Thermal Energy Storage Industry key market players explores new markets in emerging nations
The global thermal energy storage market is segmented based on type, technology, end-use, and geography. Based on type, the market is categorized into heat storage and solar storage systems. By technology, the market is categorized into sensible heat, latent heat, and thermochemical markets.
The global thermal energy storage market is expected to grow at a CAGR of 17.2% from 2017 to 2025.
Thermal energy storage (TES) is the technology by which thermal energy is stored either by heating or cooling a storage medium, so that the energy can be utilized later by heating and cooling applications and power generation. The storage medium for TES system can be a water or ice-slush tank ranging from small to large, deep aquifers, or pits filled with gravel and having coupled heat-exchanger systems to regulate temperature.
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TES systems are advantageous because they help in balancing energy demand and supply on a daily, weekly, and seasonal basis as well; reducing peak energy demand, energy consumption, CO2 emissions and costs; and increasing overall efficiency of energy systems.
Market Dynamics:
Drivers:
- Growth in Variable Energy Sources (VES) is expected to drive the thermal energy storage market.
- Increasing desire for access to efficient, reliable, and price-competitive electricity is expected to fuel the demand for thermal energy storage market.
Restraints:
- High upfront investment and grid interconnection barriers have hampered growth of the thermal energy storage market.
Market Players:
The top players in the global thermal energy storage market include Evapco, Inc., Abengoa Solar, Baltimore Aircoil Company, BrightSource Energy, Inc., Caldwell Energy, Calmac, FAFCO Thermal Storage Systems, Cristopia Energy Systems, Goss Engineering, Inc., and DC Pro Engineering LLC.
KEY TAKEAWAYS
MARKET LANDSCAPE
By Type
- Heat Storage
- Solar Storage
By Technology
- Sensible Heat
- Latent Heat
- Thermochemical
By End-use
- Commercial & Industrial
- Utilities
- Residential
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Based on end-use, the market is bifurcated into commercial & industrial, utilities, and residential markets. Geographic breakdown and deep analysis of each of the aforesaid segments have resulted in the following regions: North America, Europe, Asia-Pacific, and LAMEA.
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