Global Thermal Energy Storage Market - Growth, Trends, and Forecast (2018 - 2023)
The efficiency of thermal energy is expected to drive the market during the forecast period. Energy storage is a game changer for the electric power system and a variety of stakeholders, globally, have shown their interest in the technology in the recent years.
Cost Saving Features of Thermal Energy Storage
Thermal energy storage is extensively used in commercial buildings as a cooling storage for space air-conditioning. The mechanism of thermal energy storage are basically chiller-based systems. Ice or chilled water produced from refrigeration equipment is used on the following day to maintain the building temperature by eliminating heat. The primary objective of installing thermal energy storage is saving costs and energy efficiency. An increase in commercial construction in Asia-Pacific, followed by North America, is expected to boost the market in the near future.
Europe is the Fastest Growing Market
With greater investments in solar energy, in Europe, the installed capacity of thermal storage systems is expected to increase significantly. This is also driven by the fact that the governments are trying to balance power generation between high load and low load hours. This would lead to lesser blackouts and lower cost of power generation. The capacity for thermal energy storage has increased in the recent years. With increasing demand for power, this trend is expected to continue in the coming years.
United States to Register Significant Growth during the Forecast Period
The gradual growth of the commercial sector, primarily office space construction, is likely to have a positive impact on the market. US commercial construction is witnessing a significant growth rate, majorly driven by government initiatives, thus, affecting the new construction. The office space market in the country is estimated to grow by almost 10% in the next few years. The growing demand for thermal energy storage form the commercial sector is expected to propel the market in the region.
The major players include - GE Energy, Suzlon Energy Ltd, Vestas Wind Systems, Guodian United Power Technology Co. Ltd, amongst others.
Reasons to Purchase This Report
Current and future global thermal energy storage market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel).
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