The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. In November 2018, the National Energy Administration of China disclosed that it might increase its solar target in 2020 to at least 210 GW and has the potential to reach as high as 270 GW. Solar energy has experienced an average annual growth rate of 49% globally due to strong federal policy mechanisms to encourage the adoption of the energy, Investment Tax Credit for solar power, and increasing demand for clean energy from both public and private sectors across all major economies in North America, Europe, and Asia Pacific region. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases. In addition, countries are likely to make investments in renewables a key part of stimulus packages to reinvigorate their economies. 
- 76) 6.1 INTRODUCTION 6.1.1 IMPACT OF COVID-19 ON GDP TABLE 8 GDP ANALYSIS (%) 6.1.2 SCENARIO ANALYSIS OF GLOBAL POWER SECTOR FIGURE 28 ANNUAL AVERAGE GROWTH RATE OF ELECTRICITY DEMAND, 20172020 6.1.3 OPTIMISTIC SCENARIO TABLE 9 OPTIMISTIC SCENARIO: MARKET, BY REGION, 20182025 (USD THOUSAND) 6.1.4 REALISTIC SCENARIO TABLE 10 REALISTIC SCENARIO: MARKET, BY REGION, 20182025 (USD THOUSAND) 6.1.5 PESSIMISTIC SCENARIO TABLE 11 PESSIMISTIC SCENARIO: MARKET, BY REGION, 20182025 (USD THOUSAND), 7 THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY (Page No. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. 80% of fortune 2000 companies rely on our research to identify new revenue sources. To define, describe, segment, and forecast the global market by technology, storage material, application, end user, and region, in terms of value, To provide critical analysis of the drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the market, To provide a detailed overview of the thermal energy storage value chain, To strategically analyze the global market with respect to individual growth trends, future expansions, and contribution of each segment to the market, To analyze opportunities in the market for stakeholders and provide details of the competitive landscape of the market, To forecast the growth of the global market in key regions, namely, Americas, Europe, Asia Pacific, and Middle East & Africa, To profile and rank key players and comprehensively analyze their market shares, To analyze competitive developments in the market, such as product launches, investments & expansions, contracts & agreements, expansions & investments, mergers & acquisitions, joint ventures, and partnerships & collaborations, Further breakdown of region or country-specific analysis, Detailed analyses and profiling of additional market players (up to 5). This can be achieved through continuous policy support to CSP projects across the Middle East and Africa, Asia Pacific, and North America regions. Thermal energy storage, in the form of sensible heat, is based on the specific heat of a storage medium, which is kept in storage tanks with high thermal insulation. The deployment of decentralized renewable energy is powering a disrupting transformation of the energy sector. Hydro contributed 1,200 TWh (increased by 3.2%), wind contributed 366 TWh (increased by 20%), PV contributed 177.5 TWh (increased by 50%), and biomass contributed 90.6 TWh (increased by 14%) to the countrys overall energy generation from renewables. The economic viability of a TES depends heavily on application and operation needs, including the number and frequency of storage cycles. The latent heat storage segment is the fastest-growing during the forecasted period. Both top-down and bottom-up approaches were used to estimate the total market size. After arriving at the overall market sizeusing the market size estimation processes as explained abovethe market was split into segments and subsegments. Molten salts are the most commonly used storage media for thermal energy storage as these have higher boiling points and high volumetric heat capacities. In the US, pumped-storage hydropower (PSH) is by far the most popular form of energy storage which accounts for 95% of utility-scale energy storage. The cost of a complete system for sensible heat storage ranges between Euros 0.1/kWh10/kWh (USD 0.11/kWh10.7/kWh), depending on the size, application, and thermal insulation technology. The thermal energy storage is driven by major factors such as increasing demand for electricity and the rising consumption of solar CSP. With the given market data, MarketsandMarkets offers customizations as per the clients specific needs. *Details on Business overview, Products/solutions/services offered, Recent Developments,SWOT Analysis, MNM view might not be captured in case of unlisted companies. This will be further supplemented by supportive government policies for renewable energy technologies in multiple countries. - 87) 8.1 INTRODUCTION FIGURE 30 MOLTEN SALTS SEGMENT IS EXPECTED TO CONTINUE TO ACCOUNT FOR LARGEST SIZE OF MARKET DURING 20202025 TABLE 19 MARKET SIZE, BY STORAGE MATERIAL, 20182025 (USD THOUSAND) 8.2 WATER 8.2.1 WATER-BASED THERMAL ENERGY STORAGE SYSTEMS REQUIRE LOW INVESTMENT TABLE 20 WATER: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 8.3 MOLTEN SALT 8.3.1 LITHIUM SALTS 8.3.1.1 Good thermophysical properties and low costs of lithium salts make them more demandable for CSP thermal plants 8.3.2 POTASSIUM SALTS 8.3.2.1 Binary and ternary salts, including potassium nitrate, make good storage materials for thermal energy storage TABLE 21 MOLTEN SALT: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 8.4 PHASE CHANGE MATERIALS (PCM) 8.4.1 PCMS ENABLE TARGET-ORIENTED DISCHARGING TEMPERATURES TABLE 22 PHASE CHANGE MATERIALS: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 8.5 OTHERS TABLE 23 OTHERS: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND), 9 THERMAL ENERGY STORAGE MARKET, BY APPLICATION (Page No. Thus, integration of thermal energy storage in CSP plants is likely to drive the market growth. - 98) 10.1 INTRODUCTION FIGURE 32 UTILITIES SEGMENT IS EXPECTED TO CONTINUE TO DOMINATE MARKET DURING FORECAST PERIOD TABLE 28 MARKET SIZE, BY END USER, 20182025 (USD THOUSAND) 10.2 UTILITIES 10.2.1 INCREASING FOCUS ON POWER LOAD MANAGEMENT DURING PEAK HOURS IS DRIVING DEMAND FROM UTILITIES TABLE 29 UTILITIES: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 10.3 COMMERCIAL 10.3.1 THERMAL ENERGY STORAGE SYSTEMS ARE USED FOR HVAC APPLICATIONS IN COMMERCIAL SECTOR TABLE 30 COMMERCIAL: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 10.4 INDUSTRIAL 10.4.1 HIGH VOLUMES OF WASTE HEAT GENERATED IN INDUSTRIES IS ENCOURAGING USE OF TES SYSTEMS FOR PROCESS HEATING & COOLING APPLICATIONS TABLE 31 INDUSTRIAL: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND), 11 THERMAL ENERGY STORAGE MARKET, BY REGION (Page No. The Government of India has set a target of installing 175 GW of renewable energy capacity by 2022; this includes adding 60 GW from wind, 10 GW from bio power, 100 GW from solar, and 5 GW from small hydropower to its overall renewable capacity. At the start of 2020, the development of renewable energy technologies in several markets was already challenged by financing, policy uncertainties, and grid integration, which has been intensified further by COVID-19. Costs of latent heat storage systems based on PCMs range between Euros 10/kWh50/kWh (USD 10.7/kWh53.5/kWh) while TCS costs are estimated to range from Euros 8/kWh100/kWh (USD 8.56/kWh107/kWh). Renewable energy distributed through the grid, as well as through mini-grids and off-grid installations, have provided power to 30% of the people who have gained access to electricity since 2000. - 175) 14.1 INTRODUCTION 14.2 LIMITATIONS 14.3 ENERGY STORAGE INTERCONNECTED MARKETS 14.4 CONCENTRATING SOLAR POWER (CSP) MARKET 14.4.1 MARKET DEFINITION 14.4.2 LIMITATIONS 14.4.3 MARKET OVERVIEW 14.4.4 CONCENTRATING SOLAR POWER MARKET, BY TECHNOLOGY TABLE 118 CONCENTRATING SOLAR POWER MARKET, BY TECHNOLOGY, 20182025 (USD MILLION) 14.4.4.1 Solar power towers TABLE 119 SOLAR POWER TOWERS: CONCENTRATING SOLAR POWER MARKET SIZE, BY REGION, 20182025 (USD MILLION) 14.4.4.2 Linear concentrating systems TABLE 120 LINEAR CONCENTRATING SYSTEMS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.4.3 Stirling dish technology TABLE 121 STIRLING DISH TECHNOLOGY: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.5 CONCENTRATING SOLAR POWER MARKET, BY OPERATION TYPE TABLE 122 CONCENTRATING SOLAR POWER MARKET, BY OPERATION TYPE, 20182025 (USD MILLION) 14.4.5.1 Stand-alone systems TABLE 123 STAND-ALONE SYSTEMS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.5.2 With storage TABLE 124 WITH STORAGE: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6 CONCENTRATING SOLAR POWER MARKET, BY CAPACITY TABLE 125 CONCENTRATING SOLAR POWER MARKET, BY CAPACITY, 20182025 (USD MILLION) 14.4.6.1 Less than 50 MW TABLE 126 LESS THAN 50 MW: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6.2 50 MW to 99 MW TABLE 127 50 MW TO 99 MW: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6.3 100 MW and Above TABLE 128 100 MW AND ABOVE: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7 CONCENTRATING SOLAR POWER MARKET, BY END USER TABLE 129 CONCENTRATING SOLAR POWER MARKET, BY END USER, 20182025 (USD MILLION) 14.4.7.1 Utilities TABLE 130 UTILITIES: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7.2 EOR TABLE 131 EOR: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7.3 Others TABLE 132 OTHERS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.8 CONCENTRATING SOLAR POWER MARKET, BY REGION TABLE 133 GLOBAL CONCENTRATING SOLAR POWER MARKET, CAPACITY, BY REGION, 20182025 (IN MW) TABLE 134 GLOBAL CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.5 RESIDENTIAL ENERGY STORAGE MARKET 14.5.1 MARKET DEFINITION 14.5.2 LIMITATIONS 14.5.3 MARKET OVERVIEW 14.5.4 RESIDENTIAL ENERGY STORAGE MARKET, BY POWER RATING TABLE 135 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY POWER RATING, 20172024 (USD MILLION) 14.5.4.1 36 kW TABLE 136 36 KW: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.4.2 610 kW TABLE 137 610 KW: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.5 RESIDENTIAL ENERGY STORAGE MARKET, BY TECHNOLOGY TABLE 138 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 20172024 (USD MILLION) 14.5.5.1 Lithium-ion TABLE 139 LITHIUM-ION: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.5.2 Leadacid TABLE 140 LEADACID: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6 RESIDENTIAL ENERGY STORAGE MARKET, BY OWNERSHIP TYPE TABLE 141 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY OWNERSHIP TYPE, 20172024 (USD MILLION) 14.5.6.1 Customer owned TABLE 142 CUSTOMER OWNED: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6.2 Utility owned TABLE 143 UTILITY OWNED: RESIDENTIAL ENRGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6.3 Third-party owned TABLE 144 THIRD-PARTY OWNED: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.7 RESIDENTIAL ENERGY STORAGE MARKET, BY OPERATION TYPE TABLE 145 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY OPERATION TYPE, 20172024 (USD MILLION) 14.5.7.1 Standalone systems TABLE 146 STANDALONE SYSTEMS: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.7.2 Solar and storage TABLE 147 SOLAR AND STORAGE: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.8 RESIDENTIAL ENERGY STORAGE MARKET, BY CONNECTIVITY TYPE TABLE 148 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY CONNECTIVITY TYPE, 20172024 (USD MILLION) 14.5.8.1 On-grid TABLE 149 ON-GRID: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.8.2 Off-grid TABLE 150 OFF-GRID: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.9 RESIDENTIAL ENERGY STORAGE MARKET, BY REGION TABLE 151 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.6 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET 14.6.1 MARKET DEFINITION 14.6.2 LIMITATIONS 14.6.3 MARKET OVERVIEW 14.6.4 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY TECHNOLOGY TABLE 152 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY TECHNOLOGY, 20152022 (USD MILLION) 14.6.4.1 Solar PV TABLE 153 SOLAR PV: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.2 Wind TABLE 154 WIND: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.3 Energy Storage TABLE 155 ENERGY STORAGE: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.4 Combined Heat & Power (CHP) TABLE 156 COMBINED HEAT & POWER: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.5 Others TABLE 157 OTHERS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY SOFTWARE TABLE 158 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY SOFTWARE, 20152022 (USD MILLION) 14.6.5.1 Analytics TABLE 159 ANALYTICS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5.2 Management & Control TABLE 160 MANAGEMENT & CONTROL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5.3 Virtual Power Plants TABLE 161 VIRTUAL POWER PLANTS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY END-USER TABLE 162 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY END-USER INDUSTRY, 20152022 (USD MILLION) 14.6.6.1 Industrial TABLE 163 INDUSTRIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.2 Government & Municipalities TABLE 164 GOVERNMENT & MUNICIPALITIES: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.3 Commercial TABLE 165 COMMERCIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.4 Military TABLE 166 MILITARY: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.5 Residential TABLE 167 RESIDENTIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.7 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY REGION TABLE 168 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION), 15 APPENDIX (Page No. The net additions of renewable electricity capacity in 2020 are projected to decline by 13% compared with 2019. Which region dominates during the forecasted period in the thermal energy storage market? What are the major drivers for the thermal energy storage market? In 2021, renewable energy capacity addition is projected to increase with the resumption of the majority of the delayed projects. Collectively, these 2 sources of energy continue to dominate renewable energy generation, accounting for 73% of growth since 2014. - 153)(Business overview, Products/solutions/services offered, Recent Developments,SWOT Analysis, MNM view)* 13.1 ABENGOA FIGURE 41 ABENGOA: COMPANY SNAPSHOT 13.2 MAN ENERGY SOLUTIONS 13.3 BRIGHTSOURCE ENERGY 13.4 BALTIMORE AIRCOIL COMPANY 13.5 SOLARRESERVE 13.6 CALDWELL ENERGY 13.7 BURNS & MCDONNELL 13.8 CRISTOPIA ENERGY 13.9 CRYOGEL THERMAL ENERGY STORAGE 13.10 DUNHAM BUSH 13.11 STEFFES CORPORATION 13.12 TURBINE AIR SYSTEMS (TAS) 13.13 EVAPCO 13.14 CALMAC 13.15 CB&I (MCDERMOTT) 13.16 LIME 13.17 VOGTICE 13.18 SUNWELL TECHNOLOGIES 13.19 DC PRO ENGINEERING 13.20 FAFCO. The speedy growth of decentralized renewable energy technologies is likely to change the structure of the energy sector towards a multi-operator set-up in which large utilities interact with captive consumers and mini-utilities. This will lead to a rebound in new installations, and as a result, the next year is forecast to reach the same level of renewable electricity capacity additions as in 2019. Choosing the appropriate technology ensures that the installation helps a commercial facility to consume electricity in as cost-effective manner as possible. Thermal energy storage stocks solar thermal energy by cooling or heating a storage medium, such as sand, rocks, water, and molten salt, in order to use the stored energy later for cooling and heating applications and power generation. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. - 93) 9.1 INTRODUCTION FIGURE 31 DISTRICT HEATING & COOLING SEGMENT IS EXPECTED TO CONTINUE TO ACCOUNT FOR LARGEST SIZE OF MARKET DURING 20202025 TABLE 24 MARKET SIZE, BY APPLICATION, 20182025 (USD THOUSAND) 9.2 POWER GENERATION 9.2.1 UPCOMING CSP PROJECTS TO DRIVE POWER GENERATION APPLICATION OF THERMAL ENERGY STORAGE TABLE 25 POWER GENERATION: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 9.3 DISTRICT HEATING & COOLING 9.3.1 EVOLVING SMART CITY CONCEPT AND HVAC APPLICATIONS IN MIDDLE EAST AND EUROPEAN COUNTRIES IS DRIVING MARKET GROWTH TABLE 26 DISTRICT HEATING & COOLING: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 9.4 PROCESS HEATING & COOLING 9.4.1 INCREASING DEMAND FOR THERMAL ENERGY STORAGE TO PROVIDE HEATING AND COOLING SOLUTIONS FOR ENERGY-INTENSIVE INDUSTRIES IS FUELING MARKET GROWTH TABLE 27 PROCESS HEATING & COOLING: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND), 10 THERMAL ENERGY STORAGE MARKET, BY END USER (Page No. According to the IEA estimates, the number of new renewable power installations worldwide is set to fall in 2020 as a result of the unprecedented global COVID-19 crisis. After that, the market breakdown and data triangulation were done to estimate the market size of the segments and subsegments. According to the IEA, CSP generation increased by an estimated 34% in 2019 and is expected to grow in coming years as well. Thermal energy storage systems are incorporated in electric utility plants as a viable demand-side management option. The decline is represented by delays in construction activities due to supply chain disruptions caused mainly by China, lockdown measures across all major economies, social-distancing guidelines for workers, and the subsequent financing challenges. The COVID-19 impact is further intensified by policy uncertainties associated with the newly financed renewable energy projects, just before the COVID-19 outbreak. This study involved four major activities in estimating the current market size. Many utilities currently offer time-of-day pricing to their customers and sell power at a lower price during off-peak hours. Some of the key CSP thermal energy storage technologies include single-tank thermocline system, two-tank indirect system, and two-tank direct system. Similarly, the Spanish government raised its renewable energy target to 74% by 2030, and also aims to add 157 GW of renewable energy capacity. In contrast, the entire building load cannot be backed up with just thermal storage. 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. For the analysis of the COVID-19 impact on the market, we have considered key parameters such as the impact of COVID-19 on electricity demand and power sector investment. All these factors have been considered for the scenario analysis of COVID-19 impact on the global thermal energy storage market. This facilitates uninterrupted operations of CSP plants. Most of the battery storage projects that system operators (ISOs/RTOs) develop are for short-term energy storage and are not built to replace the traditional grid. To achieve 100% electrification rate by 2030, the share of decentralized renewable energy share will need to increase significantly. These methods were also used extensively to estimate the size of various subsegments in the market. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. These facilities are used for grid reliability, to integrate renewables into the grid, and to provide relief to the energy grid during peak hours. Leading players in the global thermal energy storage market are Abengoa Solar, Burns & McDonnell, SolarReserve, BrightSource Energy, Calmac, MAN Energy Solutions, and Baltimore Air Coil Technology, with high-end technological innovation. This marks the first annual decline in 20 years since 2000 for renewable energy capacity addition.
- 76) 6.1 INTRODUCTION 6.1.1 IMPACT OF COVID-19 ON GDP TABLE 8 GDP ANALYSIS (%) 6.1.2 SCENARIO ANALYSIS OF GLOBAL POWER SECTOR FIGURE 28 ANNUAL AVERAGE GROWTH RATE OF ELECTRICITY DEMAND, 20172020 6.1.3 OPTIMISTIC SCENARIO TABLE 9 OPTIMISTIC SCENARIO: MARKET, BY REGION, 20182025 (USD THOUSAND) 6.1.4 REALISTIC SCENARIO TABLE 10 REALISTIC SCENARIO: MARKET, BY REGION, 20182025 (USD THOUSAND) 6.1.5 PESSIMISTIC SCENARIO TABLE 11 PESSIMISTIC SCENARIO: MARKET, BY REGION, 20182025 (USD THOUSAND), 7 THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY (Page No. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. 80% of fortune 2000 companies rely on our research to identify new revenue sources. To define, describe, segment, and forecast the global market by technology, storage material, application, end user, and region, in terms of value, To provide critical analysis of the drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the market, To provide a detailed overview of the thermal energy storage value chain, To strategically analyze the global market with respect to individual growth trends, future expansions, and contribution of each segment to the market, To analyze opportunities in the market for stakeholders and provide details of the competitive landscape of the market, To forecast the growth of the global market in key regions, namely, Americas, Europe, Asia Pacific, and Middle East & Africa, To profile and rank key players and comprehensively analyze their market shares, To analyze competitive developments in the market, such as product launches, investments & expansions, contracts & agreements, expansions & investments, mergers & acquisitions, joint ventures, and partnerships & collaborations, Further breakdown of region or country-specific analysis, Detailed analyses and profiling of additional market players (up to 5). This can be achieved through continuous policy support to CSP projects across the Middle East and Africa, Asia Pacific, and North America regions. Thermal energy storage, in the form of sensible heat, is based on the specific heat of a storage medium, which is kept in storage tanks with high thermal insulation. The deployment of decentralized renewable energy is powering a disrupting transformation of the energy sector. Hydro contributed 1,200 TWh (increased by 3.2%), wind contributed 366 TWh (increased by 20%), PV contributed 177.5 TWh (increased by 50%), and biomass contributed 90.6 TWh (increased by 14%) to the countrys overall energy generation from renewables. The economic viability of a TES depends heavily on application and operation needs, including the number and frequency of storage cycles. The latent heat storage segment is the fastest-growing during the forecasted period. Both top-down and bottom-up approaches were used to estimate the total market size. After arriving at the overall market sizeusing the market size estimation processes as explained abovethe market was split into segments and subsegments. Molten salts are the most commonly used storage media for thermal energy storage as these have higher boiling points and high volumetric heat capacities. In the US, pumped-storage hydropower (PSH) is by far the most popular form of energy storage which accounts for 95% of utility-scale energy storage. The cost of a complete system for sensible heat storage ranges between Euros 0.1/kWh10/kWh (USD 0.11/kWh10.7/kWh), depending on the size, application, and thermal insulation technology. The thermal energy storage is driven by major factors such as increasing demand for electricity and the rising consumption of solar CSP. With the given market data, MarketsandMarkets offers customizations as per the clients specific needs. *Details on Business overview, Products/solutions/services offered, Recent Developments,SWOT Analysis, MNM view might not be captured in case of unlisted companies. This will be further supplemented by supportive government policies for renewable energy technologies in multiple countries. - 87) 8.1 INTRODUCTION FIGURE 30 MOLTEN SALTS SEGMENT IS EXPECTED TO CONTINUE TO ACCOUNT FOR LARGEST SIZE OF MARKET DURING 20202025 TABLE 19 MARKET SIZE, BY STORAGE MATERIAL, 20182025 (USD THOUSAND) 8.2 WATER 8.2.1 WATER-BASED THERMAL ENERGY STORAGE SYSTEMS REQUIRE LOW INVESTMENT TABLE 20 WATER: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 8.3 MOLTEN SALT 8.3.1 LITHIUM SALTS 8.3.1.1 Good thermophysical properties and low costs of lithium salts make them more demandable for CSP thermal plants 8.3.2 POTASSIUM SALTS 8.3.2.1 Binary and ternary salts, including potassium nitrate, make good storage materials for thermal energy storage TABLE 21 MOLTEN SALT: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 8.4 PHASE CHANGE MATERIALS (PCM) 8.4.1 PCMS ENABLE TARGET-ORIENTED DISCHARGING TEMPERATURES TABLE 22 PHASE CHANGE MATERIALS: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 8.5 OTHERS TABLE 23 OTHERS: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND), 9 THERMAL ENERGY STORAGE MARKET, BY APPLICATION (Page No. Thus, integration of thermal energy storage in CSP plants is likely to drive the market growth. - 98) 10.1 INTRODUCTION FIGURE 32 UTILITIES SEGMENT IS EXPECTED TO CONTINUE TO DOMINATE MARKET DURING FORECAST PERIOD TABLE 28 MARKET SIZE, BY END USER, 20182025 (USD THOUSAND) 10.2 UTILITIES 10.2.1 INCREASING FOCUS ON POWER LOAD MANAGEMENT DURING PEAK HOURS IS DRIVING DEMAND FROM UTILITIES TABLE 29 UTILITIES: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 10.3 COMMERCIAL 10.3.1 THERMAL ENERGY STORAGE SYSTEMS ARE USED FOR HVAC APPLICATIONS IN COMMERCIAL SECTOR TABLE 30 COMMERCIAL: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 10.4 INDUSTRIAL 10.4.1 HIGH VOLUMES OF WASTE HEAT GENERATED IN INDUSTRIES IS ENCOURAGING USE OF TES SYSTEMS FOR PROCESS HEATING & COOLING APPLICATIONS TABLE 31 INDUSTRIAL: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND), 11 THERMAL ENERGY STORAGE MARKET, BY REGION (Page No. The Government of India has set a target of installing 175 GW of renewable energy capacity by 2022; this includes adding 60 GW from wind, 10 GW from bio power, 100 GW from solar, and 5 GW from small hydropower to its overall renewable capacity. At the start of 2020, the development of renewable energy technologies in several markets was already challenged by financing, policy uncertainties, and grid integration, which has been intensified further by COVID-19. Costs of latent heat storage systems based on PCMs range between Euros 10/kWh50/kWh (USD 10.7/kWh53.5/kWh) while TCS costs are estimated to range from Euros 8/kWh100/kWh (USD 8.56/kWh107/kWh). Renewable energy distributed through the grid, as well as through mini-grids and off-grid installations, have provided power to 30% of the people who have gained access to electricity since 2000. - 175) 14.1 INTRODUCTION 14.2 LIMITATIONS 14.3 ENERGY STORAGE INTERCONNECTED MARKETS 14.4 CONCENTRATING SOLAR POWER (CSP) MARKET 14.4.1 MARKET DEFINITION 14.4.2 LIMITATIONS 14.4.3 MARKET OVERVIEW 14.4.4 CONCENTRATING SOLAR POWER MARKET, BY TECHNOLOGY TABLE 118 CONCENTRATING SOLAR POWER MARKET, BY TECHNOLOGY, 20182025 (USD MILLION) 14.4.4.1 Solar power towers TABLE 119 SOLAR POWER TOWERS: CONCENTRATING SOLAR POWER MARKET SIZE, BY REGION, 20182025 (USD MILLION) 14.4.4.2 Linear concentrating systems TABLE 120 LINEAR CONCENTRATING SYSTEMS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.4.3 Stirling dish technology TABLE 121 STIRLING DISH TECHNOLOGY: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.5 CONCENTRATING SOLAR POWER MARKET, BY OPERATION TYPE TABLE 122 CONCENTRATING SOLAR POWER MARKET, BY OPERATION TYPE, 20182025 (USD MILLION) 14.4.5.1 Stand-alone systems TABLE 123 STAND-ALONE SYSTEMS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.5.2 With storage TABLE 124 WITH STORAGE: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6 CONCENTRATING SOLAR POWER MARKET, BY CAPACITY TABLE 125 CONCENTRATING SOLAR POWER MARKET, BY CAPACITY, 20182025 (USD MILLION) 14.4.6.1 Less than 50 MW TABLE 126 LESS THAN 50 MW: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6.2 50 MW to 99 MW TABLE 127 50 MW TO 99 MW: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.6.3 100 MW and Above TABLE 128 100 MW AND ABOVE: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7 CONCENTRATING SOLAR POWER MARKET, BY END USER TABLE 129 CONCENTRATING SOLAR POWER MARKET, BY END USER, 20182025 (USD MILLION) 14.4.7.1 Utilities TABLE 130 UTILITIES: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7.2 EOR TABLE 131 EOR: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.7.3 Others TABLE 132 OTHERS: CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.4.8 CONCENTRATING SOLAR POWER MARKET, BY REGION TABLE 133 GLOBAL CONCENTRATING SOLAR POWER MARKET, CAPACITY, BY REGION, 20182025 (IN MW) TABLE 134 GLOBAL CONCENTRATING SOLAR POWER MARKET, BY REGION, 20182025 (USD MILLION) 14.5 RESIDENTIAL ENERGY STORAGE MARKET 14.5.1 MARKET DEFINITION 14.5.2 LIMITATIONS 14.5.3 MARKET OVERVIEW 14.5.4 RESIDENTIAL ENERGY STORAGE MARKET, BY POWER RATING TABLE 135 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY POWER RATING, 20172024 (USD MILLION) 14.5.4.1 36 kW TABLE 136 36 KW: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.4.2 610 kW TABLE 137 610 KW: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.5 RESIDENTIAL ENERGY STORAGE MARKET, BY TECHNOLOGY TABLE 138 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY TECHNOLOGY, 20172024 (USD MILLION) 14.5.5.1 Lithium-ion TABLE 139 LITHIUM-ION: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.5.2 Leadacid TABLE 140 LEADACID: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6 RESIDENTIAL ENERGY STORAGE MARKET, BY OWNERSHIP TYPE TABLE 141 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY OWNERSHIP TYPE, 20172024 (USD MILLION) 14.5.6.1 Customer owned TABLE 142 CUSTOMER OWNED: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6.2 Utility owned TABLE 143 UTILITY OWNED: RESIDENTIAL ENRGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.6.3 Third-party owned TABLE 144 THIRD-PARTY OWNED: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.7 RESIDENTIAL ENERGY STORAGE MARKET, BY OPERATION TYPE TABLE 145 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY OPERATION TYPE, 20172024 (USD MILLION) 14.5.7.1 Standalone systems TABLE 146 STANDALONE SYSTEMS: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.7.2 Solar and storage TABLE 147 SOLAR AND STORAGE: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.8 RESIDENTIAL ENERGY STORAGE MARKET, BY CONNECTIVITY TYPE TABLE 148 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY CONNECTIVITY TYPE, 20172024 (USD MILLION) 14.5.8.1 On-grid TABLE 149 ON-GRID: GLOBAL RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.8.2 Off-grid TABLE 150 OFF-GRID: RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.5.9 RESIDENTIAL ENERGY STORAGE MARKET, BY REGION TABLE 151 RESIDENTIAL ENERGY STORAGE MARKET SIZE, BY REGION, 20172024 (USD MILLION) 14.6 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET 14.6.1 MARKET DEFINITION 14.6.2 LIMITATIONS 14.6.3 MARKET OVERVIEW 14.6.4 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY TECHNOLOGY TABLE 152 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY TECHNOLOGY, 20152022 (USD MILLION) 14.6.4.1 Solar PV TABLE 153 SOLAR PV: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.2 Wind TABLE 154 WIND: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.3 Energy Storage TABLE 155 ENERGY STORAGE: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.4 Combined Heat & Power (CHP) TABLE 156 COMBINED HEAT & POWER: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.4.5 Others TABLE 157 OTHERS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY SOFTWARE TABLE 158 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY SOFTWARE, 20152022 (USD MILLION) 14.6.5.1 Analytics TABLE 159 ANALYTICS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5.2 Management & Control TABLE 160 MANAGEMENT & CONTROL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.5.3 Virtual Power Plants TABLE 161 VIRTUAL POWER PLANTS: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY END-USER TABLE 162 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY END-USER INDUSTRY, 20152022 (USD MILLION) 14.6.6.1 Industrial TABLE 163 INDUSTRIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.2 Government & Municipalities TABLE 164 GOVERNMENT & MUNICIPALITIES: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.3 Commercial TABLE 165 COMMERCIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.4 Military TABLE 166 MILITARY: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.6.5 Residential TABLE 167 RESIDENTIAL: DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM, MARKET SIZE, BY REGION, 20152022 (USD MILLION) 14.6.7 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM (DERMS) MARKET, BY REGION TABLE 168 DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM MARKET SIZE, BY REGION, 20152022 (USD MILLION), 15 APPENDIX (Page No. The net additions of renewable electricity capacity in 2020 are projected to decline by 13% compared with 2019. Which region dominates during the forecasted period in the thermal energy storage market? What are the major drivers for the thermal energy storage market? In 2021, renewable energy capacity addition is projected to increase with the resumption of the majority of the delayed projects. Collectively, these 2 sources of energy continue to dominate renewable energy generation, accounting for 73% of growth since 2014. - 153)(Business overview, Products/solutions/services offered, Recent Developments,SWOT Analysis, MNM view)* 13.1 ABENGOA FIGURE 41 ABENGOA: COMPANY SNAPSHOT 13.2 MAN ENERGY SOLUTIONS 13.3 BRIGHTSOURCE ENERGY 13.4 BALTIMORE AIRCOIL COMPANY 13.5 SOLARRESERVE 13.6 CALDWELL ENERGY 13.7 BURNS & MCDONNELL 13.8 CRISTOPIA ENERGY 13.9 CRYOGEL THERMAL ENERGY STORAGE 13.10 DUNHAM BUSH 13.11 STEFFES CORPORATION 13.12 TURBINE AIR SYSTEMS (TAS) 13.13 EVAPCO 13.14 CALMAC 13.15 CB&I (MCDERMOTT) 13.16 LIME 13.17 VOGTICE 13.18 SUNWELL TECHNOLOGIES 13.19 DC PRO ENGINEERING 13.20 FAFCO. The speedy growth of decentralized renewable energy technologies is likely to change the structure of the energy sector towards a multi-operator set-up in which large utilities interact with captive consumers and mini-utilities. This will lead to a rebound in new installations, and as a result, the next year is forecast to reach the same level of renewable electricity capacity additions as in 2019. Choosing the appropriate technology ensures that the installation helps a commercial facility to consume electricity in as cost-effective manner as possible. Thermal energy storage stocks solar thermal energy by cooling or heating a storage medium, such as sand, rocks, water, and molten salt, in order to use the stored energy later for cooling and heating applications and power generation. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. - 93) 9.1 INTRODUCTION FIGURE 31 DISTRICT HEATING & COOLING SEGMENT IS EXPECTED TO CONTINUE TO ACCOUNT FOR LARGEST SIZE OF MARKET DURING 20202025 TABLE 24 MARKET SIZE, BY APPLICATION, 20182025 (USD THOUSAND) 9.2 POWER GENERATION 9.2.1 UPCOMING CSP PROJECTS TO DRIVE POWER GENERATION APPLICATION OF THERMAL ENERGY STORAGE TABLE 25 POWER GENERATION: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 9.3 DISTRICT HEATING & COOLING 9.3.1 EVOLVING SMART CITY CONCEPT AND HVAC APPLICATIONS IN MIDDLE EAST AND EUROPEAN COUNTRIES IS DRIVING MARKET GROWTH TABLE 26 DISTRICT HEATING & COOLING: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND) 9.4 PROCESS HEATING & COOLING 9.4.1 INCREASING DEMAND FOR THERMAL ENERGY STORAGE TO PROVIDE HEATING AND COOLING SOLUTIONS FOR ENERGY-INTENSIVE INDUSTRIES IS FUELING MARKET GROWTH TABLE 27 PROCESS HEATING & COOLING: MARKET SIZE, BY REGION, 20182025 (USD THOUSAND), 10 THERMAL ENERGY STORAGE MARKET, BY END USER (Page No. According to the IEA estimates, the number of new renewable power installations worldwide is set to fall in 2020 as a result of the unprecedented global COVID-19 crisis. After that, the market breakdown and data triangulation were done to estimate the market size of the segments and subsegments. According to the IEA, CSP generation increased by an estimated 34% in 2019 and is expected to grow in coming years as well. Thermal energy storage systems are incorporated in electric utility plants as a viable demand-side management option. The decline is represented by delays in construction activities due to supply chain disruptions caused mainly by China, lockdown measures across all major economies, social-distancing guidelines for workers, and the subsequent financing challenges. The COVID-19 impact is further intensified by policy uncertainties associated with the newly financed renewable energy projects, just before the COVID-19 outbreak. This study involved four major activities in estimating the current market size. Many utilities currently offer time-of-day pricing to their customers and sell power at a lower price during off-peak hours. Some of the key CSP thermal energy storage technologies include single-tank thermocline system, two-tank indirect system, and two-tank direct system. Similarly, the Spanish government raised its renewable energy target to 74% by 2030, and also aims to add 157 GW of renewable energy capacity. In contrast, the entire building load cannot be backed up with just thermal storage. 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. For the analysis of the COVID-19 impact on the market, we have considered key parameters such as the impact of COVID-19 on electricity demand and power sector investment. All these factors have been considered for the scenario analysis of COVID-19 impact on the global thermal energy storage market. This facilitates uninterrupted operations of CSP plants. Most of the battery storage projects that system operators (ISOs/RTOs) develop are for short-term energy storage and are not built to replace the traditional grid. To achieve 100% electrification rate by 2030, the share of decentralized renewable energy share will need to increase significantly. These methods were also used extensively to estimate the size of various subsegments in the market. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. These facilities are used for grid reliability, to integrate renewables into the grid, and to provide relief to the energy grid during peak hours. Leading players in the global thermal energy storage market are Abengoa Solar, Burns & McDonnell, SolarReserve, BrightSource Energy, Calmac, MAN Energy Solutions, and Baltimore Air Coil Technology, with high-end technological innovation. This marks the first annual decline in 20 years since 2000 for renewable energy capacity addition.