Thermal Energy Storage Market is valued at USD 4.31 Billion in 2018 and expected to reach USD 9.12 Billion by 2025 with the CAGR of 11.30% over the forecast period.
The Thermal Energy Storage Market research report delivers a comprehensive analysis on the newest market drivers. The report also offers extracts regarding statistics, market valuation and revenue estimates, which further strengthens its status in the competitive spectrum and growth trends embraced by leading manufacturers in the business.
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Market Analysis of Thermal Energy Storage –
Thermal Energy Storage (TES) is the technology which allows excess thermal energy to be stored by heating or cooling a storage medium, which can be used at required time for different heating and cooling applications. The thermal energy is stored and used at scales ranging from town, region, or individual process, building, and multi-user building. It is fundamentally thermal batteries which store energy in terms of temperature difference rather than potential difference. It helps in balancing the increasing energy demand and supply. It deals with the storage of energy by cooling, melting, heating, vaporizing of a material. Thermal energy is a type of kinetic energy, which is produced by the heat generated with the friction of heat emitting body or object. Thermal energy can exist in the form of radiation, latent absorption, or be generated by the application of direct heat. The important benefits of thermal energy storage are an upsurge in system dependability, decrease in the costs of generation and growth in the capacity of power generation.
Global Thermal Energy Storage Market is segmented based on type, technology, material, application, end-user and region & country level. Based upon type, thermal energy storage market is classified into sensible heat storage, latent heat storage and thermochemical heat storage. Based upon technology, the market is classified into molten salt technology, electric thermal storage heaters, solar energy storage, ice-based technology, miscibility gap alloy technology (MGA) and others. Based upon material, thermal energy storage market is classified into molten salt, phase change material, water and others. Based upon application, thermal energy storage market is classified into process heating & cooling, district heating & cooling, power generation, ice storage air-conditioning and others. Based upon end-users, thermal energy storage market is classified into industrial, utilities and residential & commercial.
The regions covered in this thermal energy storage market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of thermal energy storage is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Thermal Energy Storage Companies
Global Thermal Energy Storage market report covers prominent players like,
- Cristopia Energy Systems
- Baltimore Air coil Company
- Bright source Energy, Inc.
- FAFCO, Inc.
- Steffes Corporation, DN Tanks
- Solar reserve, LLC,
- Abengoa Solar
- Burns & McDonnell
- Ice Energy
- Caledonian MacBrayne
- Evapco, Inc.
- Chicago Bridge & Iron Company N.V. (CB&I)
- Caldwell Energy
- Dunham-Bush Holding Bhd.
- TAS Energy
- SENER Group
- Goss Engineering
Global Thermal Energy Storage Market Dynamics–
With rapid urbanization across the world, the demand for electricity has been rising, resulting in the deployment of different types of energy-generating utilities, including CSP plants. According to China’s National Energy Administration, around 111 CSP projects are underway, with a combined capacity of around 9 GW. Out of these, the first batch of CSP plants, of 1,349.0 MW capacity, has recently been operationalized, with more such plants projected to be commissioned soon. Such kinds of expansion projects are driving the growth of the thermal energy storage market. In addition, there has been a considerable rise in the consumption of power for district heating and cooling purposes. Due to the partial availability of independent cooling and heating systems for residential and commercial buildings, these services are dependent on power utilities to meet their power supplies. Therefore, power utilities are increasingly setting up energy storage structures to meet the energy demand in these facilities, which, in turn, is driving the thermal energy storage market growth. However, lack of awareness of the storage technologies and high capital cost associated with the use of storage system may hamper the market growth.
Global Thermal Energy Storage Market Regional Analysis–
North America is dominating the thermal energy storage market with the potential rate in terms of revenue due to ongoing improvements in solar thermal generation technologies, along with the increasing demand for renewable energy sources in the region. According to the Energy Information Administration, U.S., fuel production has declined by 7% from 2015 to 2016. Renewable energy production, on the other hand, has increased by almost 7% during the same period.
Asia Pacific is anticipated to grow at a highest CAGR over forecast period. India and Germany are the most lucrative markets of players owing to growing emphasis on energy efficiency initiatives and increasing investments in solar thermal energy storage. In addition, there is an increased adoption of thermal energy storage in these countries to cater to the energy needs and reduce damage to the environment.
Key Benefits for Global Thermal Energy Storage Market Report–
Global Market report covers in depth historical and forecast analysis.
Global Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Market report helps to identify opportunities in market place.
Global Market report covers extensive analysis of emerging trends and competitive landscape.
Thermal Energy Storage Market Segmentation:–
By Type: Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage
By Technology: Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-based Technology, Miscibility Gap Alloy Technology (MGA), Others
By Material: Molten Salt, Phase Change Material, Water, Others
By Application: Process Heating & Cooling, District Heating & Cooling, Power Generation, Ice storage air-conditioning, Others
By End-Users: Industrial, Utilities, Residential & Commercial
By Regional & Country Analysis:
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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