Thermal Energy Storage Market Worth $6.2 Billion by 2022
Registering a CAGR of 11 percent
PUNE, India — According to a new market research report, "The Thermal Energy Storage Market, By Technology, Storage Material, Application, End-User, and Region - Global Forecast To 2022," published by MarketsandMarkets, the market is expected to grow from an estimated $3.67 billion in 2017 to $6.20 billion by 2022, registering a compound annual growth rate (CAGR) of 11 percent from 2017 to 2022.
The global market is witnessing a significant growth due to rising impetus on renewable energy generation such as concentrated solar power, increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems.
The sensible heat storage segment is expected to hold the largest share of the thermal energy storage market, by technology, during the forecast period.
The sensible heat storage segment led the overall thermal energy storage market in 2016. Sensible heat storage of thermal energy has a number of residential and industrial applications. Underground storage of sensible heat in both liquid and solid storage medium is also used for typically large-scale applications such as district heating and cooling systems. Increased applications of sensible heat based thermal storage in the Middle East and Africa and Asia-Pacific is projected to drive the market during the forecast period.
Molten salt is expected to hold the largest market share of the thermal energy storage market, by storage material, during the forecast period.
Molten salts have high boiling points, low viscosity, low vapor pressure, and high volumetric heat capacities. A higher heat capacity corresponds to a smaller storage tank volume. Molten salt can function as a large-scale thermal storage method that would allow other energy sources, such as solar, to become more feasible by smoothing out the fluctuations in demand and weather. Looking to the future after depleting carbon-based fuel, the successful demonstration of molten salt storage for solar power, provides an edge for tapping into the desert areas to meet power demands. The Middle East and Africa market is driven by the implementation of concentrating solar projects based on molten salt storage material.
The Middle East and Africa is the largest market for thermal energy storage.
In this report, the thermal energy storage market has been analyzed with respect to four regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Middle East and Africa is estimated to be the largest market for thermal energy storage by 2022. Heat thermal storage and molten salt thermal storage are major technology types employed in South Africa. The majority of thermal storage projects are present in Northern Cape in the country. South Africa is endowed with enormous solar and wind resources. This will drive the thermal energy storage market in the country during the forecast period.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the thermal energy storage market. These players include Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar (Spain), SolarReserve LLC (U.S.), and Burns & McDonnell (U.S.) among others. Leading players are trying to penetrate the market and are adopting various strategies to increase their market share.
This study estimates the global market for thermal energy storage, in terms of value, through 2022. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the thermal energy storage market.
"Brief information on the research methodology used in the report can be found in the report description provided on the website."
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Publication date: 4/6/2017