The Electric Thermal Energy Storage Technology Market research report provides a detailed analysis of diverse segments across 6 regions and 25 countries including Type (Sensible Heat, Latent Heat, Thermochemical), Installation (On-Grid, Off-Grid), Storage (Dynamic, Stationary), End-Users (Residential, Commercial and Industrial, Utilities), Component (Battery, Thermal System, Mechanical System, Chemical Energy Storage).
Productivity, technology enablement, and sustainability remain the key market-driving forces in the global Electric Thermal Energy Storage Technology industry landscape. Companies that invest in that supply chain and operational resiliency are poised to gain a competitive edge over other market players. The global energy investments are set to increase from around $1,652 Billion in 2024 to $2845 Billion in 2040. As the world is making steady progress towards net zero, energy security, affordability, and industrial competitiveness remain key focus areas of most Electric Thermal Energy Storage Technology companies. The Electric Thermal Energy Storage Technology demand trajectory varies based on multiple scenarios, from macroeconomic conditions, regulatory support, investment scenarios, and the global landscape. Decision makers across the Electric Thermal Energy Storage Technology industry value chain formulating long-term transition strategies with a diverse range of future scenarios are likely to stay ahead of the competition curve.
In the electric thermal energy storage technology market, there's a trend towards efficient and scalable thermal storage solutions for grid stabilization and renewable energy integration. Innovations in high-temperature phase change materials, molten salt storage systems, and electric thermal storage units are prevalent trends. Additionally, the adoption of electric thermal energy storage for load shifting, peak demand management, and thermal comfort applications is gaining traction. Moreover, advancements in thermal storage capacity, material durability, and thermal management systems are shaping the market.
Key drivers propelling the electric thermal energy storage technology market include the need for energy storage solutions, the increasing share of renewable energy, and advancements in thermal storage materials. Electric thermal storage offers advantages such as grid flexibility, renewable energy integration, and cost-effective energy storage, driving its adoption in various applications. Moreover, technological advancements in thermal storage systems, smart grid integration, and thermal energy conversion contribute significantly to market growth.
Opportunities in the electric thermal energy storage technology market lie in expanding thermal storage capacities and promoting thermal energy storage for grid stability. Collaboration among thermal storage technology providers, utilities, and energy regulators offers significant growth prospects. Moreover, investing in research and development for advanced thermal storage materials, modular storage systems, and smart thermal management solutions can unlock new avenues for market expansion. Exploring emerging markets with growing renewable energy penetration and promoting the benefits of electric thermal energy storage for grid resilience and renewable integration can further drive market growth and facilitate the widespread adoption of electric thermal energy storage technologies.
Electric Thermal Energy Storage Technology stores electrical energy as thermal energy using resistive heaters or heat pumps. This technology converts excess electricity into heat, storing it in a thermal medium for later use in heating or cooling applications, enhancing energy efficiency.
Type
• Sensible Heat
• Latent Heat
• Thermochemical
Installation
• On-Grid
• Off-Grid
Storage
• Dynamic
• Stationary
End-User
• Residential
• Commercial and Industrial
• Utilities
Component
• Battery
• Thermal System
• Mechanical System
• Chemical Energy Storage
By Region
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)
• Abengoa Solar, S.A.
• Antora Energy, LLC
• Axiom Exergy, Inc.
• Baltimore Aircoil Company, Inc.
• Burns & McDonnell Engineering Company, Inc.
• Calmac Manufacturing Corporation
• DC PRO Engineering LLC
• DN Tanks
• Highview Power Limited
• Ice Energy, Inc.
• SolarReserve, LLC
• Sunamp Limited
• Vattenfall AB
• Deepen your industry insights and navigate uncertainties for strategy formulation, CAPEX, and Operational decisions
• Gain access to detailed insights on the Electric Thermal Energy Storage Technology market, encompassing current market size, growth trends, and forecasts till 2030.
• Access detailed competitor analysis, enabling competitive advantage through a thorough understanding of market players, strategies, and potential differentiation opportunities
• Stay ahead of the curve with insights on technological advancements, innovations, and upcoming trends
• Identify lucrative investment avenues and expansion opportunities within the Electric Thermal Energy Storage Technology industry, guided by robust, data-backed analysis.
• Understand regional and global markets through country-wise analysis, regional market potential, regulatory nuances, and dynamics
• Execute strategies with confidence and speed through information, analytics, and insights on the industry value chain
• Corporate leaders, strategists, financial experts, shareholders, asset managers, and governmental representatives can make long-term planning scenarios and build an integrated and timely understanding of market dynamics
• Benefit from tailored solutions and expert consultation based on report insights, providing personalized strategies aligned with specific business needs.
TABLE OF CONTENTS
1 INTRODUCTION TO 2024 Electric Thermal Energy Storage Technology MARKETS
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 RESEARCH METHODOLOGY
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 EXECUTIVE SUMMARY
3.1 Global Electric Thermal Energy Storage Technology Market Size Outlook, $ Million, 2021 to 2030
3.2 Electric Thermal Energy Storage Technology Market Outlook by Type, $ Million, 2021 to 2030
3.3 Electric Thermal Energy Storage Technology Market Outlook by Product, $ Million, 2021 to 2030
3.4 Electric Thermal Energy Storage Technology Market Outlook by Application, $ Million, 2021 to 2030
3.5 Electric Thermal Energy Storage Technology Market Outlook by Key Countries, $ Million, 2021 to 2030
4 MARKET DYNAMICS
4.1 Key Driving Forces of Electric Thermal Energy Storage Technology Industry
4.2 Key Market Trends in Electric Thermal Energy Storage Technology Industry
4.3 Potential Opportunities in Electric Thermal Energy Storage Technology Industry
4.4 Key Challenges in Electric Thermal Energy Storage Technology Industry
5 MARKET FACTOR ANALYSIS
5.1 Competitive Landscape
5.1.1 Global Electric Thermal Energy Storage Technology Market Share by Company
5.1.2 Product Offerings by Company
5.2 Porter’s Five Forces Analysis
6 GROWTH OUTLOOK ACROSS SCENARIOS
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 GLOBAL Electric Thermal Energy Storage Technology MARKET OUTLOOK BY SEGMENTS
7.1 Electric Thermal Energy Storage Technology Market Outlook by Segments
Type
- Sensible Heat
- Latent Heat
- Thermochemical
Installation
- On-Grid
- Off-Grid
Storage
- Dynamic
- Stationary
End-User
- Residential
- Commercial and Industrial
- Utilities
Component
- Battery
- Thermal System
- Mechanical System
- Chemical Energy Storage
8 NORTH AMERICA Electric Thermal Energy Storage Technology MARKET ANALYSIS AND OUTLOOK TO 2030
8.1 Introduction to North America Electric Thermal Energy Storage Technology Markets in 2024
8.2 North America Electric Thermal Energy Storage Technology Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Electric Thermal Energy Storage Technology Market size Outlook by Segments, 2021-2030
Type
- Sensible Heat
- Latent Heat
- Thermochemical
Installation
- On-Grid
- Off-Grid
Storage
- Dynamic
- Stationary
End-User
- Residential
- Commercial and Industrial
- Utilities
Component
- Battery
- Thermal System
- Mechanical System
- Chemical Energy Storage
9 EUROPE Electric Thermal Energy Storage Technology MARKET ANALYSIS AND OUTLOOK TO 2030
9.1 Introduction to Europe Electric Thermal Energy Storage Technology Markets in 2024
9.2 Europe Electric Thermal Energy Storage Technology Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Electric Thermal Energy Storage Technology Market size Outlook by Segments, 2021-2030
Type
- Sensible Heat
- Latent Heat
- Thermochemical
Installation
- On-Grid
- Off-Grid
Storage
- Dynamic
- Stationary
End-User
- Residential
- Commercial and Industrial
- Utilities
Component
- Battery
- Thermal System
- Mechanical System
- Chemical Energy Storage
10 ASIA PACIFIC Electric Thermal Energy Storage Technology MARKET ANALYSIS AND OUTLOOK TO 2030
10.1 Introduction to Asia Pacific Electric Thermal Energy Storage Technology Markets in 2024
10.2 Asia Pacific Electric Thermal Energy Storage Technology Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Electric Thermal Energy Storage Technology Market size Outlook by Segments, 2021-2030
Type
- Sensible Heat
- Latent Heat
- Thermochemical
Installation
- On-Grid
- Off-Grid
Storage
- Dynamic
- Stationary
End-User
- Residential
- Commercial and Industrial
- Utilities
Component
- Battery
- Thermal System
- Mechanical System
- Chemical Energy Storage
11 SOUTH AMERICA Electric Thermal Energy Storage Technology MARKET ANALYSIS AND OUTLOOK TO 2030
11.1 Introduction to South America Electric Thermal Energy Storage Technology Markets in 2024
11.2 South America Electric Thermal Energy Storage Technology Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Electric Thermal Energy Storage Technology Market size Outlook by Segments, 2021-2030
Type
- Sensible Heat
- Latent Heat
- Thermochemical
Installation
- On-Grid
- Off-Grid
Storage
- Dynamic
- Stationary
End-User
- Residential
- Commercial and Industrial
- Utilities
Component
- Battery
- Thermal System
- Mechanical System
- Chemical Energy Storage
12 MIDDLE EAST AND AFRICA Electric Thermal Energy Storage Technology MARKET ANALYSIS AND OUTLOOK TO 2030
12.1 Introduction to Middle East and Africa Electric Thermal Energy Storage Technology Markets in 2024
12.2 Middle East and Africa Electric Thermal Energy Storage Technology Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Electric Thermal Energy Storage Technology Market size Outlook by Segments, 2021-2030
Type
- Sensible Heat
- Latent Heat
- Thermochemical
Installation
- On-Grid
- Off-Grid
Storage
- Dynamic
- Stationary
End-User
- Residential
- Commercial and Industrial
- Utilities
Component
- Battery
- Thermal System
- Mechanical System
- Chemical Energy Storage
13 COMPANY PROFILES
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
- Abengoa Solar, S.A.
- Antora Energy, LLC
- Axiom Exergy, Inc.
- Baltimore Aircoil Company, Inc.
- Burns & McDonnell Engineering Company, Inc.
- Calmac Manufacturing Corporation
- DC PRO Engineering LLC
- DN Tanks
- Highview Power Limited
- Ice Energy, Inc.
- SolarReserve, LLC
- Sunamp Limited
- Vattenfall AB
14 APPENDIX
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
Electric Thermal Energy Storage Technology stores electrical energy as thermal energy using resistive heaters or heat pumps. This technology converts excess electricity into heat, storing it in a thermal medium for later use in heating or cooling applications, enhancing energy efficiency.
Type
• Sensible Heat
• Latent Heat
• Thermochemical
Installation
• On-Grid
• Off-Grid
Storage
• Dynamic
• Stationary
End-User
• Residential
• Commercial and Industrial
• Utilities
Component
• Battery
• Thermal System
• Mechanical System
• Chemical Energy Storage
By Region
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)
The global Electric Thermal Energy Storage Technology Market is one of the lucrative growth markets, poised to register a 10.5% growth (CAGR) between 2024 and 2030.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Abengoa Solar, S.A., Antora Energy, LLC, Axiom Exergy, Inc., Baltimore Aircoil Company, Inc., Burns & McDonnell Engineering Company, Inc., Calmac Manufacturing Corporation, DC PRO Engineering LLC, DN Tanks, Highview Power Limited, Ice Energy, Inc., SolarReserve, LLC, Sunamp Limited, Vattenfall AB,
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2030; Currency: USD; Volume