The global thermal energy storage market size is expected to reach USD 10.1 billion by 2027, expanding at a CAGR of 12.6% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising demand for cost competitive and efficient energy sources is likely to boost the market growth over the forecast period.
The market is primarily driven by the use of thermal energy storage as a major renewable option for electricity generation. Heat stored by seasonal and short-term thermal energy storage systems helps balance the variations in the production and distribution of renewable electricity in a cost-effective manner. Moreover, it is a sustainable energy source and causes no adverse environmental impact. Growing adoption of renewable energy is expected to positively influence the market growth.
Several thermal energy storage equipment manufacturers and service providers adopt strategies, such as collaborations, joint ventures, partnerships, agreements, and new product development, to cater to the changing technological requirements of different end users, thereby enhancing their foothold across the market. Major manufacturers include Evapco Inc.; Ice Energy; Caldwell Energy Company; and Abengoa Solar, S.A. The manufactured systems include ice thermal energy systems, heating terminals, heating pump chillers, heat exchangers, solar steam systems, air conditioning systems, heliostats, and parabolic trough collectors.
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The global market is characterized by high competition and market players are focusing on forward integration by establishing their presence in manufacturing as well as distribution. Distributors in the value chain include thermal energy storage stations and plants, combined heat power (CHP) plants, microgrids, and cogeneration power plants as well as district energy, district heating and cooling, and process cooling.
Thermal Energy Storage Market Report Highlights
l Molten salt technology occupied the largest revenue share in 2019 owing to its high technological efficiency and usage in several solar power projects
l Ice-based technology is projected to witness significant growth over the forecast period owing to growing applications of ice storage air conditioning
l By product type, sensible heat storage occupied the largest revenue share in 2019 owing to its applicability across large scale heating, ventilation, and air conditioning (HVAC) systems
l Asia Pacific is expected to be the fastest growing regional market over the forecast period owing to growing demand for reliable power supply across developing economies, such as China and India.
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Thermal Energy Storage Market Segmentation
Grand View Research has segmented the global thermal energy storage market on basis of product type, technology, storage material, application, end user, and region:
Thermal Energy Storage Product Type Outlook (Revenue, USD Million, 2016 - 2027)
Sensible Heat Storage
Latent Heat Storage
Thermochemical Heat Storage
Thermal Energy Storage Technology Outlook (Revenue, USD Million, 2016 - 2027)
Molten Salt Technology
Electric Thermal Storage Heaters
Solar Energy Storage
Ice-based Technology
Miscibility Gap Alloy Technology
Thermal Energy Storage Material Outlook (Revenue, USD Million, 2016 - 2027)
Molten Salt
Phase Change Material
Water
Thermal Energy Storage Application Outlook (Revenue, USD Million, 2016 - 2027)
Process Heating & Cooling
District Heating & Cooling
Power Generation
Ice storage air-conditioning
Others
Thermal Energy Storage End-user Outlook (Revenue, USD Million, 2016 - 2027)
Industrial
Utilities
Residential & Commercial
Thermal Energy Storage Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
U.S.
Canada
Mexico
Europe
U.K.
Russia
Germany
Spain
Asia Pacific
China
India
Japan
South Korea
Central & South America
Brazil
Middle East & Africa
Saudi Arabia
List of Key Players of Thermal Energy Storage Market
l BrightSource Energy Inc.
l SolarReserve LLC
l Abengoa SA
l Terrafore Technologies LLC
l Baltimore Aircoil Company
l Ice Energy
l Caldwell Energy
l Cryogel
l Steffes Corporation
Key Topics Covered
Table of Content
Chapter 1. Methodology and Scope
1.1. Market segmentation & scope
1.2. Information procurement
1.2.1. Purchased database
1.2.2. GVR’s internal database
1.2.3. Secondary sources &third-party perspectives
1.2.4. Primary research
1.3. Information analysis
1.3.1. Data analysis models
1.4. Market formulation & data visualization
1.5. Data validation & publishing
Chapter 2. Executive Summary
Chapter 3. Market Definitions
Chapter 4. TES Market Variables, Trends & Scope
4.1. Market Size and Growth Prospects
4.2. Industry Value Chain Analysis
4.3. Market Dynamics
4.3.1. Market Driver Analysis
4.3.1.1. Increasing Demand For Efficient And Cost-Competitive Energy Resources
4.3.1.2. Increasing development of variable energy sources
4.3.2. Market Restraint/ Challenges Analysis
4.3.2.1. Lack Of Long-Term Energy Storage
4.3.2.2. High costs associated with TES technology
4.4. Penetration & Growth Prospect Mapping
4.5. Business Environment Analysis Tools
4.5.1. Industry Analysis - Porter’s
…. continue
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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