nonutility
10.2.1 Overview
10.2.2 Nonutility: South & Central America Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
11. South & Central America Thermal Energy Storage Market – Country Analysis
11.1 South & Central America Thermal Energy Storage Market Overview
11.1.1 South & Central America Thermal Energy Storage Market Revenue and Forecasts and Analysis – By Countries
11.1.1.1 Brazil: South & Central America Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.1.1 Brazil: South & Central America Thermal Energy Storage Market Breakdown by Technology
11.1.1.1.2 Brazil: South & Central America Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.1.3 Brazil: South & Central America Thermal Energy Storage Market Breakdown by Application
11.1.1.1.4 Brazil: South & Central America Thermal Energy Storage Market Breakdown by End User
11.1.1.2 Argentina: South & Central America Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.2.1 Argentina: South & Central America Thermal Energy Storage Market Breakdown by Technology
11.1.1.2.2 Argentina: South & Central America Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.2.3 Argentina: South & Central America Thermal Energy Storage Market Breakdown by Application
11.1.1.2.4 Argentina: South & Central America Thermal Energy Storage Market Breakdown by End User
11.1.1.3 Rest of SAM: South & Central America Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.3.1 Rest of SAM: South & Central America Thermal Energy Storage Market Breakdown by Technology
11.1.1.3.2 Rest of SAM: South & Central America Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.3.3 Rest of SAM: South & Central America Thermal Energy Storage Market Breakdown by Application
11.1.1.3.4 Rest of SAM: South & Central 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 Evapco 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 Baltimore Aircoil Co
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 Sunamp Ltd
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 MAN Energy Solutions SE
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
14. Appendix
14.1 About The Research Team
14.2 Word Index

LIST OF TABLES

Table 1. South & Central America Thermal Energy Storage Market Segmentation
Table 2. South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Technology
Table 4. South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Storage Material
Table 5. South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Application
Table 6. South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – End User
Table 7. South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Country
Table 8. Brazil: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 9. Brazil: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 10. Brazil: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 11. Brazil: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 12. Argentina: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 13. Argentina: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 14. Argentina: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 15. Argentina: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 16. Rest of SAM: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 17. Rest of SAM: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 18. Rest of SAM: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 19. Rest of SAM: South & Central 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. South & Central America Thermal Energy Storage Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: South & Central America Thermal Energy Storage Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. South & Central America Thermal Energy Storage Market Revenue (US$ Million), 2022 – 2030
Figure 6. South & Central America Thermal Energy Storage Market Share (%) – Technology, 2022 and 2030
Figure 7. Sensible Heat Storage: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Latent Heat Storage: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Thermochemical Storage: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. South & Central America Thermal Energy Storage Market Share (%) – Storage Material, 2022 and 2030
Figure 11. Water: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Molten Salt: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Phase Change Material: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Others: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. South & Central America Thermal Energy Storage Market Share (%) – Application, 2022 and 2030
Figure 16. Power Generation: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Process Heating and Cooling: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. District Heating and Cooling: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. South & Central America Thermal Energy Storage Market Share (%) – End User, 2022 and 2030
Figure 20. Utility: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Nonutility: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. South & Central America Thermal Energy Storage Market, By Key Country – Revenue (2022) (US$ Million)
Figure 23. South & Central America Thermal Energy Storage Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 24. Brazil: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 25. Argentina: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 26. Rest of SAM: South & Central America Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)

The List of Companies – South & Central America Thermal Energy Storage Market

o Baltimore Aircoil Co
o Burns & McDonnell Consultants Inc
o Evapco Inc
o MAN Energy Solutions SE

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