Thermal Energy Storage Market Size, Share, Key Players, Trends, Strategy, Segmentation Analysis and Forecast to 2022

Market Highlights
Thermal energy technologies minimize energy consumption resulting an increase in energy through the utilization of renewable sources. Sources of thermal energy include heat pumps, peak shaving, heat generated by power plants and heat from wastes.

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. 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.

Key Players
The key players of global 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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Market Research Analysis:
High investments and growing demand for thermal energy storage are some of the factor which drives the demand for thermal energy storage market. The need for reducing greenhouse gas emissions and introducing mixed energy sources in global utilities changes the scenario for the global market. Moreover, molten salt thermal energy storage market is growing fast due to the high reliability, high performance, and optimized cost of these systems. Thermal storage companies tend to offer their technologies as an important part of the project for new construction of buildings or as part of a major retrofit project that will replace or expand an existing cooling system. Such solutions can be implemented in buildings, towns and districts.

Regional Analysis of Global Thermal Energy Storage Market
Europe is expected to remain the largest region due to the huge investments on solar energy. Moreover, government authorities are also 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.

LIST OF TABLES
TABLE 1 GLOBAL THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY
TABLE 2 GLOBAL THERMAL ENERGY STORAGE MARKET, BY END USE
TABLE 3 GLOBAL THERMAL ENERGY STORAGE MARKET, BY REGIONS
TABLE 4 NORTH AMERICA THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY
TABLE 5 NORTH AMERICA THERMAL ENERGY STORAGE MARKET, BY END USE
TABLE 6 U.S. THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY
TABLE 7 U.S. THERMAL ENERGY STORAGE MARKET, BY END USE
TABLE 8 CANADA THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY
TABLE 9 CANADA THERMAL ENERGY STORAGE MARKET, BY END USE
TABLE 10 EUROPE THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY
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LIST OF FIGURES
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 GLOBAL THERMAL ENERGY STORAGE MARKET: BY TECHNOLOGY (%)
FIGURE 3 GLOBAL THERMAL ENERGY STORAGE MARKET: BY END USE (%)
FIGURE 4 GLOBAL THERMAL ENERGY STORAGE MARKET: BY REGION
FIGURE 5 NORTH AMERICA THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY (%)
FIGURE 6 NORTH AMERICA THERMAL ENERGY STORAGE MARKET, BY END USE (%)
FIGURE 7 EUROPE THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY (%)
FIGURE 8 EUROPE THERMAL ENERGY STORAGE MARKET, BY END USE (%)
FIGURE 9 ASIA-PACIFIC THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY (%)
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