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A heating and cooling application is the temporary storage of energy by heating or cooling a storage medium in order to use the stored energy for power generation later. Mechanical energy storage systems can be combined with Thermal Energy Storage to provide complementary capabilities from both technologies. Thermal energy storage market growth is driven by demand from wide range of applications, including utility-scale power production, industries, district heating and cooling, buildings, and cold chain logistics.
Thermal Energy Storage Market Report Scope and Research Methodology:
The main aim of the Thermal Energy Storage Market report is to provide a comprehensive analysis of the market to the stakeholders in easy language. Market research has been done by dividing the Thermal Energy Storage market into major segments. These main segments of the Thermal Energy Storage Market were further divided into various sub-segments. A detailed analysis of drivers, opportunities, restraints, and challenges in the Thermal Energy Storage industry has been provided region-wise and segment-wise in the report. The market report presents an in-depth analysis of the Thermal Energy Storage Market including historical data, meaningful insights, facts, and statistically supported and industry-validated market statistics with estimates based on an appropriate set of assumptions and methodologies.
The primary and secondary research methods were used to collect the data for the Thermal Energy Storage market report and the data collected for the report was combined and analysed to get accurate and error-free findings. The secondary research includes a review of annual and financial reports of leading players, while primary research includes interviews with important opinion leaders and Thermal Energy Storage industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. To estimate the Thermal Energy Storage market size, the bottom-up approach was employed. SWOT analysis was employed to provide the strengths and weaknesses of the Thermal Energy Storage Market with the PESTLE and PORTER analysis to provide the effects of macroeconomic and microeconomic factors on the Thermal Energy Storage Market.
Thermal Energy Storage Market Report Overview:
The report covers the Thermal Energy Storage Market's most recent revenue and trends. It includes Thermal Energy Storage Market overview, definition, structure, and preventative and pre-planned management. The report focuses on the factors that affect the Thermal Energy Storage Market positively and negatively. It also aids in determining the future potential of the Thermal Energy Storage Market in the forecast years. The report aids in making decisions about how to approach the market and comprehending the Thermal Energy Storage industry's backdrop.
Thermal Energy Storage Market size was valued at US$ 4.17 Bn. in 2020. Global Thermal Energy Storage Market is estimated to grow at a CAGR of 13.6% over the forecast period.
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Thermal Energy Storage Market Dynamics:
Decarbonization of the energy sector and carbon emission reductions to limit global climate change are among the most dominant goals for governments, energy authorities, and utilities across the globe. Accelerating renewable energy deployment, as well as electrification and improving electric grid energy efficiency, according to IRENA, can help achieve more than 90% of the energy-related CO2 emission reductions required to meet the Paris Climate targets by 2050.
Thermal Energy Storage Market Segmentation:
The Thermal Energy Storage Market is divided into three technologies: Sensible Heat Storage, Latent Heat Storage, and Thermochemical Storage. The Sensible Heat Storage segment dominated the market with 46.2% in 2020. The Segment growth is attributed to increased demand for solar thermal systems, as well as its usefulness in large-scale HVAC systems. The ability to reversibly charge and discharge for an infinite number of cycles is a critical feature of the technology, which will aid in product penetration. The specific heat of a storage medium, which is retained in storage tanks with good thermal insulation, is used to store thermal energy in the form of sensible heat. In addition, when it comes to economies of scale, sensible heat storage technology is the most cost-effective.
By Application, the Thermal Energy Storage Market is segmented into Power Generation and Heating & Cooling. In 2020, the Power Generation segment held 62.8% of the market. Excess generation available during low demand periods can be used to charge a thermal energy storage system, increasing effective generation capacity during peak demand periods and assisting plants in producing energy in a stable manner. Around the world, energy storage technology assists grid operators in managing variable energy generation from renewables such as solar and wind energy. Utilities use energy storage technologies in a variety of applications, such as time-shifting and supply capacity, to fill demand-supply gaps efficiently, propelling the thermal energy storage industry.
Thermal Energy Storage Market Key Players:
Abengoa Solar (Spain)
Burns & McDonnell (United States)
SolarReserve (United States)
BrightSource Energy (United States)
Calmac (United Kingdom)
MAN Energy Solutions (Germany)
Baltimore Air Coil Technology (United States)
Cristopia Energy (India)
Caldwell Energy (United States)
Goss Engineering (United Kingdom)
Steffes Corporation (United States)
DN Tanks (United States)
Turbine Air Systems (TAS) (United States)
Evapco Inc. (United States)
Fafco(United States)
Sunwell Technologies (Canada)
DC Pro Engineering (UAE)
Thermal Energy Storage Market Regional Insights:
Geographically, the report is segmented into several key countries, with Thermal Energy Storage market size, growth rate, import and export of Thermal Energy Storage market in these countries, which cover North America, U.S., Canada, Mexico, Europe, UK, Germany, France, Spain, Italy, Rest of Europe, Asia Pacific, China, India, Japan, Australia, South Korea, ASEAN Countries, Rest of APAC, South America, Brazil, and the Middle East and Africa.
Key Questions answered in the Thermal Energy Storage Market Report are:
Key Offerings:
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