Feb. 6, 2013: Thermal Energy Storage Market to Reach $3.6 Billion Worldwide by 2020
“Thermal energy storage has strong potential in markets such as the European Union, which have a heavy emphasis on energy efficiency initiatives and rising levels of renewable energy generation,” said research director Kerry-Ann Adamson. “Growth is also expected in the less regulated U.S. market, however, where industry representatives project as much as a quarter of a billion dollars of investment in TES, if pending legislation is passed by Congress.”
TES has not traditionally been packaged and sold as a standalone product or service. Thus, thermal storage companies tend to offer their technologies as part of a larger project, for new construction of buildings, or as part of a major retrofit project that will replace or expand an existing cooling system. Being offered as part of a larger project is, in fact, a key aspect of the economics of TES installation, according to the report. Even its most ardent advocates recognize that the greatest value for installing a system comes as part of a new project design, or when investment is triggered by a major event that requires a comprehensive upgrade.
Publication date: 2/4/2013