Thermal Energy Storage Market Overview:
Global Thermal Energy Storage Market was valued at $3,988 million in 2016, and is anticipated to reach $8,862 million, growing at a CAGR of 10.9% from 2017 to 2023. Thermal energy storage systems are particularly utilized to store energy for later use. Thermal energy storage (TES), also known as heat storage, is a simple & highly efficient method of transferring energy, which does not involve chemical conversion. This is among the most feasible eco-friendly energy saving solutions. It holds thermal energy temporarily in the hot or cold form for utilization at a later stage. The thermal energy storage systems reduce carbon dioxide emissions, reduce energy consumption of end consumers, and decrease the demand for energy during peak hours. The effectiveness and economy of the system depend on the type of material used in manufacturing. It is widely used in solar plants, thermal power plants, combined heat & power plants, and process industries including other energy storage applications.
The market is driven by increasing adoption of renewable energy sources and growing demand for continuous power supply. Moreover, high demand for thermal energy storage in heating, ventilation, and air conditioning (HVAC) for district heating & cooling is expected to boost the market growth. However, lack of awareness about storage technology, additional cost associated with the use of thermal energy storage system, and need of highly skilled technicians to maintain the system is expected to hamper the market growth during forecast period. Increase in adoption of renewable technology is expected to provide substantial growth opportunities to market players in the near future.
The global thermal energy storage market is segmented into technology, type, end user, and geography. On the basis of technology, it is categorized into sensible heat storage, latent heat storage, and thermochemical storage. On the basis of type, it is classified into water, molten salt, and phase change material. Based on end user, it is divided into residential, commercial & industrial, and utility. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In addition, the report highlights various factors that impact the growth of the global market, such as key drivers, restraints, growth opportunities, and the role of different key players. It presents quantitative data, in terms of both value and volume, which are obtained from secondary sources such as company publications, Factiva, Hoovers, OneSource, and others.
Global Thermal Energy Storage Market Segmentation
In 2016, North America dominated the global thermal energy storage market, in terms of both value and volume. Moreover, Asia-Pacific is expected to witness the highest growth rate from 2017 to 2023, owing to the rise in population, increase in energy use, and upsurge in the demand for renewable energy sources.
Thermal Energy Storage Market Share,by Geography, 2016 (%)
Top Investment Pockets
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. Moreover, there is an increased adoption of thermal energy storage in these countries to cater to the energy needs and reduce damage to the environment.
Top Investment Pockets, by Country
North America Thermal Energy Storage Market Size
In 2016, North America witnessed the highest demand for thermal energy storage, owing to the high energy storage capacity and increase in penetration of thermal storage specifically in U.S. In addition, rapid penetration of renewable energy has changed the energy landscape thus augment thermal energy storage in this region.
Canada Thermal Energy Storage Market, 2015-2023 ($Million)
The key players profiled in the report are 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.
The other major players (not profiled in report) in the market include Cryogel, Energy Storage Association, Cristopia Energy Systems, Ice Energy, and Solar Reserve.
- This report provides an extensive analysis of the current & emerging market trends and dynamics of the global thermal energy storage market.
- The market trend analysis for all the regions is provided by constructing estimations for key segments from 2017 to 2023 to identify the prevailing opportunities.
- The report assists to understand the strategies adopted by the leading companies in the industry.
- It evaluates competitive landscape of the industry to understand the market scenario globally.
- Extensive analysis is conducted by key player positioning and monitoring the top competitors within the global market.
Thermal Energy Storage Market Key Segments:
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage
- Molten Salt
- Phase Change Material
By End User
- Commercial & Industrial
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA