Thermal Energy Industry Expert Predicted Asia Pacific Region Will Take Over Storage Market.

Thermal energy storage provides an effective way of utilizing the energy that is otherwise wasted in several processes and is also becoming important for saving and conservation of electricity. The need for reducing greenhouse gas emissions and introducing mixed energy sources in global utilities changes the global power generation and distribution scenario. Moreover, features such as lower capital costs as compared to other storage technologies as well as very high operating efficiency helps to boost the thermal energy storage market. The need for a sustainable energy solution for daily needs has fueled the demand for thermal energy storage systems globally.

The report has analyzed the market based on technologies, end use and the regions of North America, Europe, APAC and ROW (rest of the world). On the basis of Technology it includes Sensible heat, Latent heat, and Thermochemical heat. Sensible heat storage is the most common method and has been employed for hundreds of years as hot water tanks. On the basis of end use, it is segmented as Commercial, Industrial, Utilities and Residential. The commercial and industrial sectors are the fastest and largest growing market, owing to the exponential rise in the demand for effective backup power supply.

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Europe to be the largest market

Europe is projected to dominate the thermal energy storage market. Higher investments on solar energy as well as the lower costs of power generation are some of the factors driving the market in Europe region. Moreover, Europe is also showing great potential for replacement of fossil fuels with utilization of waste heat. Recently, newer developments like seasonal thermal storage and molten salt thermal storage have allowed for the storage of energy during summer as well as in winters.

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We recognize the key players in the global thermal energy storage market as Caledonian MacBrayne and 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) and Abengoa Solar (Spain).

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