Thermal Energy Storage Market is projected USD 6.20 Billion industry by 2022 with CAGR of 11.0% | ReportsandReoprts
The Thermal Energy Storage (TES) market was valued at USD 3.33 Billion in 2016, and is expected to grow at a CAGR of 11.0% from 2017 to 2022. While the sensible heat thermal energy storage dominates the Market by 2022.
Pune, India – March 21, 2017 /MarketersMedia/ —
The Thermal Energy Storage Market is projected to reach USD 6.20 billion by 2022, growing at a CAGR of 11.0% from 2017 to 2022. Rising momentum of renewable energy generation (concentrated solar power), increasing demand for Thermal Energy Storage (TES) in HVAC for district heating &cooling, and process heating &cooling are expected to drive the TES market. On the other hand, high grid interconnection barriers and lack of technical expertise are the major restraints of the global thermal energy storage market.
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Sensible heat based thermal energy storage has maximum share in the total thermal energy storage market. The most widely commercially used storage material for sensible heat storage medium is water, which is economical to operate and has a number of residential and industrial applications. With regards to technology, the sensible heat segment is estimated to grow at the fastest CAGR during the forecast period. The market is driven by increasing demand for renewable power, such as Concentrating Solar Power (CSP) plants, in the Middle East & Africa. Latent heat storage of thermal energy held the second highest market size in the total thermal energy storage market by technology.
Some of the leading players in the thermal energy storage market 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. Contracts & agreements was the strategy most commonly adopted by top players in the market, constituting 54% of the total developments from 2013 to 2017. It was followed by expansions & investments, mergers & acquisitions, joint ventures & collaborations, and new product launches.
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Variations in electricity demand for district heating and cooling applications can be seen during the day. TES systems play a significant role in storing unused and waste energy to be used during deficit periods. This helps in exploiting the total energy over a period without the use of excess fossil fuels. They would reduce the district heating carbon footprint drastically. It is driven by technological advancement in the production of cost-effective storage material and growing demand for CSP systems.
The Middle East &Africa is expected to be the largest market for thermal energy storage, with South Africa being the biggest market in the region. It is estimated to dominate the global market during the forecast period, as they are best suited for CSP plants integrated with molten salt based thermal energy storage. Asia-Pacific, on the other hand, is expected to be the second fastest growing market for thermal energy storage. This is to meet its energy needs at affordable energy costs and minimum environmental damage, and adoption of renewable technology.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects.
The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 60%, Tier 2- 27%, Tier 3- 13%
• By Designation: C-Level- 35%, D-Level- 25%, Others- 40%
• By Region: Asia-Pacific- 45%, Europe-30%, Americas- 15%,Middle East & Africa- 10%
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