Report : Asia Pacific 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)
At 6.1% CAGR, the Asia Pacific Thermal Energy Storage Market is speculated to be worth US$ 6,357.69 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific thermal energy storage market was valued at US$ 3,953.59 million in 2022 and is expected to reach US$ 6,357.69 million by 2030, registering a CAGR of 6.1% from 2022 to 2030. Rising renewable energy share and growing adoption in concentrated solar plants are among the critical factors attributed to the Asia Pacific thermal energy storage market expansion.
TES technology such as molten-salt storage is widely used at concentrated solar plants. Sodium chloride (NaCl), KCl, and MgCl 2 have potential applications in high-temperature thermal energy storage in CSP plants. CSP technologies leverage mirrors to reflect and concentrate daylight onto receivers that accumulate light energy and transform it into thermal energy or heat. This thermal energy can then be applied for industrial heat applications or to provide heat to a turbine or heat engine that can drive a generator and generate electricity. CSP deployment is increasing across the globe owing to the benefits of dispatchable thermal energy storage, including significant cost reductions achieved by the industry. In addition, peaking power plants or peaker plants supply electricity when the demand is elevated or act as a baseload source that can fulfill electricity demands as per the requirement because they are equipped with thermal energy storage. Thus, the rise in the development of the renewable energy sector and favorable government initiatives toward using a sustainable approach to reduce carbon emissions are fueling the investment in concentrated solar power plants (CSPs), which is driving the market growth.
On the contrary, lack of technology readiness hampers the Asia Pacific thermal energy storage market.
Based on technology, the Asia Pacific thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held 53.2% share of Asia Pacific thermal energy storage market in 2022, amassing US$ 2,102.37 million. It is projected to garner US$ 3,170.64 million by 2030 to expand at 5.3% CAGR during 2022–2030.
Based on storage material, the Asia Pacific thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held 40.9% share of Asia Pacific thermal energy storage market in 2022, amassing US$ 1,618.58 million. It is projected to garner US$ 2,484.63 million by 2030 to expand at 5.5% CAGR during 2022–2030.
Based on application, the Asia Pacific 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 46.7% share of Asia Pacific thermal energy storage market in 2022, amassing US$ 1,846.57 million. It is projected to garner US$ 2,907.27 million by 2030 to expand at 5.8% CAGR during 2022–2030.
Based on end user, the Asia Pacific thermal energy storage market is segmented into utility and nonutility. The utility segment held 59.6% share of Asia Pacific thermal energy storage market in 2022, amassing US$ 2,356.04 million. It is projected to garner US$ 3,657.55 million by 2030 to expand at 5.7% CAGR during 2022–2030.
Based on country, the Asia Pacific thermal energy storage market has been categorized into Australia, Japan, China, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 65.1% share of Asia Pacific thermal energy storage market in 2022. It was assessed at US$ 2,573.91 million in 2022 and is likely to hit US$ 3,916.34 million by 2030, exhibiting a CAGR of 5.4% during 2022–2030.
Key players operating in the Asia Pacific thermal energy storage market are Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Evapco Inc, MAN Energy Solutions SE, and Sunamp Ltd, among others.
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