Thermal Energy Storage Market Size By Storage Material (Water, Molten Salt, PCM), By Technology (Sensible Heat, Latent Heat, Thermochemical), By Application (Power Generation, District Heating & Cooling, Process Heating & Cooling), By End-Use (Residential & Commercial, Industrial, Utility), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Sweden, Spain, Ireland, Denmark, Greece Cyprus ,China, India, Australia, UAE, South Africa, Morocco, Tunisia, Kuwait, Saudi Arabia, Israel, Namibia, Chile) Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Nov 2018 | Report ID: GMI2589 | Authors: Ankit Gupta, Aditya Singh Bais Report Format: PDF
Thermal Energy Storage Market size was valued over USD 16 billion in 2017 and is set to exceed cumulative deployment of 13,000 MW by 2024.
Europe Thermal Energy Storage Market Size, 2013 - 2024 (USD Million)
Get more details on this report - Request Free Sample PDF
Increasing adoption of renewable energy sources coupled with growing demand for Concentrating Solar Power (CSP) will drive the market growth. In addition, rising need for improving energy efficiency along with ongoing energy utilization efforts will have a positive impact on the systems demand. In September 2018, the Government of Canada updated “Commercial Energy Conservation and Efficiency Program”, a financial incentive plan under which rebates of around USD 15,000 are available for energy upgrades in the commercial sector.
Increasing government measures toward sustainable technology adoption will help achieve the established carbon emission reduction targets and thus will stimulate the global market growth. Growing demand for energy efficient and cost competitive sources coupled with continuous and reliable power requirements across various industries will complement the industry landscape. In September 2015, European Commission adopted Strategic Energy Technology (SET) plan which aims to accelerate the deployment and development of low-carbon technologies.
Thermal Energy Storage Market, By Storage Material
Molten salt based thermal energy storage industry will witness a robust growth on account of large-scale storage capacity along with the ability to enable stable and dispatchable power delivery. High boiling point & volumetric heat capacity along with low vapor pressure are some of the key parameters stimulating the systems adoption.
Phase change material based thermal energy storage industry is set to grow owing to the material’s capability to store within a small temperature range along with its substantial heat storage capacity. Ongoing research and development initiatives toward the material’s applicability in medium and high temperature applications including the CSP and thermal power plants will propel the business landscape.
Thermal Energy Storage Market, By Technology
Sensible heat thermal energy storage market will witness growth on account of increasing demand for solar thermal systems coupled with its applicability across large scale district heating and cooling systems. Ability to perform completely reversible charging and discharging operations for an infinite number of cycles is an underlying feature of the technology that will further boost its adoption.
Latent heat thermal energy storage market will grow owing to its isothermal nature of the storage process along with high storage density. High suitability across the industrial establishments and space heating and cooling in buildings will boost the business growth.
Thermal Energy Storage Industry, By Application
Increasing demand for cost efficient and uninterrupted power supply from off grid and remote areas will boost the market growth. In addition, introduction of various government schemes pertaining to electricity generation from solar power plants will further propel the industry growth. Under the Feed-In Tariff scheme, the renewable power generation provider receives the equivalent of retail electricity price for each unit produced and the extra power they sell back to the grid.
Rising inclination toward the renewable energy based electricity generation in district heating systems along with ability to provide augmented efficiency will positively influence the thermal energy storage market. Increasing focus toward R&D with an aim to decrease the levelized cost of electricity for CSP plants will increase the product adoption.
Thermal Energy Storage Market, By End-Use
Growing spending toward infrastructure establishment and development will drive the demand for Heating, Ventilation & Air-Conditioning (HVAC) systems and thus will boost the industrial thermal energy storage market. Furthermore, increasing adoption of these systems across industries using large quantity of hot water for economic operation will accelerate the industry growth.
Ongoing replacement and refurbishment activities across the commercial and residential establishments along with escalating electricity demand will positively influence the thermal energy storage market. Increasing expenditure toward the modernization of electric infrastructure will enhance the development of grid systems and thereby will propel the product adoption.
Thermal Energy Storage Market, By Region
Increasing research & development activities aimed toward energy storage along with positive consumer outlook toward renewable based power generation will boost the U.S. market growth. In 2018, the U.S. accounted for 41% of the total 1,361 operational projects and 33% of the 18 under construction projects globally.
Growing measures toward limiting carbon footprint along with greater investments in solar energy will increase the thermal energy storage systems installation in Europe. Government targets for energy efficiency and renewable energy will create significant growth opportunities for the industry. Lombardia, Italy in August 2017 adopted an incentive program with a budget of around USD 4.5 million and provide rebates of over USD 3,000 that covers up to 50% cost for purchasing and installation of energy storage systems.
Competitive Market Share
Key industry players in the global market comprises Ice Energy, Abengoa Solar, SolarReserve, Baltimore Aircoil Company, TAS Energy, Steffes Corporation, Burns & McDonnell, DN Tanks, Caldwell Energy Company, Goss Engineering, Fafco, BrightSource Energy, Cryogel and Evapco amongst others.
Eminent players are introducing technological advancements in the existing technology to increase the systems demand by providing enhanced thermal energy management systems. The industry giants are focusing on inorganic growth ventures as a part of their strategy for expansion.
Thermal Energy Storage Industry Background
Get more details on this report - Request Free Sample PDF
Thermal energy storage is a technology that allows temporary storage of energy from heat, ice, cold air or water for later utilization. The system provides energy storage by heating, cooling, melting, vaporizing or solidifying a material and the energy becomes available when the process is reversed. These systems are primarily deployed for meeting the off peak energy requirements and to increase the energy efficiency of heating and cooling systems.
What Information does this report contain?
|Charts / Figures:||35|
Why Global Market Insights?Comprehensive Research
- All-inclusive coverage
- In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
- Penetrative insights & latest trends
- Offers holistic understanding of the market
- Unique methodology
- Iterative in nature to eliminate errors
- Detailed methodology, scope, assumptions and data sources available for reference
- Committed to making a positive difference for our clients
- Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
- Every purchase comes with an option to obtain additional information:
- up to 10% of the original cost
- 45-minute analyst tele-call to obtain further clarity on the market.
- Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
- Only PCI-DSS compliant payment methods used for highest level of client data security
Connect with our sales team