According to a new report published by Allied Market Research, titled, Thermal Energy Storage Market by Technology, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global thermal energy storage market was valued at $3,988 million in 2016, and is estimated to reach $8,862 million by 2023, registering a CAGR of 10.9% from 2017 to 2023. In 2016, the sensible heat storage segment accounted for more than half share of the total market.
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Thermal energy storage, also known as heat storage, is a highly efficient and simple method of transfer that does not involve any chemical conversion. It is an advanced energy technology for different thermal applications such as space heating and cooling & air conditioning. In addition, it is one of the most feasible eco-friendly solutions of energy saving, which store cold winter air for air conditioning during summer and stock solar energy for space heating during winter. It is widely used in numerous applications to maintain the supply and demand of energy.
Lack of awareness with respect to storage technology, additional cost associated with the use of thermal energy storage system, and need of highly skilled technicians to maintain the system restrain the market growth during the forecast period. In addition, increase in adoption of renewable technology is expected to deliver the substantial growth opportunity in the near future.
The sensible heat storage segment dominated the global market in 2016, in terms of both value & volume, and is expected to dominate the market during the forecast period. Sensible heat storage is most commonly used method for heat & cold storage, owing to its low heat losses. It is used in residential & commercial sectors, owing to its cost benefits.
In 2016, the water segment is the most commercially used heat storage medium. Moreover, storage of sensible heat in water dominates the global market, owing to the ease of use and cost. The utility segment dominated the global market in 2016, in terms of both value and volume.
Key Findings of the Thermal Energy Storage Market:
- In 2016, North America dominated the global market, with around half share in the overall market.
- The latent heat storage segment is estimated to grow at the highest CAGR of 11.5% from 2017 to 2023.
- In 2016, the water segment accounted for more than onethird share in global market.
- The phase change material (PCM) segment is estimated to grow at the highest CAGR of 11.4% during the forecast period.
- In 2016, the utility segment accounted for more than half share in total market.
- The residential end-use segment is projected to grow at the highest CAGR of 12.2% during the forecast period.
- Asia-Pacific is expected to grow at the highest CAGR of 11.6% during the forecast period.
In 2016, North America dominated the global market, owing to the high energy storage capacity and increase in penetration of thermal storage particularly in the U.S. In addition, rapid penetration of renewable energy has changed the energy landscape thus boost the thermal energy storage in this region. The U.S. dominated the North America thermal energy storage market in 2016, followed by Canada. Europe is the second leading geographical segment, which is expected to register a CAGR of 11.3% from 2017 to 2023.
The key companies profiled in the report include Calmac, Abengoa Solar, Caldwell Energy, Baltimore Aircoil Company Inc., Chicago Bridge & Iron Company, BrightSource Energy Inc., DC Pro Engineering LLC., Burns & McDonnell, Evapco Inc., and DN Tanks.