#Thermal Energy Storage Market share

[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.

[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.

[pearlsmith25]

Captivating Investment Opportunities in the Thriving Thermal Energy Storage Market

Thermal energy storage (TES) is a technology that allows for the storage of excess thermal energy produced during off-peak hours for later use. It plays a crucial role in managing the demand and supply fluctuations of energy, especially in the context of renewable energy sources. TES systems store thermal energy in the form of hot or cold fluids, phase-change materials (PCMs), or through thermochemical reactions, and then release it when required.

The Thermal Energy Storage Market has been experiencing significant growth in recent years, driven by several factors such as increasing focus on renewable energy integration, the need for energy efficiency, and growing environmental concerns. TES provides a reliable and efficient solution for grid stabilization, load shifting, and balancing energy demand.

The global thermal energy storage market size was valued at US$ 4.65 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.28% from 2023 to 2030. The global thermal energy storage market is expected to witness a significant growth during the forecast period. This is attributed to increasing adoption of renewable power generation and growing demand for HVAC thermal energy storage systems. Moreover, the rising concern over greenhouse gas emissions and increasing fuel prices are further expected to drive demand for advanced thermal energy storage systems.

Here are some key aspects and trends in the Thermal Energy Storage Market:

Types of Thermal Energy Storage:

a. Sensible Heat Storage: In this type, thermal energy is stored by heating or cooling a liquid or solid material, such as water, rocks, or concrete. b. Latent Heat Storage: It involves the phase change of a material, typically a PCM, which absorbs or releases heat during the transition from solid to liquid and vice versa. c. Thermochemical Storage: This method stores energy through reversible chemical reactions that absorb or release heat.

Applications:

a. Residential and Commercial Heating: TES can be used for space heating and hot water production in residential and commercial buildings. b. Industrial Processes: TES is employed in various industrial sectors, including food and beverage, chemical, and manufacturing, to optimize energy use and reduce peak energy demand. c. Power Generation: TES technologies enable efficient operation and load balancing in power plants, especially in concentrated solar power (CSP) systems. d. District Heating and Cooling: TES systems can be integrated into district energy networks, providing efficient heating and cooling solutions for communities. e. Grid Energy Storage: TES helps in storing excess energy generated from renewable sources and releasing it during periods of high demand, thus supporting grid stability and reducing reliance on fossil fuel-based power plants.

Market Drivers:

a. Renewable Energy Integration: TES facilitates the integration of intermittent renewable energy sources, such as solar and wind, by storing excess energy for use during periods of low generation. b. Energy Efficiency: TES improves the overall energy efficiency of systems by reducing energy waste and optimizing energy use. c. Environmental Concerns: Growing environmental awareness and the need to reduce greenhouse gas emissions are driving the adoption of TES as a sustainable energy storage solution. d. Government Initiatives: Supportive policies and incentives provided by governments across the globe are promoting the deployment of TES technologies.

Regional Market Outlook:

a. North America: The United States and Canada are witnessing significant growth in the TES market, driven by renewable energy targets and increasing adoption of TES in various industries. b. Europe: Countries like Germany, Spain, and Denmark are leading the TES market in Europe, primarily due to their focus on renewable energy and energy storage technologies. c. Asia Pacific: China, India, and Japan are experiencing rapid growth in the TES sector, supported by government initiatives, investments in renewable energy, and increasing industrialization. d. Middle East and Africa: The Middle East region, with its abundant solar resources, is adopting TES technologies for CSP systems, while African countries are exploring TES for off-grid and rural electrification projects.

Key Market Players:

a. CALMAC Corporation b. DN Tanks c. Abengoa Solar d. BrightSource Energy e. SolarReserve f. Tesla, Inc. g. Ice Energy h. Burns & McDonnell i. Goss Engineering j. Steffes Corporation

The Thermal Energy Storage Market is expected to witness significant growth in the coming years, driven by the increasing demand for renewable energy integration, grid stabilization, and energy efficiency. Advancements in materials, technologies, and the supportive regulatory environment will continue to fuel the market's expansion, leading to a more sustainable and reliable energy future.

[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

[marketanalysisdata]

Immersion Cooling Market 2030 Regional Outlook, Share, Type and Application, Trends

The global immersion cooling market was valued at USD 197.0 million in 2022 and is projected to grow at a robust compound annual growth rate (CAGR) of 22.6% from 2023 to 2030. This growth is largely fueled by the increasing demand for cost-effective and energy-efficient cooling solutions for data centers. Immersion cooling, a process where components are submerged in a thermally conductive but electrically insulating liquid, offers substantial advantages over traditional air-cooling methods, making it a compelling choice for large-scale data operations.

During the COVID-19 pandemic in 2020, global lockdowns disrupted industry expansion, delaying data center consolidation efforts as the movement of servers, closure of facilities, and construction of new sites became challenging. Despite these obstacles, demand for data centers surged, primarily due to the global shift toward remote work and a significant increase in e-commerce activities.

Gather more insights about the market drivers, restrains and growth of the Immersion Cooling Market

In the United States, the immersion cooling market is experiencing transformation as companies in this sector expand capacity to meet the growing needs of data centers. The COVID-19 pandemic accelerated the shift to digital platforms, with more businesses and consumers embracing e-commerce and online services. The need for reliable Internet of Things (IoT) capabilities and cloud computing infrastructure in the U.S. is expected to sustain high demand for data centers, especially hyper-scale data centers, which are designed to accommodate large-scale data storage and management efficiently. Unlike traditional data centers, hyper-scale facilities are equipped to handle high data traffic and intensive computing workloads, making them ideal for emerging technologies and digital applications.

The immersion cooling market comprises various global and regional players offering proprietary solutions, with some companies modifying existing Information Technology Equipment (ITE) to be compatible with immersion cooling technology. Customization is a key strategy in this market, as manufacturers often tailor solutions to meet the specific needs of their clients.

The demand for IoT and cloud infrastructure continues to grow, leading to an increased need for hyper-scale data centers. These large-scale facilities allow digital platforms to manage data storage and transfer more efficiently, catering to the expanding requirements of high-volume data traffic and intensive computing workloads.

Application Segmentation Insights:

In terms of applications, high-performance computing (HPC) was the leading segment in 2022, accounting for 34.6% of the global revenue share. Immersion cooling offers significant advantages for HPC systems, including reduced latency, improved energy efficiency, and the potential for heat reuse in industrial or urban settings. Furthermore, immersion cooling allows for rapid deployment with edge-ready solutions, making it suitable for locations where conventional cooling systems are not feasible. The technology also supports cooling of high chip densities without water waste, aligning with sustainable cooling goals.

The demand for cryptocurrency mining has grown substantially, driven by cryptocurrency’s benefits such as faster international transfers, decentralized operation, fraud protection, and enhanced transactional security. Cryptocurrency mining operations require high-performance systems that are often overclocked to maximize hash rates, and immersion cooling helps maintain the temperatures of these high-power systems efficiently. This cooling method reduces both operational and capital expenses in cryptocurrency mining, making it more cost-effective for miners to achieve their desired processing performance without overheating.

Artificial Intelligence (AI) is another segment expected to experience rapid growth, with a projected CAGR of 26.3% over the forecast period. Several factors contribute to this growth, including a resurgence in AI research in the U.S., the widespread adoption of deep learning technologies by major companies like Facebook, Google, Microsoft, and Amazon, and a rising demand for AI-driven applications. Additionally, Israel’s robust AI ecosystem is contributing to the growing demand for high-performance servers capable of managing the increased load. This upsurge in AI applications is anticipated to drive the immersion cooling market as AI servers require efficient cooling solutions to manage their significant computational workloads.

Immersion cooling systems are especially valuable for supporting large computing workloads in small or constrained spaces where traditional cooling options may be unavailable or unsuitable. This technology reduces energy consumption in edge computing environments, where cooling solutions are critical, but high-capacity power sources may not always be accessible. Immersion liquid cooling enables efficient deployment at edge locations, offering a solution that conserves energy and is adaptable to diverse environments where space or power constraints might otherwise limit the effectiveness of traditional cooling methods.

Order a free sample PDF of the Immersion Cooling Market Intelligence Study, published by Grand View Research.

[marketstudyreport]

Immersion Cooling Market Strategy Analysis Report by 2030

The global immersion cooling market was valued at USD 197.0 million in 2022 and is projected to grow at a robust compound annual growth rate (CAGR) of 22.6% from 2023 to 2030. This growth is largely fueled by the increasing demand for cost-effective and energy-efficient cooling solutions for data centers. Immersion cooling, a process where components are submerged in a thermally conductive but electrically insulating liquid, offers substantial advantages over traditional air-cooling methods, making it a compelling choice for large-scale data operations.

During the COVID-19 pandemic in 2020, global lockdowns disrupted industry expansion, delaying data center consolidation efforts as the movement of servers, closure of facilities, and construction of new sites became challenging. Despite these obstacles, demand for data centers surged, primarily due to the global shift toward remote work and a significant increase in e-commerce activities.

Gather more insights about the market drivers, restrains and growth of the Immersion Cooling Market

In the United States, the immersion cooling market is experiencing transformation as companies in this sector expand capacity to meet the growing needs of data centers. The COVID-19 pandemic accelerated the shift to digital platforms, with more businesses and consumers embracing e-commerce and online services. The need for reliable Internet of Things (IoT) capabilities and cloud computing infrastructure in the U.S. is expected to sustain high demand for data centers, especially hyper-scale data centers, which are designed to accommodate large-scale data storage and management efficiently. Unlike traditional data centers, hyper-scale facilities are equipped to handle high data traffic and intensive computing workloads, making them ideal for emerging technologies and digital applications.

The immersion cooling market comprises various global and regional players offering proprietary solutions, with some companies modifying existing Information Technology Equipment (ITE) to be compatible with immersion cooling technology. Customization is a key strategy in this market, as manufacturers often tailor solutions to meet the specific needs of their clients.

The demand for IoT and cloud infrastructure continues to grow, leading to an increased need for hyper-scale data centers. These large-scale facilities allow digital platforms to manage data storage and transfer more efficiently, catering to the expanding requirements of high-volume data traffic and intensive computing workloads.

Application Segmentation Insights:

In terms of applications, high-performance computing (HPC) was the leading segment in 2022, accounting for 34.6% of the global revenue share. Immersion cooling offers significant advantages for HPC systems, including reduced latency, improved energy efficiency, and the potential for heat reuse in industrial or urban settings. Furthermore, immersion cooling allows for rapid deployment with edge-ready solutions, making it suitable for locations where conventional cooling systems are not feasible. The technology also supports cooling of high chip densities without water waste, aligning with sustainable cooling goals.

The demand for cryptocurrency mining has grown substantially, driven by cryptocurrency’s benefits such as faster international transfers, decentralized operation, fraud protection, and enhanced transactional security. Cryptocurrency mining operations require high-performance systems that are often overclocked to maximize hash rates, and immersion cooling helps maintain the temperatures of these high-power systems efficiently. This cooling method reduces both operational and capital expenses in cryptocurrency mining, making it more cost-effective for miners to achieve their desired processing performance without overheating.

Artificial Intelligence (AI) is another segment expected to experience rapid growth, with a projected CAGR of 26.3% over the forecast period. Several factors contribute to this growth, including a resurgence in AI research in the U.S., the widespread adoption of deep learning technologies by major companies like Facebook, Google, Microsoft, and Amazon, and a rising demand for AI-driven applications. Additionally, Israel’s robust AI ecosystem is contributing to the growing demand for high-performance servers capable of managing the increased load. This upsurge in AI applications is anticipated to drive the immersion cooling market as AI servers require efficient cooling solutions to manage their significant computational workloads.

Immersion cooling systems are especially valuable for supporting large computing workloads in small or constrained spaces where traditional cooling options may be unavailable or unsuitable. This technology reduces energy consumption in edge computing environments, where cooling solutions are critical, but high-capacity power sources may not always be accessible. Immersion liquid cooling enables efficient deployment at edge locations, offering a solution that conserves energy and is adaptable to diverse environments where space or power constraints might otherwise limit the effectiveness of traditional cooling methods.

Order a free sample PDF of the Immersion Cooling Market Intelligence Study, published by Grand View Research.

[latestmarketresearchnews]

Industrial Insulation Industry Growth Prospect, Distributor Analysis & Applications Insights 2030

The global industrial insulation market reached a valuation of USD 8.21 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030. This growth is driven by increasing demand for insulation in industrial applications, as it enhances process efficiency, helps control condensation, reduces noise levels, offers freeze protection, and lowers environmental pollution. Additionally, there is rising awareness regarding the benefits of insulation in industrial applications, especially in North America, where industries are increasingly recognizing the cost-saving advantages that come with improved insulation. However, the market experienced a significant downturn in industrial investments during the COVID-19 pandemic, which impacted demand. Furthermore, the steep decline in crude oil prices reduced fiscal resources for oil-producing nations, which, in turn, affected demand for industrial insulation products within the oil and gas sector.

In the United States, the demand for industrial insulation is expected to increase, especially in applications involving machinery, boilers, pipes, storage tanks, and linings for heat exchangers, cooling towers, and ventilation and air conditioning systems. The U.S. market outlook is favorable, partly due to a peak in private industrial investments observed in 2018. With a growing GDP, the industrial sector in the U.S. is projected to expand significantly, bolstering demand for insulation products.

Gather more insights about the market drivers, restrains and growth of the Industrial Insulation Market

In the insulation market, the primary buyers are medium to large-scale companies that prioritize product quality and insulation effectiveness over price sensitivity. This has led to increased adoption of advanced, specialized insulation materials, such as aerogel and perlite, particularly in industries that require superior insulation performance. These niche, high-performance products are expected to see steady demand growth as industries increasingly seek materials that provide better thermal protection and energy efficiency.

The industrial insulation market is characterized by high entry barriers due to the presence of a substantial number of established players and the capital-intensive nature of the market. Entering and sustaining in this market requires significant time, planning, and resources. For new entrants, achieving economies of scale remains crucial, which can serve as a deterrent to those seeking to penetrate this highly competitive space.

Application Segmentation Insights:

The LPG (Liquefied Petroleum Gas) and LNG (Liquefied Natural Gas) sectors led the market, accounting for approximately 20.70% of revenue share in 2022. This demand is expected to continue over the forecast period, driven by the high risks associated with the transportation and storage of LPG and LNG products, which necessitate robust insulation solutions. Proper insulation in the pipes and transportation infrastructure of the LNG and LPG industries is critical, as it ensures safe transport and storage, which supports ongoing demand for industrial insulation products in these sectors.

In the power generation industry, there is a growing need for industrial insulation to minimize power losses, reflecting heightened global concerns around energy management. Insulation products play a vital role in the efficient operation of power generation facilities, and as such, this industry is expected to contribute significantly to the growth of the industrial insulation market in the coming years.

The petrochemical and refineries sector is expected to experience substantial growth, with a projected CAGR of 4.8% over the forecast period. The oil and gas industry operates with high-volume production of crude oil and natural gas, which leads to sustained demand for effective insulation solutions to maintain operational efficiency and safety standards.

The EIP (Energy-Intensive Processes) industries, which manufacture a diverse array of products, require insulation to conserve thermal energy efficiently. Furthermore, the manufacturing sector's growth, along with stringent regulatory standards from bodies like the European Commission, is expected to propel the demand for insulation products in the forecast period. Compliance with such regulations is essential in maintaining energy efficiency and reducing emissions, driving further investment in advanced insulation solutions across industrial applications.

Order a free sample PDF of the Industrial Insulation Market Intelligence Study, published by Grand View Research.

[researchreportinsight]

Industrial Insulation Market 2030 Forecast, Future Outlook, Share, Trends, Application

The global industrial insulation market reached a valuation of USD 8.21 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030. This growth is driven by increasing demand for insulation in industrial applications, as it enhances process efficiency, helps control condensation, reduces noise levels, offers freeze protection, and lowers environmental pollution. Additionally, there is rising awareness regarding the benefits of insulation in industrial applications, especially in North America, where industries are increasingly recognizing the cost-saving advantages that come with improved insulation. However, the market experienced a significant downturn in industrial investments during the COVID-19 pandemic, which impacted demand. Furthermore, the steep decline in crude oil prices reduced fiscal resources for oil-producing nations, which, in turn, affected demand for industrial insulation products within the oil and gas sector.

In the United States, the demand for industrial insulation is expected to increase, especially in applications involving machinery, boilers, pipes, storage tanks, and linings for heat exchangers, cooling towers, and ventilation and air conditioning systems. The U.S. market outlook is favorable, partly due to a peak in private industrial investments observed in 2018. With a growing GDP, the industrial sector in the U.S. is projected to expand significantly, bolstering demand for insulation products.

Gather more insights about the market drivers, restrains and growth of the Industrial Insulation Market

In the insulation market, the primary buyers are medium to large-scale companies that prioritize product quality and insulation effectiveness over price sensitivity. This has led to increased adoption of advanced, specialized insulation materials, such as aerogel and perlite, particularly in industries that require superior insulation performance. These niche, high-performance products are expected to see steady demand growth as industries increasingly seek materials that provide better thermal protection and energy efficiency.

The industrial insulation market is characterized by high entry barriers due to the presence of a substantial number of established players and the capital-intensive nature of the market. Entering and sustaining in this market requires significant time, planning, and resources. For new entrants, achieving economies of scale remains crucial, which can serve as a deterrent to those seeking to penetrate this highly competitive space.

Application Segmentation Insights:

The LPG (Liquefied Petroleum Gas) and LNG (Liquefied Natural Gas) sectors led the market, accounting for approximately 20.70% of revenue share in 2022. This demand is expected to continue over the forecast period, driven by the high risks associated with the transportation and storage of LPG and LNG products, which necessitate robust insulation solutions. Proper insulation in the pipes and transportation infrastructure of the LNG and LPG industries is critical, as it ensures safe transport and storage, which supports ongoing demand for industrial insulation products in these sectors.

In the power generation industry, there is a growing need for industrial insulation to minimize power losses, reflecting heightened global concerns around energy management. Insulation products play a vital role in the efficient operation of power generation facilities, and as such, this industry is expected to contribute significantly to the growth of the industrial insulation market in the coming years.

The petrochemical and refineries sector is expected to experience substantial growth, with a projected CAGR of 4.8% over the forecast period. The oil and gas industry operates with high-volume production of crude oil and natural gas, which leads to sustained demand for effective insulation solutions to maintain operational efficiency and safety standards.

The EIP (Energy-Intensive Processes) industries, which manufacture a diverse array of products, require insulation to conserve thermal energy efficiently. Furthermore, the manufacturing sector's growth, along with stringent regulatory standards from bodies like the European Commission, is expected to propel the demand for insulation products in the forecast period. Compliance with such regulations is essential in maintaining energy efficiency and reducing emissions, driving further investment in advanced insulation solutions across industrial applications.

Order a free sample PDF of the Industrial Insulation Market Intelligence Study, published by Grand View Research.

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Dual Carbon Battery Market Dynamics and Growth Projections 2024 - 2032

The dual carbon battery market is emerging as a revolutionary segment in the energy storage industry, offering promising alternatives to traditional lithium-ion batteries. With increasing demand for sustainable energy solutions and innovations in battery technology, dual carbon batteries are gaining attention for their potential to enhance performance, reduce costs, and minimize environmental impact. This article explores the current landscape, benefits, challenges, and future trends of the dual carbon battery market.

What are Dual Carbon Batteries?

Dual carbon batteries are a type of rechargeable battery that utilizes carbon-based materials for both the anode and cathode. This innovative design replaces conventional materials like lithium and cobalt, aiming to address some of the limitations associated with traditional batteries. Dual carbon batteries offer several advantages, including improved safety, faster charging times, and a more sustainable lifecycle.

Key Components of Dual Carbon Batteries

Anode and Cathode In dual carbon batteries, both electrodes are made from carbon-based materials, such as graphite or activated carbon. This composition enhances the battery's performance and allows for higher energy density.

Electrolyte The electrolyte in dual carbon batteries facilitates ion movement between the anode and cathode. Research is ongoing to develop safer, more efficient electrolytes that complement the carbon materials.

Separator A separator is crucial for preventing short circuits within the battery. Advanced separators are being designed to enhance ionic conductivity while maintaining safety.

Benefits of Dual Carbon Batteries

The dual carbon battery market offers a range of advantages that make it an attractive alternative to traditional battery technologies:

Environmental Sustainability Dual carbon batteries are considered more environmentally friendly, as they eliminate the need for rare and toxic materials such as lithium and cobalt. This reduces the ecological impact associated with mining and processing these materials.

Enhanced Safety Carbon-based batteries typically exhibit greater thermal stability compared to lithium-ion batteries, reducing the risk of overheating and fire. This safety feature makes them particularly appealing for various applications.

Fast Charging and Longevity Dual carbon batteries are designed for rapid charging, which is a significant advantage in applications where downtime must be minimized. Additionally, their longevity and durability can result in lower lifecycle costs.

Current Trends in the Dual Carbon Battery Market

Several trends are shaping the dual carbon battery market as it develops:

Increased Research and Development Investment in R&D for dual carbon technology is growing, with universities and companies exploring new materials and designs to improve performance and efficiency.

Focus on Renewable Energy Storage As the world shifts towards renewable energy sources, the need for effective energy storage solutions is becoming more critical. Dual carbon batteries are being explored for applications in solar and wind energy storage, helping to stabilize the grid.

Electrification of Transportation The push for electric vehicles (EVs) is driving interest in alternative battery technologies. Dual carbon batteries hold potential for EVs, offering rapid charging capabilities and longer lifespans.

Challenges in the Market

Despite its promising outlook, the dual carbon battery market faces several challenges:

Technological Maturity While dual carbon batteries show great potential, they are still in the developmental stages compared to established lithium-ion technology. Further advancements are needed to achieve commercial viability.

Cost Competitiveness The cost of producing dual carbon batteries remains a challenge. To gain market share, manufacturers must find ways to reduce production costs and improve scalability.

Market Awareness and Acceptance Educating consumers and industries about the benefits of dual carbon batteries is crucial for widespread adoption. Building trust in new technologies can take time.

Future Outlook

The dual carbon battery market is poised for growth as technological advancements continue and the demand for sustainable energy solutions increases. Research efforts aimed at improving performance, reducing costs, and enhancing safety will play a crucial role in this market's evolution.

Conclusion

The dual carbon battery market represents an exciting frontier in energy storage technology, offering significant advantages over traditional battery systems. With its potential for environmental sustainability, enhanced safety, and fast charging capabilities, dual carbon batteries are well-positioned to meet the growing demand for efficient energy storage solutions. As research progresses and the market matures, dual carbon batteries may play a pivotal role in shaping the future of energy storage and electric transportation.

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The Molten Salt Thermal Energy Storage Market is projected to grow from USD 2,030 million in 2024 to USD 4,134.83 million by 2032, representing a compound annual growth rate (CAGR) of 9.30% during the forecast period.As the global shift towards renewable energy continues, efficient and reliable energy storage solutions are critical to overcoming the challenges of intermittent renewable energy sources. The molten salt thermal energy storage (TES) market stands out as a promising player, enabling the storage of solar energy to provide a steady power supply even when the sun isn’t shining. This article delves into the market dynamics, trends, benefits, and growth potential of the molten salt TES market, highlighting how this technology is making a significant impact in the renewable energy sector.

Browse the full report https://www.credenceresearch.com/report/molten-salt-thermal-energy-storage-market

Key Advantages of Molten Salt TES

Molten salt TES offers several advantages over other storage solutions, making it particularly effective for solar thermal power plants. Some of the key benefits include:

1. Cost-Effective Storage: Compared to lithium-ion and other battery technologies, molten salt storage systems can be more economical at a large scale. Although the initial setup costs can be high, the long-term operational costs are relatively low, especially for large power plants.

2. Extended Storage Duration: Unlike batteries that can deplete within a few hours, molten salt storage can retain heat for several hours or even days. This capability allows for energy generation during periods of low sunlight, providing a consistent power output and bridging the gap between daytime solar collection and nighttime energy demand.

3. Environmentally Friendly: Molten salt itself is a relatively benign and non-toxic material, reducing environmental impact. Moreover, these systems emit no greenhouse gases during operation, aligning well with sustainability goals and reducing the carbon footprint of energy generation.

4. High Efficiency and Scalability: Molten salt TES systems have relatively high thermal efficiency, typically reaching around 99% energy retention during storage. Additionally, they are easily scalable, with the ability to expand storage capacity based on the size of the tank and amount of salt.

Market Drivers

The molten salt TES market is being propelled by a variety of factors, including the following:

1. Increased Renewable Energy Investment**: As countries aim to achieve their carbon reduction goals and transition away from fossil fuels, investment in renewable energy infrastructure, particularly solar power, has surged. Governments and private entities alike are prioritizing large-scale renewable energy projects, creating a natural demand for efficient energy storage solutions like molten salt TES.

2. Energy Security and Resilience: Energy storage technologies are integral to creating resilient power grids that can withstand disruptions. Molten salt TES provides an essential buffer for solar power plants, ensuring uninterrupted energy supply even during cloudy days or after sunset, which supports grid stability and energy security.

3. Technological Advancements: Recent innovations in thermal storage materials, system efficiency, and plant design are driving down costs and improving performance in the molten salt TES market. Improvements in salt formulation, storage tank design, and heat exchange processes are making this technology increasingly accessible and economically viable.

4. Supportive Government Policies: Many countries, especially in regions like Europe, North America, and the Middle East, are enacting supportive policies for renewable energy and energy storage. Subsidies, tax incentives, and research funding from governments have accelerated market growth and are helping reduce the barriers for molten salt TES deployment.

Market Challenges

Despite its advantages, the molten salt TES market faces several challenges:

1. High Initial Costs: The initial capital investment for molten salt TES is considerable, as it requires advanced materials, precise engineering, and significant space. This can limit adoption, particularly among smaller projects or in regions with limited financial resources.

2. Geographic Limitations: Molten salt TES is most effective in areas with abundant sunlight, such as deserts or arid regions. This makes it less suitable for regions with limited solar resources, limiting its applicability on a global scale.

3. Competition from Other Storage Technologies: Battery storage technology, particularly lithium-ion and emerging solid-state batteries, presents stiff competition. These batteries offer flexibility and a smaller footprint, which are advantageous in distributed energy setups and urban environments.

Future Outlook and Growth Potential

The future of the molten salt TES market appears promising. Increasing investment in renewable energy and the continued development of CSP plants worldwide are likely to sustain market growth. According to industry estimates, the global molten salt TES market is expected to grow at a compound annual growth rate (CAGR) of 8-10% over the next decade, reaching significant valuation figures by 2030. Key growth regions include North America, the Middle East, and Asia-Pacific, where favorable weather conditions and supportive energy policies intersect.

Additionally, ongoing research into reducing the costs and increasing the durability of molten salt storage systems could open new applications beyond solar thermal plants. Integration with other renewable sources, like wind and geothermal, could further expand the market’s scope.

Segmentations:

By Technology Type

Sensitized and Unsensitized

Sensitized (with additives)

Unsensitized (pure salt)

Single Tank vs. Two Tank Systems

Single Tank Systems

Two Tank Systems

By Application

Concentrated Solar Power (CSP) Plants

Industrial Heating

Residential Heating

Others (e.g., district heating)

By Region

North America

US

Canada

Latin America

Brazil

Argentina

Mexico

Rest of Latin America

Europe

Germany

UK

Spain

France

Italy

Russia

Rest of Europe

Asia Pacific

China

India

Japan

Australia

South Korea

ASEAN

Rest of Asia Pacific

Middle East

GCC

Israel

Rest of Middle East

Africa

South Africa

North Africa

Central Africa

Browse the full report https://www.credenceresearch.com/report/molten-salt-thermal-energy-storage-market

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