Global Thermal Energy Storage Market : Global Industry Analysis & Forecast (2018-2026)
Global thermal energy storage market was valued at USD 3.70 Bn in 2017, and it is expected to reach a value of USD 8.20 Bn by 2026 at a CAGR of 10.46%, during the forecast.
Report segmented market by Technology, by Storage material, by Application, by region. Based on technology is divided into Sensible, Latent, & TCS. Storage material classified into Water, Molten salt, Phase Change Material (PCM).based on application divided into Power Generation, District Heating & Cooling, and Process Heating & Cooling. Region wise the market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Increasing adoption of renewable energy resources is the major factor driving the thermal energy storage market. The utilities, commercial, industrial, and residential sectors have emerged as the key end users of thermal energy storage solutions across the world. Thermal energy storage has become a reliable source of energy, resulting in multiple installations in major cities of the world. Increasing demand for thermal energy storage systems in HVAC. Government incentives for thermal energy storage systems. The retrain of thermal energy storage is high grid interconnection barriers & lack of technical expertise.
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Based on technology, the Sensible thermal energy storage market is set to witness growth to wide applicability across residential establishments coupled with increasing demand for solar thermal systems. Longer thermal storage period and effective energy utilization are some of the key features which will propel the product penetration.
On the basis of storage material, molten salt is expected to hold the largest market share of the thermal energy storage market, during the forecast period. Molten salts have high boiling points, low viscosity, low vapor pressure, and high volumetric heat capacities. A higher heat capacity corresponds to a smaller storage tank volume. Molten salt can function as a large-scale thermal storage method that would allow other energy sources, such as solar, to become more feasible by smoothing out the fluctuations in demand and weather.
Based on application, district heating and the cooling segment is expected to grow at the fastest CAGR from 2018-2026. Variations in electricity demand for district heating and cooling applications can be seen during the day.
In terms of region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, Latin America. The Middle East & Africa is expected to be the largest market for thermal energy storage, with South Africa being the biggest market in the region. Estimated to dominate the global market during the forecast period, as they are best suited for CSP plants integrated with molten salt-based thermal energy storage.
Key players operated to Abengoa Solar, BrightSource Energy, Solarreserve, Baltimore Aircoil, Caldwell Energy, Burns & Mcdonnell, Calmac, Cristopia Energy Systems, Cryogel,Dc Pro Engineering,Dunham-Bush,Goss Engineering,Ice Energy, Natgun, Steffes, Tas Energy, Evapco, Fafco, Icelings, Sunwell Technologies, Q-coefficient, Finetex EnE, Chicago Bridge & Iron.
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Scope of the Report for Global Thermal Energy Storage Market
Global Thermal Energy Storage Market, by Technology
• Sensible
• Latent
• TCS
Global Thermal Energy Storage Market, by Storage Material
• Water
• Molten salt
• Phase Change Material (PCM)
Global Thermal Energy Storage Market, by Application
• Power Generation
• District Heating & Cooling
• Process Heating & Cooling
Global Thermal Energy Storage Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
Key Players Analysed in the Global Thermal Energy Storage Market Report
• Abengoa Solar
• Brightsource Energy
• Solarreserve
• Baltimore Aircoil
• Caldwell Energy
• Burns & Mcdonnell
• Calmac
• Cristopia Energy Systems
• Cryogel
• Dc Pro Engineering
• Dunham-Bush
• Goss Engineering
• Ice Energy
• Natgun
• Steffes
• Tas Energy
• Evapco
• Fafco
• Icelings
• Sunwell Technologies
• Qcoefficient
• Finetex EnE
• Chicago Bridge & Iron
Browse Full Report with Facts and Figures of thermal energy storage Market Report at: https://www.maximizemarketresearch.com/market-report/global-thermal-energy-storage-market/15053/
MAJOR TOC OF THE REPORT
Chapter One: thermal energy storage Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global thermal energy storage Market Competition, by Players
Chapter Four: Global thermal energy storage Market Size by Regions
Chapter Five: North America thermal energy storage Revenue by Countries
Chapter Six: Europe thermal energy storage Revenue by Countries
Chapter Seven: Asia-Pacific thermal energy storage Revenue by Countries
Chapter Eight: South America thermal energy storage Revenue by Countries
Chapter Nine: Middle East and Africa Revenue thermal energy storage by Countries
Chapter Ten: Global thermal energy storage Market Segment by Type
Chapter Eleven: Global thermal energy storage Market Segment by Application
Chapter Twelve: Global thermal energy storage Market Size Forecast (2019-2026)
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