Future of Energy: $100.34 billion Energy as a Service Market will Grow Rapidly by 2030

 The global Energy as a Service Market is anticipated to grow from estimated USD 51.88 billion in 2024 to USD 100.34 billion by 2030, at a CAGR of 11.6% during the forecast period. Major forces driving the Energy as a Service Market include the increased need for energy efficiency, surging energy prices, and global trends toward carbon neutrality and sustainability. Business houses are adopting EaaS solutions in order to bring their energy usage under control and reduce operational cost as they work towards achieving compliance with regulatory mandates toward decarbonizing. Higher growth in the market can be seen through the faster integration of distributed energy resources, which are mainly solar, wind, and energy storage systems. Energy management technologies such as IoT, AI, and demand response systems also now allow real-time optimization and automation of energy. Subscription-based models with minimal upfront capital expenditures and encouraging government policies regarding renewable energy will also help boost the EaaS market significantly.

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By The Energy-Efficiency and Optimization Services segment

Energy efficiency and optimization services are becoming more robust due to the rising demand to monitor the energy costs and achieve proper energy efficiency compliance. Buildings across the world account for 30% of energy consumption and about 40% of CO2 emissions that have increased the demand for energy optimization solutions. The energy efficiency investments have risen to USD 600 billion in 2022, wherein control of the cost and efforts to overcome the sustainability dimension are becoming more crucial. In this scenario, with the emergence of the advanced technologies of IoT, AI, and machine learning, the scope has been created to monitor energy usage in real time, analytics in terms of predictability, and autonomous control abilities with increased optimisation capability.

The Industrial segment, by end user

Industrial is primarily represented by the manufacturing of automobiles, the chemical industries, the recycling industries, military, and others like steel manufacturing and paper & pulp. Energy use in the industrial sector encompasses a large area, from process and assembly to steam and cogeneration, from process heating and cooling to lighting, heating, and air-conditioning buildings. Renewable energy sources are used for 46% of global electricity generation, and wind and solar PV make up 30%. Solar PV will be the leading source in 2030, followed by wind, both of which pass hydropower. Industrial companies' electricity use makes up a major part of global CO2 emissions because it relies on fossil fuel-based power generation. The industry would account for about 44% of global electricity use. Energy-as-a-Service is increasingly becoming a model adopted by industries for optimal usage of energy, cost-effectiveness, and sustainability. Manufacturing facilities use EaaS to handle high energy demands through on-site solar installations, battery storage systems, and demand response programs.

Regional Analysis

Europe Energy as a Service Market size is projected to reach USD 28.99 billion by 2030, at a CAGR of 11.2% between 2024 and 2030. Energy services for heating, cooling, cooking, lighting, transport, and manufacturing are indispensable for society.Over the last two decades renewable energy in the EU has expanded greatly as a result of favorable policies and technological developments; following the significant decline in greenhouse gas emissions in 1990, these emissions have now been continually reducing. The 20% renewable target achieved by the EU in 2020, and in 2023, renewable sources were estimated to be taking 24.1% of the final energy use in the EU. The European region is in the midst of a transformative shift in its power sector, one that is more focused on energy security, solidarity, and trust as it diversifies energy sources and optimizes the use of energy at home. A fully integrated internal energy market is aimed to ensure the free flow of energy across the EU, promoting competition and providing the best energy prices. Energy efficiency measures focus on reducing pollution and greenhouse gas emissions while decreasing dependency on imported energy. The EaaS project has been funded by the European Union's Horizon 2020 research and innovation program. This project focuses on mainstreaming an innovative and disruptive business financing scheme and aims to increase and accelerate the adoption of energy efficient technologies by SMEs in the EU. The EaaS suggests a program that intends to establish and implement a new business model and financial structure that will enable and facilitate the market transition and adoption to the energy-efficient equipment-as-a-service.

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Key Players

The Energy as a Service Market is dominated by major players that have a wide regional presence. Some of the key players in the Energy as a Service Market are Johnson Controls (Ireland), Veolia (France), Schneider Electric (France), Ameresco (US), Siemens (Germany), EDF Energy (US), Edison International (US), GE Vernova (US), Honeywell International Inc. (US), Centrica plc (UK), Alpiq Holding AG (Switzerland), and Duke Energy Corporation (US) among others.

Electrolyzers Market will Grow Rapidly by 2030

 The global Electrolyzers Market Share is expected to grow from estimated USD 3.75 billion in 2024 to USD 78.01 billion by 2030, at a CAGR of 65.9% during the forecast period. This growth mainly comes in response to supportive government initiatives that encourage renewable energy technologies as well as advancements in the electrolysis process. Electrolyzers play a crucial role in the production of hydrogen since they split water into hydrogen and oxygen using electricity that can be generated from renewable sources, such as solar and wind energies. As nations accelerate efforts to decarbonize and reduce the reliance on fossil fuels, electrolyzers are increasingly important in diverse applications involving power generation, transportation, or industrial processes. The recent interest in hydrogen fuel cells and green ammonia production further underlines the potential of the electrolyser market as the basis of global energy transition towards sustainable solutions.

Regional Analysis

Europe is the leading region for the Electrolyzer Market primarily due to its strengthened commitment to decarbonization and a more developed framework for adopting renewable energy. Most European countries have launched ambitious hydrogen strategies and policies, such as the European Green Deal and the "Fit for 55" package, which give priority to the production of green hydrogen to reach net-zero emission goals. The region sees considerable investment in renewable energy infrastructure, especially solar and wind power with seamless integration with technologies such as electrolyzers. Furthermore, Europe has an impressive industrial base and proactive collaborations between governments, private enterprises, and research institutions: a confluence that helps establish innovation and the scaling of electrolyzer production. This strategic focus puts Europe at the helm of the race toward a global hydrogen economy.

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Anion exchange membrane, by Technology

Anion exchange membrane (AEM) is now becoming the most rapidly growing technology in the Electrolyzers Market, owing to its unique combination of cost-effectiveness and performance efficiency. While PEM systems are rather expensively made using precious metal catalysts, non-precious metal catalysts are used in AEM, making them much cheaper. Besides this, the possibility of low-energy operation and compatibility with renewable sources makes it even more attractive during transition into green hydrogen. Membrane technology and scalability in the manufacturing processes further increase the efficiency of and robustness of AEM-based electrolyzers faster and make them favourites for those industries that look for low-cost, environmentally friendly hydrogen production.

Key Players

Some of the major players in the Electrolyzers Market as Siemens Energy (Germany), Nel ASA (Norway), thyssenkrupp nucera (Germany), John Cockerill (Belgium), Plug Power Inc. (US),  among others. The major strategies adopted by these players include new product launches, acquisitions, joint ventures, and expansions.

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Thyssenkrupp nucera

Thyssenkrupp nucera is a cleantech company and a leading provider of hydrogen and chlorine technologies. thyssenkrupp nucera, formerly known as Uhde Chlorine Engineers, was established as a joint venture between Industrie De Nora and thyssenkrupp AG. The company primarily deals in the supply of clean energy with green hydrogen at an industrial scale. thyssenkrupp nucera offers chlor-alkali and alkaline water electrolysis procedures for producing sustainable aviation fuels, hydrogen, chlorine, and others. The net hydrogen produced through its electrolyzers can cater to a very wide scope of applications: ranging from energy-notably, mobility-and various other industries. In addition, the company provides solutions for integrating grid-scale renewable energy and industrial-scale hydrogen use. thyssenkrupp nucera is also engaged in engineering, procurement, and construction of electrochemical plants. In 2022, the company signed an engineering and supply contract with Shell plc to set up a 200 MW green hydrogen facility in Rotterdam, Netherlands. The company enjoys a good presence in Japan and Germany.

John Cockerill

John Cockerill, formerly known as CMI Group, designs, integrates, upgrades, and maintains equipment across energy, defense, steelmaking, environmental, and general industrial sectors.  It also serves energy, environment, transport, hydrogen, solar, cooling, wind, nuclear, innovation, mobility, maintenance, water treatment, air & gas treatment, and waste to energy sector. The company has a solid presence in metals, heat treatment, surface treatment, and industrial project services, providing a wide array of solutions designed to meet diverse industrial needs. Through its hydrogen division, the company supplies alkaline electrolyzers for various applications, including energy, industry, and mobility.for various applications, such as energy, industrial, and mobility. The company also offers electrolyzers through its joint venture Cockerill Jingli Hydrogen (CJH). John Cockerill provides the most robust electrolyzers in the market, with the capacity to generate up to 1,300 Nm³ per hour, equating to 6.5 MW.The company has a presence in 24 countries across 5 continents. In December 2023, John Cockerill has entered the North American market with the groundbreaking of its first alkaline electrolyzer gigafactory in Baytown, Texas.

Nel ASA

Nel ASA is a hydrogen company specializing in electrolysers, hydrogen generation plants, hydrogen refueling stations, distributed energy systems, and energy storage. It designs solutions to produce and distribute hydrogen generated from renewable energy sources. The company also focuses on providing turnkey solutions for hydrogen energy storage. Various industries and energy & gas companies are major end users of its hydrogen technology. Nel ASA operates through two business segments: FUELING and Electrolyzer. It serves Electrolyzer Market through its Electrolyzer business segment. Under this, the company offers hydrogen production equipment and plants based on electrolyzer technology and power-to-gas systems. Nel ASA specializes in alkaline and proton exchange membrane (PEM) electrolyzers. It produces green hydrogen by harnessing energy from renewable sources such as solar and wind. The electrolyzers offered by the company have applications in various industries, such as chemicals, refining, metals, electronics, and others. The company has operations worldwide and a presence in approximately 20 countries. It has manufacturing facilities in Notodden, Norway; Wallingford, UK; and Connecticut, US. Its production facilities in Norway and Connecticut are utilized to manufacture electrolyzers. Since its establishment, the company has delivered approximately 2,700 proton exchange membrane (PEM) electrolyzers and 800 alkaline electrolyzers in more than 80 countries worldwide.

Attractive Opportunities in Energy as a Services Market

The global Energy as a Service Market is projected to grow from USD 64.7 billion in 2022 to USD 105.6 billion by 2027, at a CAGR of 10.3% according to a new report by MarketsandMarkets™. Increasing distributed energy resources, new revenue generation streams for utilities, availability of federal and state tax benefits for energy-efficiency projects and decreasing cost of renewable power generation and storage solutions are driving the demand for energy as a service globally. Due to the manufacturing advances and various technological improvements, the costs of various renewables and storage systems such as solar PVs, fuel cells, grid-based energy storage, especially batteries, and combined heat and power declined significantly in the recent times. The decreasing costs of solar PV are encouraging users to install these resources for generating electricity. Also, governments across the globe are revising energy policies and providing incentives that are encouraging and facilitating a shift from traditional power generation techniques to power generation from clean and renewable forms of energy, including wind and solar. This is evident from the huge investments in the renewable sector in the past decade.

The utilities are therefore offering sophisticated solutions, which include technological as well as financing support to reduce energy consumption and improve energy efficiency, thereby creating new revenue generating streams for themselves. They have started providing solutions that combine energy procurement, efficiency, and load balancing. The utilities are also providing long-term Energy Service Performance Contract (ESPC), Utility Energy Saving Contracts (USPC), and Power Purchase Agreement (PPA) that are either pay-for-service or similar to a performance contract in which costs are covered by energy savings. These contracts help the utilities secure revenue for a long time from the end-users.

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The Energy as a Service Market includes prominent Tier I and Tier II manufacturers like ENGIE, Enel X, Schneider Electricity, Ameresco and Siemens. These companies have their spread across Europe, North America, Asia Pacific, and other regions. Various services are offered by these players for instance, energy efficiency solutions, energy infrastructure, energy intelligence software, operation and maintenance services and many more. These services is used to increase the efficiency of the end-user industry and the growth of these industries is expected to also lead to the growth of the Energy as a Service Market.

The energy supply services segment is expected to dominate the Energy as a Service Market, by type, during the forecast period.

Energy supply services refer to the idea where a building’s energy requirements are taken care of by an outside company, typically utilities or service providers. The current energy markets are more complex than they have been in the past. Utilities traditionally would provide electricity to a building at a rate based on the time of consumption, and there was not much a building owner could do to change their overhead energy costs. Also, energy supply services protect end-users from grid blackouts and weather extremes that would threaten the operations of a traditional grid connected commercial and industrial entities. In energy as a service operation, energy supply services are increasingly delivered through Energy Services Agreements (ESAs) that are performance-based contracts through which a service provider agrees to finance, develop, and deploy renewable energy projects for clients without any upfront capital expenditures. In addition to this, consumers do not have any responsibility to maintain and upgrade the equipment.

The commercial segment is expected to be the largest and fastest growing market, of end-user, during the forecast period.

The commercial segment includes establishments such as healthcare, educational institutions, airports, data centers, leisure centers, warehouses, hotels, and others. Global energy consumption in buildings has decoupled from the growth in floor space and economic outputs. This shows that consumers and businesses can make use of energy services more efficiently and at a greater value. For instance, Edison was awarded an energy performance contract with the Putnam Valley Central School District to significantly improve the energy efficiency of the District’s buildings and infrastructure and slow the pace of escalating energy costs.

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The North America likely to emerge as the largest Energy as a Service Market

Energy as a service represents a shift from customer-owned equipment toward a model where the service provider maintains ownership, and the customer pays for the services provided by the equipment. Key country-wise markets in the regions have also been studied in this section. North America is expected to lead the Energy as a Service Market with major utilities in the region looking to diversify their revenue streams with major transformations driven by decarbonization, decentralization, and digitization. In addition to this, as the regions demand cleaner and sustainable power increases, energy efficiency in North America is moving to integrate Distributed Energy Resources (DERs) to help ensure grid reliability, meet state and provincial efficiency requirements, and help commercial and industrial users to meet their emissions reduction targets and goals.

The Energy as a Service Market is dominated by major players that have a wide regional presence. Some of the key players in the Energy as a Service Market are ENGIE (France), Enel X (Italy), Schneider Electric (France), Ameresco (US), Siemens (France), General Electric (US), Veolia (France), Honeywell (US), Centrica (Netherlands), Alpiq (Switzerland), WGL Energy (US), Orsted (Denmark), Bernhard Energy Solutions (US).

Battery Monitoring System Market to exceed $5.47 Billion by 2022

 The global battery monitoring system market is projected to grow at a CAGR of 18.23%, to reach a market size of USD 5.47 Billion by 2022, from an estimated USD 2.37 Billion in 2017. North America is estimated to be the largest market for battery monitoring systems, followed by Asia Pacific and Europe. The growth of the battery monitoring system market is mainly driven by a booming demand for global connectivity, accompanied by an increasing demand for data centers, increasing investments in renewable energy, energy storage, and the infrastructure industry to accommodate the rising demand for power globally. The increased operational efficiency of batteries and rising demand for electric vehicles are expected to boost the demand for battery monitoring systems.

The battery monitoring system has been segmented based on battery type into lithium-ion based, lead-acid, and others. The others includes nickel-based and flow batteries. The lithium-ion based segment accounts for the largest share of the battery monitoring system market. The key applications of lithium-ion battery monitoring systems are electric and hybrid electric vehicles, power tools, and power supply backup. The increasing deployment of lithium-ion batteries in these applications has resulted in the largest share of the lithium-ion batteries segment compared to other battery types.

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The North America region is expected to be the Largest Market for Battery Monitoring System

The battery monitoring system market in North America is expected to lead the global market by 2022 and is projected to grow at the second-highest CAGR from 2017 to 2022. Market growth in this region can be attributed to increasing investments in data centers and growing renewable power generation capacities. Countries such as the US and Canada are the key markets for battery monitoring systems in North America.

Asia Pacific: the fastest growing market for battery monitoring systems

The battery monitoring system market in Asia Pacific is expected to grow at the fastest rate due to increasing investments in the data centers sector and growing renewable power generation in the region. The Chinese market is expected to dominate the battery monitoring system market in Asia Pacific. The battery monitoring system market is expected to grow at a high rate in countries such as China, South Korea and those in South-East Asia. An all-round effort by the governments of various countries in the region to reduce greenhouse gases and an emphasis on obtaining power from renewable sources is also likely to drive the battery monitoring system market in the region.

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The Battery Monitoring System Market is dominated by both global and regional players. The key players operating in the market include NDSL (UK), Texas Instruments (US), PowerShield (New Zealand), BatteryDAQ (US), Canara (US), and Eagle Eye (US). The other players in this market include HBL (India), Schneider Electric (France), Curtis (US), Socomec (France), BTECH (US), ABB (Switzerland), and SBS (US).

Meter Data Management System Market: New Business Opportunities

The global Meter Data Management System Market is projected to reach $428 million by 2023 from an estimated $169 million in 2018, at a CAGR of 20.48% from 2018 to 2023. This growth can be attributed to the increased government policies and supportive mandates for smart meter installations and need for accurate utility bill generation.

The electricity segment is expected to be the fastest growing segment of the meter data management system

The electricity segment is estimated to dominate the meter data management system market in 2018 and is projected to have the largest market share during the forecast period. This is mainly because there is increased global rollout of smart meters to reduce energy consumption and monitor customer usage pattern to determine load and outage management. Furthermore, meter data management allows utilities to develop new business models such as time of consumption tariff rate which is further expected to contribute to the growth of the electricity segment.

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The residential segment is expected to be the largest contributor the meter data management system

The meter data management system by end-use is segmented into residential, commercial, and industrial users. The residential segment is expected to hold the largest market share and the fastest growing market with increasing mandated rollout of smart meters in the residential sectors across regions such as the EU and North America. Countries such as the UK, France, Italy, and the US have mandated smart meter installation targets by 2023.

Furthermore, residential consumers will have access to their energy consumption data through meter data management system that will in turn help them in improving their energy consumption. In addition to this, grid upgrade, energy efficiency targets, and transmission and distribution investment in North America and Europe is further contributing to the growth of the residential segment.

North America is expected to be the largest market for meter data management system

North America is estimated to dominate the global meter data management system market in 2018 owing to the smart meter installation development and growth in countries such the US, Canada and Mexico. There is a huge requirement for power and infrastructural development due to aging grid network in the region. The US and Mexico are also investing in infrastructure and power generation projects to tackle growing population demands.

The growth of the meter data management system market in this region is also driven by smart meter rollouts and need to stabilize the grid and generate accurate utility billing. Subsequent smart grid development programs, microgrid, energy storage, and EV charging infrastructure is further expected to propel the growth of the market in the region.

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The major players in the global Meter Data Management System Market are Itron (US), Siemens (Germany), Landis+Gyr (Switzerland), Honeywell (US) and Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), Kamstrup (Denmark), DIEHL (Germany), and Alcara (US).

Thermal Energy Storage Market: High Demand from Utilities for Concentrated Solar Power Plants Storage Solutions

 According to the new market research report published by MarketsandMarkets™, the global Thermal Energy Storage Market size is expected to grow from an estimated USD 188 million in 2020 to USD 369 million by 2025, at a CAGR of 14.4% from 2020 to 2025. Market growth can be attributed to the increasing demand for electricity storage technologies associated with rising number of CSP projects, and increasing HVAC applications.

The power generation segment is expected to be the largest contributor in the thermal energy storage market.

Thermal energy storage in concentrating solar power (CSP) plants can help in overcoming the intermittency of the solar resource and also reduce the levelized cost of energy (LCOE) by utilizing power for extended periods of time. TES systems can collect energy during sunshine hours and store it in order to shift its delivery to a later time or to facilitate plant output during cloudy weather conditions. Hence, the operation of a solar thermal power plant can be extended beyond periods of no solar radiation without the need to burn fossil fuels. Energy storage not only reduces the mismatch between supply and demand but also improves the performance and reliability of energy systems and plays an important role in conserving energy.

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The utilities segment is expected to be the biggest end user of thermal energy storage.

Thermal energy storage systems are incorporated in electric utility plants as a viable demand-side management option. These systems use ice or chilled water technologies for storing thermal energy in tanks during utility off-peak hours. This helps to meet the peak demand with fewer power plants by shifting customer’s power demand to off-peak hours. Many utilities currently offer time-of-day pricing to their customers and sell power at a lower price during off-peak hours.

The molten salt segment is expected to grow at the fastest rate.

Molten salts are the most commonly used storage media for thermal energy storage as these have higher boiling points and high volumetric heat capacities. When energy is needed, the salt is pumped into a steam generator that boils water, spins a turbine, and generates electricity. 

Europe held the largest share of the Thermal Energy Storage Market in 2019.

According to the IRENA, Europe’s installed CSP capacity is predicted to rise from 2.3 GW in 2017 to 4 GW by 2030, based on the market framework and current costs. Attempts of European nations to meet carbon reduction targets, shift from coal-fired power generation, and simultaneous hike in renewable energy generation will also support the case for dispatchable CSP plants with storage.

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Abengoa Solar, Burns & McDonnell, SolarReserve, BrightSource Energy, Calmac, MAN Energy Solutions, and Baltimore Air Coil Technology are the leading players in the Thermal Energy Storage Market. Cristopia Energy, Cryogel, Caldwell Energy, Dunham Bush, Goss Engineering, Steffes Corporation, DN Tanks, Turbine Air Systems (TAS), Evapco Inc., Fafco, Sunwell Tehnologies, DC Pro Engineering, CB&I (McDermott), and LIME are other players operating in the global thermal energy storage market.

Advanced Energy Storage Systems Market: Rise in Demand for Storing Renewable Energy

 

The global advanced energy storage systems market to grow from USD 12.7 billion in 2017 to USD 19.0 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.4% during 2017 to 2022. The growth of the advanced energy storage systems market is attributed to increasing renewable energy investments and growth in the electric vehicles market globally and regulatory changes demanding energy efficiency.

Renewables have now become the first choice for expanding, upgrading, and modernizing power systems around the world. According to Bloomberg New energy finance wind and solar energy accounted for 90% of the 2015 investments in renewable power.

The developed as well as developing countries are revising energy policies to include a considerable portion of generation, to be sourced from renewable energy resources that includes wind and solar. Financial incentives by government bodies and associated returns are increasing investments in renewable energy, which are expected to boost the advanced energy storage systems market.

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According to the United Nations Sustainable Energy for All initiative (SE4All), around USD 45 billion investments is required by 2030, to provide universal access to the modern electric power. Advanced energy storage is expected to play a prominent role in these investments by strengthening the grid against diverse threats, such as natural disasters and facilitating improved deployment of both new and existing resources.

Energy storage system in transportation application is expected to emerge as a major segment in the advanced energy storage systems market

The advanced energy storage systems market application segments into transportation and grid storage. The transportation segment is expected to hold the largest market share by 2022. The growth in this segment is primarily driven by increasing deployment of lithium-ion batteries in the electric vehicles market. Moreover, grid expansion and investment in modern infrastructure in developing countries also present opportunities for growth. Battery-powered vehicles available today include hybrid vehicles, plug-in hybrid vehicles, and electric vehicles. With ongoing research and development activities by major automotive companies, the usage of lithium-ion batteries is expected to increase at a rapid rate in electric vehicles by 2022.

Asia Pacific: The leading market for advanced energy storage systems

The Asia Pacific is estimated to be the fastest growing market for advanced energy storage systems from 2017 to 2022. Increasing use of renewable energy resources for power generation, especially in China, South Korea, India and increase in number of electric vehicles are driving the demand for advanced energy storage systems in this region. The growing need for energy reliability and efficiency are also expected to spur the growth of the market and represents a promising opportunity for major advanced energy storage systems providers.

The major players in the Advanced Energy Storage Systems Market include ABB Ltd. (Switzerland), LG Chem, Ltd. (South Korea), Samsung SDI Co., Ltd (South Korea), General Electric Company (US), and Tesla, Inc. (US). 

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Thermal Energy Storage Market to Witness Massive Growth by 2022

The global thermal energy storage market is projected to grow at a CAGR of 11.0% to reach USD 6.20 Billion by 2022. The Middle East & African region is estimated to be the largest market, followed by Asia-Pacific. The trend is expected to continue till 2022. The growth of the thermal energy storage market is driven by rising impetus on renewable energy generation such as concentrated solar power, increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems are expected to drive the growth of thermal energy storage industry. High demand in CSP, especially in the Middle East & African region offers lucrative opportunity for thermal energy storage.

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Rising impetus on renewable energy generation such as concentrated solar power drives the global thermal energy storage market

Concentrated Solar Power (CSP) when combined with Thermal Energy Storage (TES) offers grid flexibility and is commonly coupled with TES as well as conventional fuels. Unlike other renewable generation resources, such as solar photovoltaics (PV) or wind, it is easily dispatch able. Ongoing research in TES technologies has increased interest in CSP, as it uses thermal energy of sunlight to generate electricity. Parabolic troughs and power towers are the two most common designs which concentrate sunlight against a Heat-Transfer Fluid (HTF), used to drive a steam turbine. CSP is advantageous over non-dispatch able renewable generation sources (PV, wind) and the design of its plant, built with TES, facilitates energy shifting to periods without solar resource. The dispatch ability of CSP with TES enables higher penetration of the grid by providing backup power even during periods of low solar radiation. TES with CSP can reduce efficiency losses by shifting generation to hours with lower ambient temperatures associated with dry cooling, thus, driving the TES market.

Government incentives for thermal energy storage systems drive the growth of this market

TES helps shifting electrical load by creating and storing ice or cold water during the day or later evening hours, when energy rates are lower. When rates are higher during the afternoon hours, the building’s HVAC system uses this cold resource stored beforehand, to reduce cooling costs, and maintain comfortable facility temperatures. State’s investor-owned utilities (IOUs) administer a wide variety of public-purpose-funded energy efficiency programs. For example, in the U.S., IOUs that offer such programs are Pacific Gas and Electric (PG&E), Southern California Edison (SCE), Southern California Gas (SoCal Gas), San Diego Gas and Electric (SDG&E), and Southwest Gas Corporation (SWG). Rebates are offered for the installation of new distributed generation equipment, specifically wind turbines, Combined Heat and Power (CHP), biogas, fuel cells, and advanced energy storage, through the Self-Generation Incentive Program (SGIP), which is administered by PG&E, SCE, SoCal Gas, and, for customers of SDG&E, the center for sustainable energy. Incentives which range from USD 0.44/watt to USD 1.46/watt, depending on technology, are capped at 3 MW, although there are no criteria for minimum or maximum system size.

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The thermal energy storage market is dominated by a few global players. Some of the key players operating in the thermal energy storage market are Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar (Spain), SolarReserve, LLC (U.S.), and Burns & McDonnell (U.S.) among others.

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