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Discover the thermal energy storage market report

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Key Players: Brightsource Energy Inc., Solarreserve LLC, Abengoa Solar S.A.and Others are Top Players - 2023

GLOBAL THERMAL ENERGY STORAGE MARKET Make an Inquiry about this news was valued at USD 3.72 Billion for the year 2017. Thermal Energy Storage Market is further expected to grow at a CAGR of 10.78% from 2018 to reach USD 6.88 Billion by the year 2023.

Middle-East & Africa region holds the highest market share in 2017. The Middle-East & Africa region is also considered as the fastest growing market in the forecasted period.

UAE is the major market in 2017 at country level and it is also further anticipated to grow at a steady pace in the next 5 years.

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Brightsource Energy Inc. (US), Solarreserve LLC (US), Abengoa Solar S.A. (Spain) are some of the top players in the Thermal Energy Storage Market with Abengoa Solar S.A.

holding a substantial market share in 2017. Better global reach at an operational level is the main reason for holding this market share.

Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.

Drivers:

             Rising demand for continuous power supply

Restraints:

             High cost for the use of thermal energy storage system

Opportunities:

             The rise in the implementation of renewable technology

Challenges:

             Lack of skilled personnel

The segmentation is done on the basis of Technology include Latent Heat Storage Technology, Thermochemical Storage Technology, and Sensible Heat Storage Technology of which the Sensible Heat Storage segment is expected to hold the highest market share during the forecast period.

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Segmentation done on the basis of Application includes Process Heating & Cooling, Power Generation, District Heating & Cooling segment of which Process Heating & Cooling segment is expected to grow at the highest CAGR during the forecasted period.

Key Benefits for Stakeholders

Thermal Energy Storage System Providers

Research and Consulting organization

Government bodies

End-use industries

Regulatory bodies, policymakers and consumers.

By Storage Material

Molten Salt

Phase Change Material (PCM)

Water

By Application

Process Heating & Cooling

Power Generation

District Heating & Cooling

By Technology

Latent Heat Storage Technology

Thermochemical Storage Technology

Sensible Heat Storage Technology

By Region

North America

Europe

Asia-Pacific

ROW

Key Market Players

Brightsource Energy, Inc.

Caldwell Energy

Solarreserve, LLC

Abengoa Solar, S.A.

Burns & Mcdonnell

Calmac

Cristopia Energy Systems

Cryogel

Dunham-Bush Holding Bhd.

Goss Engineering

Evapco, Inc.

Steffes Corporation  

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News From

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