Thermal Energy Storage Market Projected to Gain Significant Value by 2022 | Future Growth Trends, Competitors Strategy, and Global Industry Analysis by Top Key Vendors

“Thermal Energy Storage Market”
The growing Concentrating Solar Thermal Power (CSP) installations and the increasing demand for thermal energy storage in HVAC systems are some of the major reasons behind the growing thermal energy storage market.

Global Thermal Energy Storage Market – Competitive Landscape

The market appears to be well-established and competitive owing to the presence of many giant and small players. DN Tanks, Inc. (US), Caledonian MacBrayne and CalMac (UK), Ice Energy Holdings, Inc. (US), Burns & McDonnell (US), Steffes Corporation (US), Abengoa Solar (Spain) and Fafco, Inc. (US) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the thermal energy storage market.

The market will witness fierce competition during the forecast period.  Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players.

Global Thermal Energy Storage Market – Overview

Thermal energy storage (TES), as the name suggests refers to the storing and managing renewable heat until it is needed. TES’ are used in heating & cooling applications and power generation. Working just like a battery, the TES is designed to replace heat and cold production from fossil fuels while letting out a far lower carbon emission.

TES has proven to be a far practical solution, eliminating the need for expensive power and heat production capacity. Therefore, TES perceives a high uptake across industries and countries around the globe, and its market witnesses a substantial growth globally.

Acknowledging the kind of traction, Market Research Future (MRFR) in its recently published study report asserts that the Thermal Energy Storage Market gaining further prominence will register a spectacular growth till 2023.

Also, the additional features of TES such as lower capital investment as well as very high operating efficiency as compared to the other storage technologies escalate the market growth extensively. Furthermore, the growing number of concentrating solar thermal power (CSP) installations coupled with the increasing demand for thermal energy storage in HVAC systems act as the major driving force behind the growing thermal energy storage market.

Conversely, additional cost & complexities and additional infrastructure & space requirements are some of the factors are presenting challenges to the market growth. Nevertheless, increasing investments in solar thermal energy are expected to fuel the market growth during the review period.

Additionally, government initiatives and investments encouraging the adoption of solar power is expected to foster the market growth to an extent. Furthermore, environmental concerns in countries such as India and China will lead to the growth of thermal energy storage market.

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Global Thermal Energy Storage Market – Segmentation

MRFR has segmented the report into three key dynamics for convenience and enhanced understanding;

By Technologies         : Comprises Latent Heat Sensible Heat, and Thermochemical Heat.

By End-Uses               : Commercial, Industrial, Utilities, Residential, and others.

By Regions                  :  North America, Europe, Asia Pacific (APAC) and Rest-of-the-World.

The sensible heat storage segment is the most common method being employed for ages as hot water tanks.

The commercial and industrial segments account for the fastest and largest growing segments, owing to the augmented demand for the adequate backup power supply.

Global Thermal Energy Storage Market – Regional Analysis

Europe accounted for the top spot in the Thermal Energy Storage Market. This can be attributed to higher investments in solar energy emphasizing on the low-cost power generation, the market is estimated to retain its dominance throughout the forecast period. The region demonstrates the greater potential for the replacement of fossil fuels with the utilization of waste heat.

Recent developments like molten salt thermal storage and seasonal thermal storage are supporting the market growth, allowing the storage of energy during summer as well as in winters. However, factors such as reluctance to shift from the traditional methods of storage might act as obstacles to the growth of the market in Europe.

North America market accounting for the second largest market worldwide, experiences a wide uptake of thermal energy storage across the commercial sector. Latest power generation methods offering greater efficiency at much lower costs are driving the market growth in the region.

Furthermore, the market in the region witnesses rising levels of renewable energy generation backed by the strong governmental initiatives emphasizing on costs and higher efficiency of power generation balancing between high load and low load hours, which in turn, is supporting the market growth.

Asia-Pacific is a lucrative Thermal Energy Storage Market, which is expected to grow significantly during the forecast period. The ever-increasing population coupled with the growing industrialization in the region is fueling the market growth, prompting the increasing demand and usages of energy. Countries such as India, China, and Japan among the other APAC countries account for the major contributors to the market growth in the region.

Key Players

The key players of global thermal energy storage market include

  • Caledonian MacBrayne
  • CalMac (U.K.)
  • DN Tanks, Inc. (U.S.)
  • Ice Energy Holdings, Inc. (U.S.)
  • Steffes Corporation (U.S.)
  • Burns & McDonnell (U.S.)
  • Fafco, Inc (U.S)
  • Abengoa Solar (Spain)

 

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Table of Content

1… Executive Summary

2 Research Methodology

2.1 Scope of the Study

2.1.1 Definition

2.1.2 Research Objective

2.1.3 Assumptions

2.1.4 Limitations

2.2 Research Process

2.2.1 Primary Research

2.2.2 Secondary Research

2.3 Market size Estimation

2.4 Forecast Model

3… Market Dynamics

3.1 Market Drivers

3.2 Market Inhibitors

3.3 Supply/Value Chain Analysis

3.4 Porter’s Five Forces Analysis

4… Global Thermal Energy Storage market, By Technology

4.1 Sensible heat

4.2 Latent heat

4.3 Thermochemical heat

To be Content…………….,

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