Global Thermal Energy Storage Market – Overview
Thermal energy storage is a technology that stocks thermal energy and is designed for use in heating & cooling applications and in power generation. The storage of thermal energy, replaces heat and cold production from fossil fuels while also reducing carbon emissions and lowering the need for expensive power and heat production capacity. Moreover, features such as lower capital costs as compared to other storage technologies as well as very high operating efficiency are some of the factors driving the 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.
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.
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.
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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)
Global Thermal Energy Storage Market – Segmentation
MRFR has segmented the report into three key dynamics for convenience and enhanced understanding;
- Comprises Latent Heat Sensible Heat
- Thermochemical Heat
- North America
- Asia Pacific (APAC)
Global Thermal Energy Storage Market – Regional Analysis
Europe is expected to remain the largest region due to the huge investments on solar energy. Moreover, government authorities are also trying to balance power generation between high load and low load hours. Lower costs of power generation will drive the market. Moreover, in the region there is strong emphasis on energy efficiency initiatives and rising levels of renewable energy generation. However, reluctance to shift from the traditional methods of storage act as barrier for the growth of the market in Europe.
Thermal energy storage has been widely used in the commercial sector in North America. While, Asia-Pacific Region is expected to grow significantly in the forecast period, owing to factors such as ever growing population and increased energy usage.
- Raw Materials Suppliers
- Aftermarket suppliers
- Research Institute / Education Institute
- Potential Investors
- Key executive (CEO and COO) and strategy growth manager
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Table of Content
1 Executive Summary
2 Research Methodology
3 Market Dynamics
4 Global Thermal Energy Storage market, By Technology
5 Global Thermal Energy Storage market, By End use
6 Regional Market Analysis
7 Competitive Analysis
To be Content…………….
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