Category : Energy and Power | Published at : June-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The global thermal energy storage market is anticipated to grow at a CAGR of around 10.7% during the forecast period 2020 to 2027 and to reach around US$ 9.3 Bn by 2027.
Market Dynamics
Rapid industrialization in developed and developing countries, rising demand for energy from industrial sector, coupled with approach towards development of efficient storage system are major factors expected to drive the growth of global market. In addition, increasing government initiatives towards deployment of various renewable energy projects in order to lower the pollution and inclined towards adoption of clean energy are among other factors expected to further support the growth of target market.
Major players focus on strategic merger and acquisition in order to increase the business presence and introduction of innovative products in order to attract new customers are factors expected to further support the growth of target market.
- In 2016, Burns & McDonnell acquired Azco, Inc. a US based industrial contractor. This is expected to help the company to expand their customer base and enhance the profit ratio.
- In 2018, CALMAC introduced showcase ice-based thermal energy storage technology in The International Air-Conditioning, Heating, Refrigerating Exposition Expo. This is expected to help the company to enhance the product portfolio and increase the profit ratio.
In addition, players focus on collaborative work is another factor expected to further support the growth of target market.
- In 2016, Tucson Electric Power partnered with EON SE and NextEra Energy Resources in order for the construction of two large energy storage systems. This is expected to help the company to increase the business presence.
However, factors such as high initial set-up cost and high grid interconnection barriers are factors expected to hamper the growth of the global thermal energy storage market. In addition, lack of technical expertise is another factor expected to challenge the growth of target market.
High investment by major players for R&D activities and inclination towards developing countries in order to track the untapped market are factors expected to create new opportunities for players over the forecast period. In addition, strategic business development activities through partnerships and agreements are other factors expected to support the revenue traction of target market
Thermal Energy Storage Market Segment Analysis, 2019
The global thermal energy storage market is segmented into technology, storage material, application, and end-user. The storage material is segmented into water, molten salt, PCM, and others. TES systems are employed with molten salts as they aid in storage of thermal energy. The materials used in PCM have high heat of fusion and release and absorb power during the phase change. Among end use the industrial segment is expected to account for significant revenue share in the global market.
Segment Analysis by Region
The market in North America is expected to account for significant revenue share owing to high government initiatives towards adoption of clean energy. In addition, presence of major players operating in the country and development of innovative techniques are other factors expected to further support the growth of target market.
Asia Pacific is expected to witness faster growth in the near future owing to rapid industrialization in emerging countries. In addition, players inclination towards developing countries in order to increase the business presence and enhance the profit ratio is another factor expected to further support the growth of target market.
Competitive Landscape
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
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Market |
Global Thermal Energy Storage Market |
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Analysis Period |
2016 – 2027 |
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Base Year |
2019 |
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Forecast Data |
2020 – 2027 |
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Market Stratification |
Technology, Storage Material, Application, End-User and Geography |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
The market research study on “Thermal Energy Storage Market (Technology: Sensible, Latent, and TCS; Storage Material: Water, Molten Salt, PCM, and Others; Application: Power Generation, District Heating & Cooling, and Process Heating & Cooling; End User: Residential & Commercial, Utilities, and Industrial) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global thermal energy storage market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global thermal energy storage market segment by power output, application, end use and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global thermal energy storage market size and segment markets by power output, application, end use and geography along with the information on companies operating in the market. The thermal energy storage market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report Abengoa Solar, S.A., Brightsource Energy, Inc., Baltimore Aircoil Company, Caldwell Energy, Burns & Mcdonnell, Calmac, Cristopia Energy Systems, Dunham-Bush Holding Bhd., Energy Storage Association, and Goss Engineering.
Market Segmentation
Market By Technology
- Sensible
- Latent
- TCS
Market By Storage Material
- Water
- Molten Salt
- PCM
- Others
Market By Application
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
Market By End-User
- Residential & Commercial
- Utilities
- Industrial
Market By Region
North America
- US
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest if Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Meddle East & Africa
Frequently Asked Questions
Rapid industrialization in developed and developing countries, rising demand for energy from industrial sector, coupled with approach towards development of efficient storage system are major factors expected to drive the growth of global market.
The global thermal energy storage market in 2027 is expected to be hit above US$ 9.3 Bn.
In application segment the power generation is growing at faster pace.
The CAGR of the global thermal energy storage market from 2020-2027 is above 10.7%.
In the global thermal energy storage market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Cristopia Energy Systems, Dunham-Bush Holding Bhd., Energy Storage Association, and Goss Engineering.
The thermal energy storage market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
