United Kingdom Thermal Energy Storage Market
The United Kingdom Thermal Energy Storage market is gaining momentum as the country strives to decarbonize its energy system and achieve net-zero emissions by 2050. The integration of renewable energy sources, such as wind and solar, into the national grid has highlighted the need for effective energy storage solutions to manage supply and demand fluctuations. TES systems are increasingly recognized for their ability to store excess energy and provide it during peak demand, thereby enhancing grid stability and efficiency.
One of the primary drivers of the TES market in the UK is the increasing adoption of district heating networks. These systems, which provide centralized heating to residential and commercial buildings, are incorporating TES to store surplus thermal energy and optimize energy use. For instance, the Glenrothes Energy Network in Scotland utilizes TES to store heat generated from a biomass plant and supply it to local buildings, reducing reliance on fossil fuels. Additionally, TES is being used in commercial buildings and industrial processes to improve energy efficiency and reduce operational costs. Ice storage systems, which create ice during off-peak hours and use it for cooling during peak times, are becoming popular in commercial sectors.
The UK government is actively supporting the TES market through various initiatives and funding programs. The Department for Business, Energy & Industrial Strategy (BEIS) has launched several competitions and grants to promote the development and deployment of innovative TES technologies. Research and development efforts are also focused on advancing TES solutions, including the use of PCMs and advanced insulation materials to improve efficiency and reduce costs. Collaboration between academia, industry, and government is fostering innovation and driving the growth of the TES market. As the UK continues to transition towards a low-carbon economy, the demand for TES systems is expected to increase, playing a vital role in achieving the country's energy and climate goals.
The thermal energy storage market refers to the industry involved in the development, production, and deployment of systems and technologies for storing thermal energy. Thermal energy storage (TES) systems are designed to capture and store thermal energy in order to use it at a later time when needed. This technology helps to improve energy efficiency, reduce peak demand, and enhance the integration of renewable energy sources into the grid.
The thermal energy storage market was valued at USD 26.2 billion in 2021, and it is expected to expand from USD 267.39 billion in 2024 to USD 957.07 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 15.20% during the forecast period (2024 - 2032).
There are various types of thermal energy storage technologies available, including sensible heat storage, latent heat storage, and thermochemical storage. Sensible heat storage involves storing heat in a material by increasing its temperature, such as using heated water or molten salts. Latent heat storage involves storing heat through a phase change, such as the solid-liquid transition of materials like paraffin wax or phase change materials (PCMs). Thermochemical storage uses chemical reactions to store and release heat energy.
Regional Analysis
North America, particularly the United States and Canada, has seen significant growth in thermal energy storage applications. The focus has been on renewable energy integration, grid stabilization, and reducing peak demand. Several large-scale TES projects have been implemented, such as concentrated solar power (CSP) plants with thermal storage in the southwestern United States.
Europe has been at the forefront of adopting thermal energy storage technologies. The region has been actively investing in sustainable energy solutions and has supported the deployment of TES systems. Countries like Germany, Spain, and Denmark have been leaders in implementing TES, primarily in district heating and cooling systems, as well as solar thermal applications.
Asia, particularly China and India, has shown a growing interest in thermal energy storage. China has been investing heavily in renewable energy and has integrated TES in concentrated solar power projects. In India, TES has been utilized in solar power plants and industrial applications. Other countries in Southeast Asia, such as Singapore and Malaysia, are also exploring TES solutions.
Market Segmentation
Thermal Energy Storage market has been segmented into Technology, Storage Material, End User.
Technology : Sensible Heat Storage , Latent Heat Storage , Thermochemical Storage
Material : Water , Molten Salt , Phase Change Material ,
End User : Commercial & Industrial , Utilities , Residential
Key Players
Caledonian MacBrayne (UK), Ice Energy (US), Steffes Corporation (US), Burns & McDonnell (US), DN Tanks (US), FAFCO, Inc (US), Abengoa Solar (Spain), Brightsource Energy, Inc. (US), Baltimore Aircoil Company (US), Solarreserve, LLC (US), Calmac (UK), and Cristopia Energy Systems (India)
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