Thermal Energy Storage Market 2018 Exclusive Analysis by Renowned Players | Caledonian MacBrayne and CalMac, DN Tanks, Ice Energy Holdings, Steffes Corporation, Burns & McDonnell, Etc.

Thermal Energy Storage Market Introduction:
Thermal Energy Storage Market is likely to grow at the CAGR of around 10.03%.

Thermal Energy Storage has increased its market growth in recent years and is expected to grow at a rapid pace during the forecast period. The global market of Thermal Energy Storage is forecasted to perceive a spurting growth by 2022, surpassing its previous growth records in terms of value with a striking double digit CAGR during the anticipated period (2018 – 2022).

Moreover, features such as lower capital costs as compared to other storage technologies as well as very high operating efficiency are some of the factors driving the energy storage market. The growing Concentrating Solar Thermal Power (CSP) installations and the increasing demand for thermal energy storage in HVAC systems are some of the major reasons behind the growing thermal energy storage market.

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Thermal Energy Storage Market Application:
Thermal Energy Storage is a technology that stocks thermal energy and is designed for use in heating & cooling applications and in power generation. The storage of thermal energy, replaces heat and cold production from fossil fuels while also reducing carbon emissions and lowering the need for expensive power and heat production capacity. Moreover, features such as lower capital costs as compared to other storage technologies as well as very high operating efficiency are some of the factors driving the energy storage market. The growing Concentrating Solar Thermal Power (CSP) installations and the increasing demand for thermal energy storage in HVAC systems are some of the major reasons behind the growing thermal energy storage market.

Thermal Storage refers to the use of thermal medium to store energy as heating or cooling capacity without the use of a phase change or chemical reaction. The sole effect of energy stored on the system is a change in temperature. Thermal energy storage can be broadly considered the most mature form of energy storage, with many technologies having already achieved high levels of deployment. Thermal energy storage is a technology that stocks thermal energy and is designed for use in heating & cooling applications and in power generation. The storage of thermal energy, replaces heat and cold production from fossil fuels while also reducing carbon emissions and lowering the need for expensive power and heat production capacity.

Solar Thermal Energy investments are fueling the market for thermal energy. Thermal energy storage systems stock up energy for later use, ice-slush tanks, aquifers, insulated lined pits and eutectic, and phase-changing materials. Thermal energy storage is a system combining three major storage technologies which includes Sensible heat, Latent heat and Thermochemical heat. Additionally, R&D focuses on thermal energy storage market for improving efficiency, reducing environmental effect and lowering the cost. Government initiatives for solar power acts as a driving factor for the growth of thermal energy storage market. Moreover, environmental concerns in countries such as China and India lead to the growth of thermal energy 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.

Thermal Energy Storage Market Key Players:
Thermal Energy Storage Market include: 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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Thermal Energy Storage Market Regional Analysis:
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.

Also, government authorities are trying to balance power generation between high load and low load hours. Lower costs of power generation will drive the market.  Moreover, in the region there is strong emphasis on energy efficiency initiatives and rising levels of renewable energy generation. However, reluctance to shift from the traditional methods of storage act as barrier for the growth of the market in Europe.

Thermal energy storage has been widely used in the commercial sector in North America. While, Asia-Pacific Region is expected to grow significantly in the forecast period, owing to factors such as ever-growing population and increased energy usage.

Thermal Energy Storage Market Competitive Analysis:
Thermal Energy Storage Market is well established. Several large and small players having international presence adorn the market of Electric Motors. The market is expected to witness fierce competition during the forecast period. Well established players incorporate acquisition, collaboration, partnership, expansion, product launch to gain competitive advantage in this market and to maintain their market position. The Key players operating in this market emphasis upon the product innovation and new manufacturing processes which in turn is anticipated to fuel the already intensified competition during the forecast period. Thermal Energy Storage market demonstrates high growth prospect which is turn is attracting several new entrants to the market which is apparently anticipated to intensify the market competition. 

Manufactures strive to offer standard and custom designed Thermal Energy Storage that can be useful for numerous application and can provide superior performance and offer long-term service for demanding, industrial power-source applications. Emphasizing on quality, using the latest production techniques and quality standards, insuring top quality and maximum performance manufactures try to deliver the products with the adept technologies, unrivalled design and features and based on a technology that is on a completely different level compared to their competition.

Thermal Energy Storage Market Segmentation:
The Thermal Energy Storage Market can be segmented in 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Technology                   : Comprises sensible heat, latent heat and thermochemical heat.

Segmentation by End Use                            : Comprises commercial & industrial, utilities, residential.

Segmentation by Regions                            : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Sensible heat storage is the most common method and has been employed for hundreds of years as hot water tanks. Based on 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.

Thermal Energy Storage Market Table of Content:
Executive Summary
2 Research Methodology

2.1 Scope of The Study

2.1.1 Definition

2.1.2 Research Objective

2.1.3 Assumptions

2.1.4 Limitations

2.2 Research Process

2.2.1 Primary Research

2.2.2 Secondary Research

2.3 Market Size Estimation

2.4 Forecast Model

Market Dynamics
3.1 Market Drivers

3.2 Market Inhibitors

3.3 Supply/Value Chain Analysis

3.4 Porter’s Five Forces Analysis

Global Thermal Energy Storage Market, By Technology
4.1 Sensible Heat

4.2 Latent Heat

4.3 Thermochemical Heat

Global Thermal Energy Storage Market, By End Use
5.1 Introduction

5.2 Commercial & Industrial

5.3 Utilities

5.4 Residential

Thermal Energy Storage Market Table of Content to be Continue….,

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