Thermal Energy Storage Market - Industry Insights by Technology, Storage Material, End-user Application and Geography Forecast to 2023

Thermal energy storage technologies store thermal energy for later use, which can be utilized as when required, rather than utilizing them at the time of production. The increasing need for reducing the greenhouse gas emissions and carbon footprint has changed the global power generation and distribution scenario which has prompted researchers and power generation companies to develop innovative solutions in storing energy in an efficient manner. This has led to the widespread adoption of thermal energy storage systems across the globe.

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The increasing shift towards non-fossil fuels have increased the share of renewable energy in the generation mix. This has created significant demand in the global thermal energy storage market enabling the end-users to store energy for effective later use. Additionally, the rapid industrialization across the globe have increased the need for uninterrupted power supply which would further lead to the growth in the overall market for thermal energy storage during the forecast period.

Thermal energy storage utilizes 3 major technologies: sensible heat technology, latent heat technology and thermochemical technology. Sensible heat technology is the most commonly and widely used thermal energy storage system as they are easy to install and most economical. These types of technologies are used for residential and industrial applications. Latent heat technology is the most efficient technology of thermal energy storage and are being widely adopted on account of their high-energy density. This technology allows high storage capacity and are used for solid-liquid phase changes. Thermochemical technology offers the highest storage capacity. Increasing focus should be provided on developing compact systems having minimal heat loss over a long period. This would lead to the increased penetration of thermal energy storage technologies across the globe.

The global market for thermal energy storage is expected to witness significant growth during the forecast period (2017-2023) due to the growing demand for efficient, reliable and economical energy storage technologies, and imminent shift towards renewable energy sources owing to the increasing environment concerns. Based on technology, sensible heat technology is expected to be the largest segment of the global thermal energy storage market during the forecast period. Based on application, district heating and cooling is projected to generate the highest revenue in global thermal energy storage market during the forecast period.

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The key trend observed in the thermal energy storage market is the rising R&D activities. In July 2016, the Office of Energy Efficiency and Renewable Energy invested approximately US$9.0 million for 6 R&D projects in the concentrated solar power (CSP) market. This is likely to result in technological advancements and cost reductions in the field of CSP market, creating ample opportunities in the global market for thermal energy storage during the forecast period.

The major factor driving the growth of thermal energy storage market are increasing policy support from the government in the form of incentives to promote the use of thermal energy storage systems. The increasing demand for electricity is another key factor that is expected to increase the demand for thermal energy storage systems during the forecast period.

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Some of the key players in the global thermal energy storage market include Abengoa Solar, S.A., Brightsource Energy, Inc., Solarreserve, LLC, Baltimore Aircoil Company, Caldwell Energy, Burns & Mcdonnell, Calmac, Cristopia Energy Systems and Cryogel.

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