Global thermal energy storage market
Global thermal energy storage market was valued at USD 3.70 Bn in 2017, and it is expected to reach a value of USD 8.20 Bn by 2026 at a CAGR of 10.46%, during the forecast.
Report segmented market by Technology, by Storage material, by Application, by region. Based on technology is divided into Sensible, Latent, & TCS. Storage material classified into Water, Molten salt, Phase Change Material (PCM).based on application divided into Power Generation, District Heating & Cooling, and Process Heating & Cooling. Region wise the market is divided into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Increasing adoption of the renewable energy resources is the major factor driving the thermal energy storage market. The utilities, commercial, industrial, and residential sectors have emerged as the key end users of thermal energy storage solutions across the world. Thermal energy storage has become a reliable source of energy, resulting in multiple installations in major cities of the world. Increasing demand for thermal energy storage systems in HVAC. Government incentives for thermal energy storage systems. The retrain of thermal energy storage is high grid interconnection barriers & lack of the technical expertise.
Based on technology, Sensible thermal energy storage market is set to witness growth to wide applicability across residential establishments coupled with increasing demand for solar thermal systems. Longer thermal storage period and effective energy utilization are some of the key features which will propel the product penetration.
On the basis of storage material, molten salt is expected to hold the largest market share of the thermal energy storage market, during the forecast period. Molten salts have high boiling points, low viscosity, low vapor pressure, and high volumetric heat capacities. A higher heat capacity corresponds to a smaller storage tank volume. Molten salt can function as a large-scale thermal storage method that would allow other energy sources, such as solar, to become more feasible by smoothing out the fluctuations in demand and weather.
Based on application, district heating and cooling segment is expected to grow at the fastest CAGR from 2018-2026. Variations in electricity demand for district heating and cooling applications can be seen during the day.
In terms of region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, Latin America. The Middle East & Africa is expected to be the largest market for thermal energy storage, with South Africa being the biggest market in the region. Estimated to dominate the global market during the forecast period, as they are best suited for CSP plants integrated with molten salt based thermal energy storage.
Key players operated to Abengoa Solar, Brightsource Energy, Solarreserve, Baltimore Aircoil, Caldwell Energy, Burns & Mcdonnell, Calmac, Cristopia Energy Systems, Cryogel,Dc Pro Engineering,Dunham-Bush,Goss Engineering,Ice Energy, Natgun, Steffes, Tas Energy, Evapco, Fafco, Icelings, Sunwell Technologies, Qcoefficient, Finetex EnE, Chicago Bridge & Iron.
Based on technology, Sensible thermal energy storage market is set to witness growth to wide applicability across residential establishments coupled with increasing demand for solar thermal systems. Longer thermal storage period and effective energy utilization are some of the key features which will propel the product penetration.
On the basis of storage material, molten salt is expected to hold the largest market share of the thermal energy storage market, during the forecast period. Molten salts have high boiling points, low viscosity, low vapor pressure, and high volumetric heat capacities. A higher heat capacity corresponds to a smaller storage tank volume. Molten salt can function as a large-scale thermal storage method that would allow other energy sources, such as solar, to become more feasible by smoothing out the fluctuations in demand and weather.
Based on application, district heating and cooling segment is expected to grow at the fastest CAGR from 2018-2026. Variations in electricity demand for district heating and cooling applications can be seen during the day.
In terms of region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, Latin America. The Middle East & Africa is expected to be the largest market for thermal energy storage, with South Africa being the biggest market in the region. Estimated to dominate the global market during the forecast period, as they are best suited for CSP plants integrated with molten salt based thermal energy storage.
Key players operated to Abengoa Solar, Brightsource Energy, Solarreserve, Baltimore Aircoil, Caldwell Energy, Burns & Mcdonnell, Calmac, Cristopia Energy Systems, Cryogel,Dc Pro Engineering,Dunham-Bush,Goss Engineering,Ice Energy, Natgun, Steffes, Tas Energy, Evapco, Fafco, Icelings, Sunwell Technologies, Qcoefficient, Finetex EnE, Chicago Bridge & Iron.
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Submitted By Market Research Company (Maximize Market Research
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