Report : Europe 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 4.9% CAGR, the Europe Thermal Energy Storage Market is speculated to be worth US$ 10,497.06 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Europe thermal energy storage market was valued at US$ 7,183.01 million in 2022 and is expected to reach US$ 10,497.06 million by 2030, registering a CAGR of 4.9% from 2022 to 2030. Rising renewable energy share and application of thermal energy storage technology in the defense sector are among the critical factors attributed to the Europe thermal energy storage market expansion.
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.
On the contrary, lack of technology readiness hampers the Europe thermal energy storage market.
Based on technology, the Europe thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held 52.4% share of Europe thermal energy storage market in 2022, amassing US$ 3,764.06 million. It is projected to garner US$ 5,258.93 million by 2030 to expand at 4.3% CAGR during 2022–2030.
Based on storage material, the Europe thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held 39.7% share of Europe thermal energy storage market in 2022, amassing US$ 2,853.09 million. It is projected to garner US$ 3,994.81 million by 2030 to expand at 4.3% CAGR during 2022–2030.
Based on application, the Europe 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 49.6% share of Europe thermal energy storage market in 2022, amassing US$ 3,561.88 million. It is projected to garner US$ 4,932.05 million by 2030 to expand at 4.2% CAGR during 2022–2030.
Based on end user, the Europe thermal energy storage market is segmented into utility and nonutility. The utility segment held 59.0% share of Europe thermal energy storage market in 2022, amassing US$ 4,237.12 million. It is projected to garner US$ 5,999.49 million by 2030 to expand at 4.4% CAGR during 2022–2030.
Based on country, the Europe thermal energy storage market has been categorized into Germany, France, Italy, Russia, the UK, and the Rest of Europe. Our regional analysis states that Germany captured 50.6% share of Europe thermal energy storage market in 2022. It was assessed at US$ 3,635.32 million in 2022 and is likely to hit US$ 4,723.68 million by 2030, exhibiting a CAGR of 3.3% during 2022–2030.
Key players operating in the Europe thermal energy storage market are Abengoa SA, Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Evapco Inc, MAN Energy Solutions SE, and Sunamp Ltd, among others.
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