Thermal Energy Storage - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Thermal Energy Storage market is accounted for $164.34 million in 2019 and is expected to reach $593.03 million by 2027 growing at a CAGR of 17.4% during the forecast period. Rising demand for electricity during peak hours, increasing commercialization of Concentrated Solar Power (CSP) plants, and demand for heating & cooling applications for smart infrastructure are the major factors driving the market growth. However, high grid connection barriers related to thermal energy storage is restraining the market growth.
Thermal energy storage systems store energy in form of hot or cold substances that can be used when requirement of energy occurs. Energy demand varies from day to night and one season to other season. Thermal energy storage helps to balance the energy requirements as it stores energy by melting, healing, cooling, and solidifying the material, when the process is reversed thermal energy is available for use.
Based on product, the sensible heat storage segment accounted for considerable market share during the forecast period due to rising demand for solar thermal systems, along with applicability across large scale heating, ventilation, and air conditioning (HVAC) systems. By geography, Europe held largest market share during forecast period due to large number of thermal energy storage systems, which are utilized for space heating, water heating, district heating and cooling, and power generation.
Some of the key players profiled in the Thermal Energy Storage Market include Abengoa Solar, Baltimore Air coil Company, Bright source Energy, Inc., Burns & McDonnell, Caldwell Energy, Caledonian MacBrayne, Calmac,, Chicago Bridge & Iron Company N.V. (CB&I), Cristopia Energy Systems, Cryogel, Dunham-Bush Holding Bhd., Evapco, Inc., FAFCO, Inc., Goss Engineering, Ice Energy, SENER Group, Solar reserve, LLC,, Steffes Corporation, DN Tanks and TAS Energy.
• Concentrated Solar Power (CSP)
• Pumped Hydroelectric Energy Storage (PHES)
Storage Materials Covered:
• Molten Salts
• Phase Change Materials
• Electric Thermal Storage Heaters
• Miscibility Gap Alloy Technology
• Solar Energy Storage
• Other Technologies
• District Heating & Cooling
• Ice Storage Air-Conditioning
• Power Generation
• Process Heating & Cooling
• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Storage
End Users Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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