Thermal energy storage refers to a technology that stocks thermal energy, by heating or cooling a storage medium, which can be used for power generation or heating and cooling applications. This system helps in balancing energy demand and supply on a seasonal, weekly, or daily basis. Such storage systems can also reduce energy consumption, costs and emissions, peak demand while increasing overall system efficiency. The conversion and storage of wind and solar energy aids in increasing the share of renewables in the energy mix.
Owing to the various advantages of thermal energy storage systems, they are being increasingly adopted in green buildings or environment-friendly buildings. With the surging environmental concerns and rising focus on reducing carbon footprint, green buildings are being constructed at an exponential rate. Due to this reason, the thermal energy storage market will advance at a CAGR of 15.9% during 2018–2023. The market was valued at $3,000.9 million in 2017 and it is projected to reach $7,472.9 million revenue by 2023.
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In recent years, underground thermal energy storage (UTES) technology has gained traction, especially in North America and Europe, due to the strong presence of salt caverns and aquifers in these regions. This new technology is largely used for underground power generation and energy storage purposes. Thus, the development of this technology will create ample opportunities for companies such as Abengoa Solar S.A., Caldwell Energy Company, Dunham-Bush Holding Bhd., Baltimore Aircoil Company, CRISTOPIA Energy Systems, BrightSource Energy Inc., DC PRO Engineering, CALMAC, Cryogel, and SolarReserve LLC.
Thus, the booming electricity demand and rising preference for green buildings will augment the need for thermal energy storage systems in the coming years.
