#Thermal Energy Storage Market Size

[poonamcmi]

Thermal Energy Storage Market is Estimated to Witness Double Digit Growth due to Rising Demand for Renewable Energy Sources

Thermal energy storage (TES) offers solutions for energy storage, load shifting and improved power plant efficiency. It enables shifting renewable power generation to better match electricity demand. Thermal energy, in the form of heat or cold, is captured and stored for later use in district heating or cooling applications and industrial processes. Key advantages of thermal energy storage over electrical storage technologies include relatively low costs, large energy storage capacities, and near-room-temperature operation. Rapid growth of renewable generation from solar and wind is driving the need for energy storage solutions to utilize surplus renewable power.

The Global Thermal Energy Storage Market is estimated to be valued at US$ 5.66 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Thermal Energy Storage market are BrightSource Energy, Inc., EnergyNest AS., Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, Burns and McDonnell, Inc., and DC Pro Engineering. These players are focusing on contracts and agreements strategies to strengthen their foothold in the thermal energy storage market.

Development of innovative and cost-effective thermal energy storage technologies Thermal Energy Storage Market Demand  Advances in phase change materials, thermo-chemical energy storage, and other storage media will facilitate commercialization of large-scale thermal storage systems.

North America dominates the global thermal energy storage market due to rising emphasis on renewable integration and decarbonization of power grids. However, Asia Pacific is expected to witness the fastest growth on account of rapidly increasing energy demand and government initiatives to adopt renewable energy in countries like China and India.

Market Drivers

Rising demand for renewable energy integration is a major driver of the thermal energy storage market. As the share of variable solar and wind power increases, cost-effective long-duration energy storage solutions are required to balance intermittent renewable resources. Thermal storage technologies help overcome the mismatch between power generation and usage more effectively than intermittent battery storage. Government policies and targets related to renewable portfolio standards, carbon emission reduction also support the demand for TES worldwide.

PEST Analysis

Political: Thermal energy storage faces regulations around safety and emissions. Various government policies and subsidies can promote its adoption for managing peak power loads and integrating renewable resources.

Economic: Rising energy costs and demand are driving interest Thermal Energy Storage Market Size And Trends to reduce costs and maximize renewable energy usage. Its ability to store heat cheaply and discharge it on demand adds economic value to various industries and buildings.

Social: Thermal storage helps boost energy access and affordability for residential and commercial users. Its role in supporting renewable energy adoption aligns with public sentiment around cleaner energy and climate change mitigation.

Technological: Advancements are occurring in materials, phase-change technologies, and integrated smart control systems to improve storage density, cycling efficiency and usability of thermal energy storage across applications. Its integration with existing HVAC and power facilities utilizes latest digitalization. Geographical concentration of market value

Europe accounts for a major share of the global thermal energy storage market value currently due to supportive policies and initiatives for renewable integration and decarbonization of heat in buildings. Countries like Germany, France and the UK have demonstrated leadership. North America is another significant regional market backed by initiatives to modernize energy infrastructure.

Fastest growing region Asia Pacific region is projected to witness the highest growth in the thermal energy storage market during the forecast period driven by increasing government focus as well as private sector investments in renewable energy adoption, district heating and cooling systems in countries like China, India and Japan. Rapid urbanization and rising energy demand in the developing economies of the region present compelling opportunities. Get More Insights On, Thermal Energy Storage Market About Author:    Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

[industrynewsupdates]

The global thermal energy storage market size was valued at USD 4.1 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 9.45% from 2020 to 2027. 

Shifting preference towards renewable energy generation, including concentrated solar power, and rising demand for thermal energy storage (TES) systems in HVAC are among the key factors propelling the industry growth. Growing need for enhanced energy efficiency, coupled with continuing energy utilization efforts, will positively influence the thermal energy storage demand. For instance, in September 2018, the Canadian government updated a financial incentive plan “Commercial Energy Conservation and Efficiency Program” that offers USD 15,000 worth rebates for commercial sector energy upgrades.

Gather more insights about the market drivers, restrains and growth of the Thermal Energy Storage Market

The market in the U.S. is projected to witness substantial growth in the forthcoming years on account of increasing number of thermal energy storage projects across the country. For instance, in 2018, the U.S. accounted for 33% of the 18 under construction projects and 41% of the total 1,361 operational projects globally. Presence of major industry players in the country is expected to further propel the TES market growth in the U.S.

The U.S. Department of Energy (DoE) evaluates thermal energy storage systems for their safety, reliability, cost-effective nature, and adherence to environmental regulations and industry standards. It also stated that Europe and the Asia Pacific display higher fractions of grid energy storage as compared to North America. Rising need for a future with clean energy is prompting governments across the globe to take efforts towards developing innovative energy storage systems.

The primary challenge faced by the thermal energy storage sector is the economical storage of energy. An important advancement in this sector has been the usage of lithium-ion batteries. These batteries exhibit high energy density and long lifespans of 500 deep cycles, i.e. the number of times they can be charged from 20% to their full capacity before witnessing a deterioration in performance. They can also be utilized in electric vehicles, district cooling and heating, and power generation.

Thermal Energy Storage Market Segmentation 

Grand View Research has segmented the global thermal energy storage market report on the basis of product type, technology, storage material, application, end user, and region:

Product Type Outlook (Revenue, USD Million, 2016 - 2027)

• Sensible Heat Storage

• Latent Heat Storage

• Thermochemical Heat Storage

Technology Outlook (Revenue, USD Million, 2016 - 2027)

• Molten Salt Technology

• Electric Thermal Storage Heaters

• Solar Energy Storage

• Ice-based Technology

• Miscibility Gap Alloy Technology

Storage Material Outlook (Revenue, USD Million, 2016 - 2027)

• Molten Salt

• Phase Change Material

• Water 

Application Outlook (Revenue, USD Million, 2016 - 2027)

• Process Heating & Cooling

• District Heating & Cooling

• Power Generation

• Ice storage air-conditioning

• Others

End-user Outlook (Revenue, USD Million, 2016 - 2027)

• Industrial

• Utilities

• Residential & Commercial

Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America

o U.S.

o Canada

o Mexico

• Europe

o U.K.

o Russia

o Germany

o Spain

• Asia Pacific

o China

o India

o Japan

o South Korea

• Central & South America

o Brazil

• Middle East and Africa (MEA)

o Saudi Arabia

Browse through Grand View Research's Power Generation & Storage Industry Research Reports.

• The global energy storage for unmanned aerial vehicles market size was estimated at USD 413.25 million in 2023 and is expected to grow at a CAGR of 27.8% from 2024 to 2030. 

• The global heat recovery steam generator market size was estimated at USD 1,345.2 million in 2023 and is projected to reach USD 1,817.0 million by 2030 and is anticipated to grow at a CAGR of 4.5% from 2024 to 2030.

Key Companies & Market Share Insights

Industry participants are integrating advanced technologies into the existing technology to enhance the product demand through the provision of improved thermal energy management systems. Furthermore, eminent players are emphasizing on inorganic growth ventures as a part of their strategic expansion. Some of the prominent players in the global thermal energy storage market include:

• BrightSource Energy Inc.

• SolarReserve LLC

• Abengoa SA

• Terrafore Technologies LLC

• Baltimore Aircoil Company

• Ice Energy

• Caldwell Energy

• Cryogel

• Steffes Corporation

Order a free sample PDF of the Thermal Energy Storage Market Intelligence Study, published by Grand View Research.

[downincmi]

Thermal Energy Storage Market Dynamics: Innovations and Opportunities

Introduction

Thermal energy storage (TES) refers to technologies that provide long-term storage of heat or cold for later use. Unlike conventional batteries, TES systems stock thermal energy by utilizing heat transfer between a storage medium and a heat sink or source. TES promises to deliver energy stability, address intermittency issues associated with renewable sources like solar and wind, and reduce peak demand on generation systems. Need and Applications of Thermal Energy Storage

There are several factors driving the need for widespread implementation of TES technologies. One key factor is the intermittent nature of renewable sources like solar and wind which produce energy only when the sun shines or wind blows. TES allows excess thermal energy generated from such resources to be stored for later use when the source may not be available. Secondly, TES helps address demand-supply mismatch problems as heat can be stored during off-peak generation periods and supplied when demand peaks. This helps shave peak loads on the electric grid and reduce transmission congestion. TES also finds applications in buildings for space cooling and heating by buffering energy from HVAC systems. Other notable uses include industrial process heating/cooling and production of chilled water for air conditioning. TES Materials and Methods

A variety of materials and technologies are used for TES depending on the temperature range and period of storage required. Sensible heat storage systems store energy by altering the temperature of a solid or liquid storage medium like water, molten salts, rocks or phase change materials. Latent heat storage utilizes the heat released or absorbed during phase transition of substances like paraffin wax or water for storage. Thermochemical storage relies on reversible endothermic chemical reactions to store energy in chemical bonds. Other methods include cryogenic storage using liquefied air or hydrogen and temperature gradient exchange using metallic foams. Each approach has its technical and economic viability depending on the application. Commercial Applications of TES

Several commercial TES systems are currently operational worldwide to support solar thermal power plants and process heating applications. Andasol, located in Spain, was one of the first commercial plants to use molten salt storage achieving over 7 hours of full-load energy generation after sunset. Solar One and Solar Two projects in USA demonstrated 10 hours molten salt storage coupled with solar power towers. Industrial process heating levers TES vastly for processes requiring steam or heat treatment. Buildings have begun integrating TES in form of borehole thermal energy storage to provide summer cooling and winter heating. Moving forward, cost reductions through economies of scale and material innovations will make TES increasingly viable across sectors. R&D Focus and Future Potential

Significant research continues to emerge new storage materials, designs targeting specific heat applications and system optimization. PCMs ranging from biobased oils to graphene-enhanced composites are being examined for high density storage. Thermochemical storage employing reversible hydrolysis/dehydration of salt hydrates shows promise at high temperatures. Researchers are also modeling hybrid thermal-electric systems leveraging complementary storage abilities. Government incentives and industry partnerships are supportingseveral large-scale pilot projects worldwide. If technology and installation costs keep declining, TES could emerge as a mainstream approach to store tens of gigawatt-hours of thermal energy in the future. Integrated with solar, waste heat and smart grids, it may play a transformative role in global energy management. Conclusion

In conclusion, thermal energy storage is an important technology that helps maximize renewable energy generation, address intermittency issues and reduce grid loads from peak demand. It enables shifting of thermal loads in time by decoupling energy generation from use through versatile heat storage approaches. With further innovation and cost reductions, diverse TES solutions could soon help transition energy systems towards greater sustainability, flexibility and resilience worldwide. Looking ahead, hybrid multi-applications of TES will undoubtedly maximize its overall techno-economic and environmental benefits.

[luckydige45]

Thermal Energy Storage Industry: the Advantages At a Glance

Visit https://energy-nest.com/thermal-battery/ for further information

In the rapidly growing field of global thermal energy storage market size was valued at USD 21.68 billion in 2024 and is projected to reach USD 51.80 billion by 2033, growing at a CAGR of 9.1% from 2024 to 2033

[neha24blog]

Thermal Energy Storage Market Outlook On The Basis Of Product Type, Technology, Storage Material, Application, End User, Region And Forecast From 2027: Grand View Research Inc.

San Francisco, 16 May 2023: The Report Thermal Energy Storage Market Size, Share & Trends Analysis Report By Product Type, By Technology, By Storage Material, By Application, By End User, By Region, And Segment Forecasts, 2020 – 2027 The global thermal energy storage market size is expected to reach USD 7.74 billion by 2027, expanding at a CAGR of 9.45% from 2020 to 2027, according to a new…

[chemicalsmaterialsnews]

Transforming Industries: Phase Change Materials Market Insights

As stated by P&S Intelligence, the total revenue generated by the phase change materials market was USD 1,775.5 million in 2021, which will power at a rate of 16.8% by the end of this decade, to reach USD 7,206.2 million by 2030.

This has a lot to do with the increasing growth in the construction and packaging sectors and increasing importance on green buildings.

Cold chain and packaging category will grow at the highest rate, of above 17%, in the years to come. This can be mostly because of the surge in PCM requirement to sustain precise temperatures through the supply chain while lowering the emissions of carbon dioxide. Using ACs and electric fans to stay cool contributes to approximately 20% of the total electricity employed in buildings globally. The increasing requirement for space cooling is straining quite a few countries' power infrastructure, along with bringing about increased emissions.

With the enormous increase in the requirement for energy-efficient ACs, the requirement for PCMs will soar, as the electrical consumption of modified ACs with PCMs could be brought down by 3.09 kWh every day.

Europe dominated the industry with a share, of about 40%, in the recent past. The predisposition toward the acceptance of eco-friendly materials will power the PCM industry in the region. European regulatory associations, such as the SCANVAC, took more than a few initiatives for developing and promoting and effective building mechanical solutions and increase awareness pertaining to PCM applications.

The convenience of paraffin at a wide range of temperatures is a major reason for its appropriateness as an energy storage medium. Likewise, paraffin-based PCM is called a waxy solid paraffin, safe, dependable, noncorrosive, and economical material.

HVAC systems had the second-largest share, of about 30%, in phase change materials market in the recent past. This has a lot to do with the fact that PCM installation decreases fluctuations of temperature. HVAC with PCM supports in maintaining a steadier temperature and eliminating thermal uneasiness caused by alterations in temperature. It is because of the emphasis on green buildings, the demand for phase change materials will continue to rise considerably in the years to come.

[reasonsforhope]

"A 1-megawatt sand battery that can store up to 100 megawatt hours of thermal energy will be 10 times larger than a prototype already in use.

The new sand battery will eliminate the need for oil-based energy consumption for the entire town of town of Pornainen, Finland.

Sand gets charged with clean electricity and stored for use within a local grid.

Finland is doing sand batteries big. Polar Night Energy already showed off an early commercialized version of a sand battery in Kankaanpää in 2022, but a new sand battery 10 times that size is about to fully rid the town of Pornainen, Finland of its need for oil-based energy.

In cooperation with the local Finnish district heating company Loviisan Lämpö, Polar Night Energy will develop a 1-megawatt sand battery capable of storing up to 100 megawatt hours of thermal energy.

“With the sand battery,” Mikko Paajanen, CEO of Loviisan Lämpö, said in a statement, “we can significantly reduce energy produced by combustion and completely eliminate the use of oil.”

Polar Night Energy introduced the first commercial sand battery in 2022, with local energy utility Vatajankoski. “Its main purpose is to work as a high-power and high-capacity reservoir for excess wind and solar energy,” Markku Ylönen, Polar Nigh Energy’s co-founder and CTO, said in a statement at the time. “The energy is stored as heat, which can be used to heat homes, or to provide hot steam and high temperature process heat to industries that are often fossil-fuel dependent.” ...

Sand—a high-density, low-cost material that the construction industry discards [Note: 6/13/24: Turns out that's not true! See note at the bottom for more info.] —is a solid material that can heat to well above the boiling point of water and can store several times the amount of energy of a water tank. While sand doesn’t store electricity, it stores energy in the form of heat. To mine the heat, cool air blows through pipes, heating up as it passes through the unit. It can then be used to convert water into steam or heat water in an air-to-water heat exchanger. The heat can also be converted back to electricity, albeit with electricity losses, through the use of a turbine.

In Pornainen, Paajanen believes that—just by switching to a sand battery—the town can achieve a nearly 70 percent reduction in emissions from the district heating network and keep about 160 tons of carbon dioxide out of the atmosphere annually. In addition to eliminating the usage of oil, they expect to decrease woodchip combustion by about 60 percent.

The sand battery will arrive ready for use, about 42 feet tall and 49 feet wide. The new project’s thermal storage medium is largely comprised of soapstone, a byproduct of Tulikivi’s production of heat-retaining fireplaces. It should take about 13 months to get the new project online, but once it’s up and running, the Pornainen battery will provide thermal energy storage capacity capable of meeting almost one month of summer heat demand and one week of winter heat demand without recharging.

“We want to enable the growth of renewable energy,” Paajanen said. “The sand battery is designed to participate in all Fingrid’s reserve and balancing power markets. It helps to keep the electricity grid balanced as the share of wind and solar energy in the grid increases.”"

-via Popular Mechanics, March 13, 2024

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Note: I've been keeping an eye on sand batteries for a while, and this is really exciting to see. We need alternatives to lithium batteries ASAP, due to the grave human rights abuses and environmental damage caused by lithium mining, and sand batteries look like a really good solution for grid-scale energy storage.

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Note 6/13/24: Unfortunately, turns out there are substantial issues with sand batteries as well, due to sand scarcity. More details from a lovely asker here, sources on sand scarcity being a thing at the links: x, x, x, x, x

[skyquest-market-research]

Ethylene Carbonate Market Emerging Trends and Strategic Investments 2025-2032

The Ethylene Carbonate Market is witnessing remarkable expansion due to its wide-ranging applications across industries such as automotive, electronics, pharmaceuticals, and energy. According to the Global Ethylene Carbonate Market Report by SkyQuest Technology, the market is projected to reach USD 1005.95 Million by 2032, growing at a CAGR of 6.4% during the forecast period. This growth is primarily fueled by increasing demand for lithium-ion batteries, eco-friendly solvents, and industrial lubricants.

Market Size and Future Growth Projections for Ethylene Carbonate

The ethylene carbonate market size is rapidly expanding, driven by its adoption as a solvent, electrolyte, and chemical intermediate. Ethylene carbonate’s unique properties, including high polarity, thermal stability, and biodegradability, make it indispensable in several industrial applications. The growing interest in sustainability and advanced production techniques further boosts the ethylene carbonate market growth.

Find out more about ethylene carbonate market here: https://www.skyquestt.com/report/ethylene-carbonate-market

Key Market Drivers Pushing Ethylene Carbonate Demand

Booming Lithium-Ion Battery Market With the rising adoption of electric vehicles (EVs) and energy storage systems, the liquid ethylene carbonate market is gaining momentum. Ethylene carbonate is a crucial electrolyte solvent used in lithium-ion batteries, making it a cornerstone of the ethylene carbonate market demand.

Focus on Eco-Friendly Solutions Ethylene carbonate’s eco-friendly nature positions it as a preferred alternative to traditional solvents in the chemical and pharmaceutical industries, contributing to its increased ethylene carbonate market share.

Industrial Growth in Emerging Economies Rapid industrialization, especially in the Asia-Pacific region, has significantly boosted the demand for ethylene carbonate in automotive, electronics, and energy applications. These factors reinforce the region’s dominance in the ethylene carbonate market size.

Advancements in Manufacturing Processes Continuous R&D efforts and innovations in sustainable production methods are improving the affordability and quality of ethylene carbonate, further driving ethylene carbonate market growth.

Request a Sample of the Report Here: https://www.skyquestt.com/sample-request/ethylene-carbonate-market

Market Segments Based on Applications and Industries

Applications of Ethylene Carbonate

Lithium-Ion Batteries: Ethylene carbonate is a key driver in the battery sector, especially as the EV market expands.

Lubricants: Its high-performance qualities make it indispensable in industrial and automotive lubricants.

Solvents: Widely used in pharmaceutical and chemical formulations.

Plasticizers: Enhances polymer flexibility and durability.

End-Use Industries

Key sectors contributing to ethylene carbonate market growth include:

Automotive

Electronics

Energy & Power

Pharmaceuticals

Chemicals

Regional Insights Highlighting Key Market Growth Areas

Asia-Pacific: The region dominates the ethylene carbonate market size due to rapid industrialization, the presence of leading battery manufacturers, and the increasing adoption of EVs in countries like China, Japan, and South Korea.

North America: The strong emphasis on renewable energy and EV adoption in the U.S. and Canada drives ethylene carbonate market demand in this region.

Europe: Sustainability commitments and advancements in the pharmaceutical and chemical sectors fuel market adoption.

Middle East, Africa, and Latin America: Emerging markets in these regions are also adopting sustainable solutions, contributing to the ethylene carbonate market share in automotive and industrial applications.

Top Players Shaping the Competitive Landscape

The ethylene carbonate market analysis reveals a competitive landscape marked by innovation and strategic partnerships. Major players shaping the market include:

Huntsman Corporation

BASF SE

Mitsubishi Chemical Corporation

Merck KGaA

Shandong Shida Shenghua Chemical Group Co., Ltd.

Thermo Fisher Scientific Inc.

Oriental Union Chemical Corporation

New Japan Chemical Co., Ltd.

Zhangjiagang Guotai-Huarong Chemical New Material Co., Ltd.

Daicel Corporation

LyondellBasell Industries Holdings B.V.

China National Bluestar (Group) Co., Ltd.

Panax Etec

These companies are focusing on R&D investments, green manufacturing practices, and advanced applications to strengthen their foothold in the ethylene carbonate market.

Emerging Trends Driving the Ethylene Carbonate Market Forward

Electric Vehicle Boom The exponential rise in EV adoption is driving demand for lithium-ion batteries, positioning ethylene carbonate as a critical component in the liquid ethylene carbonate market.

Sustainability and Green Manufacturing Manufacturers are increasingly adopting sustainable production methods, aligning with growing environmental regulations and consumer preferences.

R&D Investments in Advanced Applications Companies are exploring innovative uses of ethylene carbonate in specialty chemicals, pharmaceuticals, and other sectors.

Growing Pharmaceutical Applications Ethylene carbonate’s versatility as a solvent is propelling its use in pharmaceutical formulations, adding to the ethylene carbonate market share.

Request a Customized Report Tailored to Your Needs: https://www.skyquestt.com/customization/ethylene-carbonate-market

A Promising Outlook for the Ethylene Carbonate Market

The ethylene carbonate market analysis underscores its promising future, driven by growing applications in lithium-ion batteries, eco-friendly solvents, and industrial lubricants. The rising focus on sustainability and advancements in production methods ensure steady growth opportunities. Businesses focusing on innovation and strategic market expansion will be well-positioned to capitalize on the evolving ethylene carbonate market landscape.

[atharvajadhav]

New Energy Vehicles Battery Enclosure Market, Global Outlook and Forecast 2025-2032

The New Energy Vehicles (NEV) Battery Enclosure Market refers to the global market for battery enclosures used in electric and hybrid vehicles. These enclosures are critical components in NEVs, providing structural integrity, thermal management, and protection for the battery payloads. Typically made from materials like aluminum alloys, steel, or composites, battery enclosures ensure the safety and efficiency of energy storage systems while contributing to the overall structural rigidity of the vehicle.

Market Size

Download FREE Sample of this Report @ https://www.statsmarketresearch.com/download-free-sample/8027812/global-new-energy-vehicles-battery-enclosure-forecast-2025-2032-250

The global New Energy Vehicles Battery Enclosure market was valued at USD 4,980 million in 2024 and is projected to grow exponentially, reaching USD 62,261.73 million by 2032, with a compound annual growth rate (CAGR) of 32.40% during the forecast period.

Regional Market Insights:

North America: Estimated at USD 2,118.48 million in 2024, this region is expected to exhibit a CAGR of 27.77% from 2025 to 2032.

Other key markets include Europe, Asia-Pacific, South America, and the Middle East and Africa, each contributing significantly to global growth.

North America: Estimated at USD 2,118.48 million in 2024, this region is expected to exhibit a CAGR of 27.77% from 2025 to 2032.

Other key markets include Europe, Asia-Pacific, South America, and the Middle East and Africa, each contributing significantly to global growth.

The growth trajectory is driven by rising adoption of NEVs, government incentives for cleaner transportation, and continuous advancements in battery technology.

Market Dynamics (Drivers, Restraints, Opportunities, and Challenges)

Drivers

Surging NEV Adoption: Governments and consumers worldwide are increasingly favoring electric and hybrid vehicles to combat climate change and reduce dependency on fossil fuels.

Material Advancements: Aluminum alloy’s lightweight properties combined with its durability make it the preferred choice for battery enclosures, reducing overall vehicle weight and enhancing energy efficiency.

Government Incentives: Subsidies, tax benefits, and stringent emission norms are fueling the demand for NEVs, subsequently boosting the battery enclosure market.

Surging NEV Adoption: Governments and consumers worldwide are increasingly favoring electric and hybrid vehicles to combat climate change and reduce dependency on fossil fuels.

Material Advancements: Aluminum alloy’s lightweight properties combined with its durability make it the preferred choice for battery enclosures, reducing overall vehicle weight and enhancing energy efficiency.

Government Incentives: Subsidies, tax benefits, and stringent emission norms are fueling the demand for NEVs, subsequently boosting the battery enclosure market.

Restraints

High Costs: Aluminum and composite materials, though effective, increase the overall production costs, posing challenges for price-sensitive markets.

Battery Technology Challenges: The rapid evolution of battery technology requires manufacturers to frequently update their designs and materials, increasing production complexity.

High Costs: Aluminum and composite materials, though effective, increase the overall production costs, posing challenges for price-sensitive markets.

Battery Technology Challenges: The rapid evolution of battery technology requires manufacturers to frequently update their designs and materials, increasing production complexity.

Opportunities

Emerging Markets: Countries in Asia-Pacific and South America are witnessing significant investments in NEVs, presenting vast opportunities for battery enclosure manufacturers.

Technological Innovations: Integration of smart technologies like thermal management systems and advanced safety mechanisms in enclosures offers a competitive edge.

Emerging Markets: Countries in Asia-Pacific and South America are witnessing significant investments in NEVs, presenting vast opportunities for battery enclosure manufacturers.

Technological Innovations: Integration of smart technologies like thermal management systems and advanced safety mechanisms in enclosures offers a competitive edge.

Challenges

Raw Material Availability: Fluctuations in raw material supply chains can disrupt production schedules and increase costs.

Intense Competition: The market’s rapid growth has attracted numerous players, intensifying competition and pressuring margins.

Raw Material Availability: Fluctuations in raw material supply chains can disrupt production schedules and increase costs.

Intense Competition: The market’s rapid growth has attracted numerous players, intensifying competition and pressuring margins.

Regional Analysis

North America

The North American market is bolstered by robust governmental policies promoting NEVs, significant R&D investments, and a well-established automotive industry. The USA, Canada, and Mexico are key contributors, with increasing consumer awareness about eco-friendly transportation.

Europe

Europe’s focus on sustainability and adherence to stringent emission norms make it a prominent market. Countries like Germany, the UK, and France are leading due to their strong automotive manufacturing bases and high adoption rates of electric vehicles.

Asia-Pacific

As the largest and fastest-growing market, Asia-Pacific is driven by China, Japan, and South Korea. These countries are leaders in NEV production and adoption, supported by favorable policies, massive investments, and a growing focus on renewable energy.

South America and Middle East & Africa

These regions are gradually catching up, with improving infrastructure and increasing investments in clean energy. Brazil, South Africa, and the UAE are key players fostering market growth.

Competitor Analysis

Key Companies:

HUAYU Automotive Systems Company Limited

Minth Group Ltd.

Guangdong Hoshion Industrial Aluminium Co., Ltd.

Benteler International

Novelis

Magna (Cosma)

Gestamp

SGL Carbon

Constellium

Shenzhen Everwin Precision Technology

HUAYU Automotive Systems Company Limited

Minth Group Ltd.

Guangdong Hoshion Industrial Aluminium Co., Ltd.

Benteler International

Novelis

Magna (Cosma)

Gestamp

SGL Carbon

Constellium

Shenzhen Everwin Precision Technology

These companies focus on strategic partnerships, R&D investments, and material innovations to strengthen their market positions.

Market Segmentation (by Application)

Passenger Car: Enclosures for electric and hybrid cars catering to consumer markets.

Commercial Vehicle: Enclosures designed for buses, trucks, and other commercial vehicles, focusing on durability and energy efficiency.

Passenger Car: Enclosures for electric and hybrid cars catering to consumer markets.

Commercial Vehicle: Enclosures designed for buses, trucks, and other commercial vehicles, focusing on durability and energy efficiency.

Market Segmentation (by Type)

Aluminum Enclosure: Dominates the market due to its lightweight, corrosion-resistant properties.

Steel Enclosure: Preferred for cost-effectiveness and high strength.

Composite Enclosure: Emerging as a premium choice for advanced NEVs due to superior thermal and structural performance.

Aluminum Enclosure: Dominates the market due to its lightweight, corrosion-resistant properties.

Steel Enclosure: Preferred for cost-effectiveness and high strength.

Composite Enclosure: Emerging as a premium choice for advanced NEVs due to superior thermal and structural performance.

Key Company

HUAYU Automotive Systems Company Limited: A leader in automotive parts manufacturing, specializing in lightweight solutions.

Novelis: Renowned for its expertise in aluminum products and sustainable practices.

Magna (Cosma): Focuses on innovation and large-scale production capabilities.

HUAYU Automotive Systems Company Limited: A leader in automotive parts manufacturing, specializing in lightweight solutions.

Novelis: Renowned for its expertise in aluminum products and sustainable practices.

Magna (Cosma): Focuses on innovation and large-scale production capabilities.

Geographic Segmentation

North America: USA, Canada, Mexico

Europe: Germany, UK, France, Russia, Italy

Asia-Pacific: China, Japan, South Korea, India

South America: Brazil, Argentina, Columbia

Middle East and Africa: Saudi Arabia, UAE, South Africa

North America: USA, Canada, Mexico

Europe: Germany, UK, France, Russia, Italy

Asia-Pacific: China, Japan, South Korea, India

South America: Brazil, Argentina, Columbia

Middle East and Africa: Saudi Arabia, UAE, South Africa

FAQ Section

What is the current market size of the New Energy Vehicles Battery Enclosure Market?

The market was valued at USD 4,980 million in 2024 and is expected to grow at a CAGR of 32.40%, reaching USD 62,261.73 million by 2032.

Which are the key companies operating in the New Energy Vehicles Battery Enclosure Market?

Some key players include HUAYU Automotive Systems, Minth Group, Novelis, and Magna (Cosma).

What are the key growth drivers in the New Energy Vehicles Battery Enclosure Market?

Rising NEV adoption, advancements in lightweight materials, and government incentives are the primary drivers.

Which regions dominate the New Energy Vehicles Battery Enclosure Market?

Asia-Pacific leads the market, followed by North America and Europe.

What are the emerging trends in the New Energy Vehicles Battery Enclosure Market?

Emerging trends include the adoption of composite materials, smart thermal management systems, and increased focus on sustainability.

Key Benefits of This Market Research:

Industry drivers, restraints, and opportunities covered in the study

Neutral perspective on the market performance

Recent industry trends and developments

Competitive landscape & strategies of key players

Potential & niche segments and regions exhibiting promising growth covered

Historical, current, and projected market size, in terms of value

In-depth analysis of the New Energy Vehicles Battery Enclosure Market

Overview of the regional outlook of the New Energy Vehicles Battery Enclosure Market:

Key Reasons to Buy this Report:

Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change

This enables you to anticipate market changes to remain ahead of your competitors

You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents

The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly

Provision of market value data for each segment and sub-segment

Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

Includes in-depth analysis of the market from various perspectives through Porter

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Table of content

Table of Contents 1 Research Methodology and Statistical Scope 1.1 Market Definition and Statistical Scope of New Energy Vehicles Battery Enclosure 1.2 Key Market Segments 1.2.1 New Energy Vehicles Battery Enclosure Segment by Type 1.2.2 New Energy Vehicles Battery Enclosure Segment by Application 1.3 Methodology & Sources of Information 1.3.1 Research Methodology 1.3.2 Research Process 1.3.3 Market Breakdown and Data Triangulation 1.3.4 Base Year 1.3.5 Report Assumptions & Caveats 1.4 Key Data of Global Auto Market 1.4.1 Global Automobile Production by Country 1.4.2 Global Automobile Production by Type 2 New Energy Vehicles Battery Enclosure Market Overview 2.1 Global Market Overview 2.1.1 Global New Energy Vehicles Battery Enclosure Market Size (M USD) Estimates and Forecasts (2019-2032) 2.1.2 Global New Energy Vehicles Battery Enclosure Sales Estimates and Forecasts (2019-2032) 2.2 Market Segment Executive Summary 2.3 Global Market Size by Region 3 New Energy Vehicles Battery Enclosure Market Competitive Landscape 3.1 Global New Energy Vehicles Battery Enclosure Sales by Manufacturers (2019-2025) 3.2 Global New Energy Vehicles Battery Enclosure Revenue Market Share by Manufacturers (2019-2025) 3.3 New Energy Vehicles Battery Enclosure Market Share by Company Type (Tier 1, Tier 2, and Tier 3) 3.4 Global New Energy Vehicles Battery Enclosure Average Price by Manufacturers (2019-2025) 3.5 Manufacturers New Energy Vehicles Battery Enclosure Sales Sites, Area Served, Product Ty

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[industrynewsupdates]

Exploring Battery Management System Market: Trends and Future Outlook

The global battery management system market size is expected to reach USD 31.27 billion by 2030, growing at a CAGR of 23.4% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The rising adoption of battery management systems (BMS) in applications such as electric vehicles (EVs), power tools, portable battery packs, garden tools, solar energy storage systems, uninterruptible power supply systems, and portable medical equipment, among others is a major driver behind the growth of the battery management system industry.BMS plays a crucial role in these applications by protecting the battery against damage, extending its lifespan, and providing precise information about the battery's condition.

Increasing demand for wireless BMS in the EV industry owing to its several benefits is boosting the market’s growth.Wireless BMSs (wBMS) are revolutionizing the EV industry by offering enhanced safety and reliability, extended drive range, and reduced costs. Additionally, wireless BMS solutions provide more flexibility in battery placement and scalability across different EV platforms. Due to the advantages offered by wireless BMS solutions, numerous automakers are now exploring their use. These solutions eliminate the need for wiring, connectors, and other components, which results in reduced weight.

Furthermore, various companies started producing wireless battery management systems. For instance, in February 2023, LG Innotek, a subsidiary of the South Korean conglomerate LG, developed an 800-volt wireless battery management system for EVs. This innovation is aimed at reducing the size and weight of battery packs. The company plans to commence production of this system in the year 2024.The wireless BMS offers the significant benefit of reducing the weight and volume of a battery pack. As a result, it provides an additional 10 to 15 percent space for expanding the battery pack's capacity.

Gather more insights about the market drivers, restrains and growth of the Battery Management System Market

Battery Management System Market Report Highlights

• The lithium-ion based segment is anticipated to emerge as the fastest-growing segment over the forecast period. Increasing adoption of lithium-ion EV batteries owing to their benefits such as high efficiency, space-saving and lightweight design, and low cost, among others is attributed to the growth of the segment. BMSs are crucial in managing the performance and safety of lithium-ion batteries by monitoring and controlling their charging and discharging rates, performing critical functions such as overcharge and over-discharge protection, cell balancing, and thermal management

• The centralized topology segment accounted for the largest market share in 2022. The adoption of centralized BMS is increasing owing to its major benefits such as low cost and compact design

• The automotive segment is anticipated to emerge as the fastest-growing segment over the forecast period. The increasing development of two and three-wheeled electric vehicles equipped with rechargeable batteries and battery management systems and the growing market for e-bikes/e-scooters in developing countries are expected to boost the segment growth

• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2030 due to the vast presence of EV battery start-ups, significant growth in EV sales in the region, and the growing consumer electronics industry in countries such as China India, and Japan

Battery Management System Market Segmentation

Grand View Research has segmented the global battery management system market based on battery type, topology, application, and region:

Battery Management System Battery Type Outlook (Revenue, USD Million, 2017 - 2030)

• Lithium-Ion Based

• Lead-Acid Based

• Nickel Based

• Flow Batteries

Battery Management System Topology Outlook (Revenue, USD Million, 2017 - 2030)

• Centralized

• Distributed

• Modular

Battery Management System Application Outlook (Revenue, USD Million, 2017 - 2030)

• Automotive

• Consumer Electronics

• Energy

• Defense

Battery Management System Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

o U.S.

o Canada

o Mexico

• Europe

o Germany

o UK

o France

o Netherlands

o Norway

• Asia Pacific

o China

o India

o Japan

o Australia

o South Korea

• Latin America

o Brazil

• MEA

o Kingdom of Saudi Arabia

o UAE

o South Africa

Order a free sample PDF of the Battery Management System Market Intelligence Study, published by Grand View Research.

[semiconductorsandelectronics]

Video as a Sensor Companies - Honeywell International Inc. (US) and Dahua Technology Co., Ltd (China) are the Key Players

The global video as a sensor market size is estimated to be USD 69.52 billion in 2024 and is projected to reach USD 101.89 billion by 2029, at a CAGR of 7.9% during the forecast period. The key factors fuelling the growth of this market are the rapid technological advancements in AI, ML, edge computing, and camera technologies, favorable government initiatives and funding, and increasing demand for video as a sensor system for surveillance and security.

Major players operating in the video as a sensor market achieved their positions by innovating and launching advanced video as a sensor system. Various major players dominating the video as a sensor market include Motorola Solutions, Inc. (US), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Bosch Security Systems GmbH (Germany), and Hangzhou Hikvision Digital Technology Co., Ltd. (China). Companies operating in the market are implementing diverse approaches to thrive in the video as a sensor market. These firms are utilizing natural and inorganic expansion tactics, including launching and developing products, forging partnerships and contracts, expanding their operations, and acquiring other entities. These strategies aim to bolster their market standing.

Major Video as a Sensor companies include:

Honeywell International Inc. (US)

Motorola Solutions, Inc. (US)

Dahua Technology Co., Ltd. (China)

Bosch Security Systems GmbH (Germany)

Hangzhou Hikvision Digital Technology Co., Ltd. (China)

AT&T (US)

IBM Corporation (US)

Cisco Systems, Inc. (US)

Axis Communications AB (Sweden)

Johnson Controls Inc. (Ireland)

Sony Group Corporation (Japan)

Sharp Corporation (Japan)

Teledyne Technologies Incorporated (US)

Corning Incorporated (US)

Pixart Imaging Inc. (Taiwa)

Hangzhou Hikvision Digital Technology Co., Ltd. (China)

Hangzhou Hikvision Digital Technology Co., Ltd., generally known as Hikvision, is a global manufacturer and provider of video as sensor products. The company offers video and audio compression cards, network hard disk video recorders, video servers, cameras, network storage, and other digital offerings. The company has a wide portfolio, which includes high-definition IP cameras, analog cameras, thermal cameras, and video management software. These products include the latest features, such as AI-powered analytics, facial recognition, and night vision. The company operates through different business segments: products and services for the main business, constructions for the main business, robotic business, smart home business, thermal imaging business, auto electronics business, storage business, and other innovative businesses. It has a global footprint, with operations in Asia, Europe, the Americas, Africa, and the Middle East. The company has several major subsidiaries and many third-party distributors worldwide.

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Dahua Technology Co., Ltd (China)

Dahua Technology Co., Ltd is a multinational video-centric AloT solutions and services provider. It is a well known provider of video as a sensor solution and has a diverse portfolio that includes machine vision systems, professional drones, video conferencing systems, RFID, electronic license plates, and robotics. The company's services include customized features and professional security systems for public security, finance, transportation, energy, and communications industries. With a global marketing and service network, it has established over 200 China offices and 69 overseas subsidiaries, branches, and representative offices covering Asia, North America, South America, Europe, Africa, Oceania, and other regions.

Honeywell International Inc. (US)

Honeywell International Inc. is an engineering and technology company offering industry-specific solutions to aerospace, industrial, and automotive markets. The company operates in four segments: Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The company offers a range of video as a sensor solution, including IP cameras, NVRs, NVR hybrids, video encoders, video management systems, and cloud-hosted services and accessories. Its video management offerings are built on the revolutionary Honeywell Digital Video Manager (DVM) platform. DVM is a software-based CCTV digital surveillance and video management solution that uses industry-standard communications technologies and off-the-shelf hardware to provide superior flexibility, better performance, and affordability in surveillance. It builds integrated security solutions designed for the specific needs of specific users. It serves airports, critical infrastructure, healthcare, hospitality, metro, and retail applications. It offers video as a sensor solution through the Honeywell Building Technologies segment. The company has a very strong geographic presence across major regions such as Asia Pacific, North and Latin America, Europe, the Middle East, and Africa. It has a presence across 80 countries and 75 sites.

Bosch Security Systems GmbH (Germany)

Bosch Security Systems GmbH manufactures and designs security equipment for video surveillance, intrusion detection, fire detection, access control, public address, conference systems, evacuation systems, management systems, video analytics, video content analysis, and data security worldwide. The company provides product offerings such as predictive-ready video systems, which can anticipate potential incidents and respond proactively or use business intelligence beyond security. Their products are integrated by AIoT, which users to gain intelligent insights to help operators respond to potential threats. The company has a strong geographic presence in Europe, Asia Pacific, the Middle East, and the Americas. It has manufacturing sites in Mexico, the US, China, Germany, and Portugal.

Motorola Solutions, Inc. (US)

Motorola Solutions, Inc. is a data communications and telecommunications equipment provider. The company develops data capture, wireless infrastructure, barcode scanning, two-way radios, and wireless broadband networks. It also produces public safety and government products, voice and data communications products and systems, and wireless LAN securities. The company operates through two business segments: Products and Systems Integration and Software and Services. The company has organically invested in these three technologies and, through acquisitions, evolved its LMR focus and expand its safety and security products and services. The company connects public safety agencies and enterprises to enable critical collaboration for a proactive approach to safety and security. In March 2018, Motorola acquired Avigilon Corporation (Canada), which provides mission-critical communications and analytics solutions. The company also acquired Pelco (US), a provider of video security solutions based in California. The company offers solutions for video as a sensor market through these companies. It designs and advances technology for more than 100,000 public safety and enterprise customers in over 100 countries worldwide. Its businesses are in the Americas, Europe, the Middle East, Asia Pacific, and Africa.