Current & emerging market trends & dynamics of the global thermal energy storage market

Thermal energy storage, also known as heat energy, is utilized to store energy for later use. It is mature energy storage technology, currently gaining popularity in commercial & institutional building applications. It is simple & highly efficient method of transferring energy, and is one of the most feasible eco-friendly solutions for energy saving. It is extensively adopted to stock cold winter air for air conditioning purposes in summers and to store solar energy for space heating in winters. It has gained popularity as an advanced energy technology for thermal applications such as space heating and cooling & air conditioning. It is used for balancing the supply & demand of energy and routinely cater to the varying energy demands.

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In 2016, the sensible heat storage segment accounted for more than half share of the total market. Sensible heat storage is most commonly used method for heat & cold storage, owing to its low heat losses. It is used in various end-use industries, owing to its cost benefits. In 2016, the water segment accounted for more than one-third share of the total market. The residential end-use segment is estimated to grow at the highest CAGR of 12.2% from 2017 to 2023.

North America is expected to be the most significant market for thermal energy storage from 2017 to 2023. U.S. dominated the North America thermal energy storage market 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 particularly in the U.S. In addition, rapid penetration of renewable energy has changed the energy landscape in this region. In addition, Asia-Pacific is expected to grow at the highest CAGR of 11.6% during the forecast period.

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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 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.

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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.

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