“The thermal storage market is projected to grow at a CAGR of 11.0% from 2017 to 2022”
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.
“The sensible heat segment is expected to grow at the fastest CAGR from 2017 to 2022”
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.
“The district heating and cooling segment is expected to grow at the fastest CAGR from 2017 to 2022”
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.
“Middle East & Africa: The largest market for thermal energy storage”
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.
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%
Note: The tier of the companies has been defined on the basis of their total revenue, as of 2015: Tier 1 = >USD 501 million, Tier 2 = From USD 251 million to USD 500 million, and Tier 3 =
The report provides a picture on the thermal energy storage market across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments, such as system type, end-user, power rating, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders or new entrants in this market by providing them the closest approximations of revenue numbers for the overall thermal energy storage market and the sub segments. This report will help stakeholders to better understand the competitor landscape & gain more insights to better position their businesses and make suitable go to market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Why buy this report?
- The report identifies and addresses key markets for thermal energy storage, which is useful for suppliers to review the growth in demand for the product.
The report helps solution providers to understand the pulse of the market and provide insights on drivers, restraints, and challenges. The report will help key players to better understand the competition strategies and will further help in making strategic decisions.