Press release
Thermal Energy Storage Market 2018-2022 : Global DN Tanks, Inc., Ice Energy Holdings, Inc., Steffes Corporation, Burns & McDonnell, Fafco, Inc, Abengoa Solar
Thermal Energy Storage Global Market – OverviewThe Global Thermal Energy Storage Market is growing with the rapid pace; mainly due to the widespread adoption of the technology across industries. According to a recent study report published by the Market Research Future, The Global Market of 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 (2016 – 2022).
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 Energy Storage Market - Competitive Analysis
The global market for thermal energy storage seems to be highly competitive. All the major players have achieved forward integration by establishing their presence in the distribution and manufacturing sector. The distribution step in the value chain consists of stations & plants, combined heat power (CHP) plants, micro grids, cogeneration, district heating & cooling, process cooling. Service providers offer thermal energy storage services for end-use applications. The various applications catered to the prominent companies in the thermal energy storage market.
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Prominent Players
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) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Thermal Energy Storage Market.
Industry News
In January, 2018 – Microsoft Highlights Steffes’ Mission to Revolutionize Renewable Energy Storage. Microsoft visited Dickinson facility in October to talk about Steffes’ ongoing mission to revolutionize how renewable energy is utilized through grid interactive storage.
In November, 2017 – Trane, a leading global provider of indoor comfort systems and services and a brand of Ingersoll Rand, announced that it has acquired CALMAC Corp., a privately held company specializing in cool energy technologies including IceBank storage tanks.
In 2016, Siemens has announced the commercial launch of a concrete wind turbine tower technology that places turbines in stronger winds, at higher altitudes, which results in more potential energy production and increased project revenue for customers. This technology is part of an ongoing commitment to use innovation to expand wind power in the United States and around the globe.
The growth in wind energy is due to the increasing demand for clean and reliable energy to reduce the global carbon emissions and to maintain ecological balance, by generating electricity through renewable resources. However, high initial capital cost of projects, with high maintenance cost and logistics issues, can hinder the wind tower market.
One big obstacle standing in the way of bigger wind turbines, is the high cost of building. The largest turbines, now in use require towers that are wider than the standard gaps. That means wind farm operators cannot simply truck in modular tower sections.
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Market Research Analysis
North-America region is expected to grow at the highest CAGR.
The wind tower market in the Europe region is currently leading, and is followed by North America and Asia Pacific market. However, North America is expected to grow at the highest CAGR, owing to the approval of various wind tower farm projects in countries such as U.S. and Canada. This is because there has been substantial investment into non-conventional electricity generation. These factors will drive the market for wind tower market in North America during the forecast period.
About Market Research Future:
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MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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