As the need for green energy grows, companies are turning to unconventional solutions—from pumped hydroelectric systems that generate electricity by reversing water flow to underground caverns that store hydrogen fuel electrolyzed from water. Some have landed on thermal storage, in which heat is stored in tanks for later use. Basically, the idea is to take excess energy generated by renewables when it's available and save it for times when the power grid can't supply enough, such as at peak demand in the summer for air conditioning. Energy is then stored with technologies like ice and water tanks, phase-change materials or molten salts. Using these techniques, TES can help balance energy demand and supply on a daily and seasonal basis, and reduce peak demand, energy consumption, and CO2 emissions (Dincer, 2011). Imagine storing the energy needed to cool a house in an insulated tank full of water. Solar collectors would transfer the heat to the tank during the day, then the building would draw from that thermal energy during the winter for heating. There are three main kinds of TES—sensible heat storage, latent heat storage and thermal-chemical storage—but sensible heat is the most widely used. This kind of energy storage involves increasing or decreasing the temperature of a medium, and it's relatively inexpensive and well-developed. Other methods, including ice storage and phase-change material storage, are more complex and more experimental but still show promise.
Coherent Market Insights estimates that the market for thermal energy storage market was estimated at US$ 4.65 billion in 2023, and from 2023 to 2030, it is expected to increase to reach US$ 10.16 billion in 2030 at a compound growth rate (CAGR) of 10.3% over the forecast period.
Prominent Companies in the Thermal Energy Storage Industry:
1. BrightSource Energy Inc.
Founded in 2004 and headquartered in Oakland, California, BrightSource Energy Inc. is a significant player in the Thermal Energy Storage market. Operating globally, including countries like Israel and Australia, the company specializes in tower-based CSP technology. This technology employs heliostats to focus sunlight onto a tower receiver, generating steam to drive turbines for electricity. The incorporation of thermal energy storage enhances reliability by storing excess heat for continuous power generation during non-sunlight hours.
2. EnergyNest AS
Established in 2011 and headquartered in Oslo, Norway, EnergyNest AS is a notable player in the thermal energy storage market. Operating globally, including countries like Germany and the United Arab Emirates, the company specializes in integrating thermal storage with renewable solar and wind power. Their technology holds potential for industrial application, reducing emission in energy-intensive sectors. EnergyNest likely focuses on scaling, commercialization, and aligning with sustainability goals.