Current, Projected Performance and Costs of Thermal Energy Storage

The technology for storing thermal energy as sensible heat, latent heat, or thermochemical energy has greatly evolved in recent years, and it is expected to grow up to about 10.1 billion US dollars by 2027. A thermal energy storage (TES) system can significantly improve industrial energy efficiency and eliminate the need for additional energy supply in commercial and residential applications. This study is a first-of-its-kind specific review of the current projected performance and costs of thermal energy storage. This paper presents an overview of the main typologies of sensible heat (SH-TES), latent heat (LH-TES), and thermochemical energy (TCS) as well as their application in European countries. With regard to future challenges, the installation of TES systems in buildings is being implemented at a rate of 5%; cogeneration application with TES is attested to 10.2%; TES installation in the industry sector accounts for 5% of the final energy consumption. From the market perspective, the share of TES is expected to be dominated by SH-TES technologies due to their residential and industrial applications. With regard to the cost, the SH-TES system is typically more affordable than the LH-TES system or the TCS system because it consists of a simple tank containing the medium and the charging/discharging equipment.