Thermal energy storage is a technology that can stock thermal energy. It has been designed for use in not just in heating and cooling applications, but also in power generation. Market Research Future (MRFR) has published a research report about the global thermal energy storage market that assumes growth for this market during the forecast period that would end in 2022.
Analyzing the market structure, this report gauges the future growth potential of the market. It monitors the plans of the key players in the market and supports the competitive developments like new product developments, joint ventures, mergers & acquisitions, research and developments (R&D) in the market.
The significant factors driving the global thermal energy storage market growth include the features of thermal energy storage. Such features include lower capital costs (compared to other storage technologies) and high operating efficiency. Other factors aiding the market growth include growing Concentrating Solar Thermal Power (CSP) installations, and the increasing demand for thermal energy storage in heating, ventilation, & air conditioning (HVAC) systems.
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The global thermal energy storage market has been segmented on the basis of end-use, technology, and lastly, region. Based on end-use, this market has been segmented into commercial & industrial establishments, utilities, and residential establishments.
The technology-based segmentation segments the market into latent heat, sensible heat, and thermochemical heat. The heat that can convert a solid into a liquid or vapor, or a liquid into a vapor, without changing the of temperature is called latent heat. Sensible heat is defined as the heat exchanged by a thermodynamic system. This exchange changes the temperature of the system without changing some variables such as pressure or volume.
The regional segmentation of the global thermal energy storage market segments the market into the regional markets known as Asia Pacific, North America, Europe, and the rest of the world (RoW). During the forecast period, Europe is likely to remain the largest regional market due to initiatives by government authorities to try balancing power generation between high load & low load hours and huge investments on solar energy. Other factors contributing to the market growth in this region are lower costs of power generation, the presence of key market players, rising levels of renewable energy generation, technological advancement, and the strong emphasis on energy efficiency initiatives. However, the market growth in Europe can slow down due to some people being reluctant to shift from traditional methods of storage. Important country-specific markets in Europe are France, Germany, Spain, and the UK, followed by the remaining countries of Europe.
In North America, the market is strong due to technological advancement, the presence of many key market players, and established industrial sector. In this region, the primary country-specific markets are the USA and Canada.
During the forecast period, the Asia Pacific regional market is expected to grow significantly due to factors like the growing population and increased energy usage. In this region, the noteworthy country-specific markets are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
The key players in the global thermal energy storage market include Abengoa Solar (Spain), Burns & McDonnell (USA), Caledonian MacBrayne (UK), CalMac (UK), DN Tanks Inc. (USA), Fafco Inc (USA), Ice Energy Holdings Inc. (USA), and Steffes Corporation (USA).
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Latest Industry News
- The Greater Boston Food Bank has witnessed a 75% reduction in energy use and substantial cost savings during targeted peak hours, due to a partnership with Eversource and the installation of a new Viking Cold Solutions thermal energy storage (TES) system. 5 MAR 2019
- In Southern California, one company called Ice Energy has come up with a solution to reduce peak electric demand with cheap overnight electricity prices. Describing its system as a thermal battery, Ice Energy has articulated the scale of its units in watt and watt-hour terms. They are making ice, and this is progress to their project of creating thermal energy storage. 13 MAR 2019