Global Thermal Energy Storage Market Insights, Opportunity Analysis, Market Shares and Forecast, 2016 - 2022
Thermal Energy is a technology that stores thermal energy through heating or cooling storage medium, such that the stored energy can be used later for either heating or cooling purpose or power generation. Thermal energy storage systems are generally used in residential buildings and industries. Thermal energy storage systems can help in refining efficiency of energy systems, by reducing energy consumption, carbon di-oxide emission, peak electricity demand and costs. Thermal energy storage systems are commonly used in combination with solar power, wherein solar heat is stored for electricity generation when required sunlight is not available. Thermal energy storage systems can be used in distributed and centralised systems. Distributed systems applications include domestic or commercial buildings using solar energy for heating or cooling. Centralised system applications include, industrial plants, renewable power plants, and combined district cooling and heating systems. According to International Energy Agency (IEA), share of renewable energy in global energy production is set increase up to 26% by 2020. Demand for renewable energy has increased among countries like India, Brazil, Middle East, South Africa and US Tapping on renewable energies like solar, wind, tidal etc., governments are trying to find technology to store generated energy. According to IEA, sun could be largest source of electricity by 2050. Solar photovoltaic systems and solar thermal electricity could contribute up to 16% and 11% of the world’s electricity by 2050.
Increasing need for access to reliable, efficient, cost competitive electricity, delay in distribution and transmission of electricity, and development in variable energy sources are some of the drivers of the thermal energy storage market. Long term energy storage and limited commercialization of product are challenges hampering the growth global thermal energy storage market for the forecasted period. Also, high initial setup cost for storage, maintenance cost, and high grid interconnection barriers are the restraints for global thermal energy storage market.
The research report is segmented in terms of storage technology and end user. Storage technology is further sub segmented into sensible heat, latent heat, thermochemical heat. Sensible heat thermal energy storage is based on storing thermal energy via heating or cooling a liquid or a solid storage medium like water, sand, molten salts, and rocks. Water here is the cheapest option for sensible heat energy storage. Latent heat thermal energy storage uses molecular phase change materials, like those changing from solid state into liquid state. Thermochemical heat thermal energy storage use chemical reaction to store and release energy. End user segment is classified as commercial & industrial, utilities, and residential.
Some of the leading companies in thermal energy storage market are Abengoa Solar, Baltimore Aircoil Co., BrightSource Inc., Caldwell Energy Ltd., Clean Urban Energy Inc., Solar Reserve, Steffes Corporation, DC Pro Engineering LLC, TAS Energy, Cristopia Energy Systems, Cool Solutions Co., Evapco Inc., Baltimore Aircoil Co., Fafco Thermal Storage Systems, California Energy Storage Alliance, Axiom Energy Solutions, Aquion Energy Inc., and Amber Kinetics. The report provides comprehensive information like company profile, sales, revenue, market share and contact information. Strategically companies in thermal storage energy market get into long term contracts with parent industries, and look forward for joint ventures to sustain the market share.
The research report evaluated thermal energy storage market geographically. Region wise the report is segmented as North America, Europe, Asia Pacific, and Rest of the World. Europe is the largest market in the world for thermal energy storage followed by North America. The need to curb carbon emissions, limited resources for power generation, energy efficiency and need to solve energy problems are the factors leading to the growth of thermal energy storage market in North America and Europe. Asia Pacific is the fastest growing market for thermal energy storage in the world. Sustaining growing economy, meeting energy needs of large population are the main drivers of thermal energy market in the region. Many thermal energy storage companies are opening new production base in India and China, to meet the demand of the growing market.
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