Variations in electricity demand for district heating and cooling applications can be seen during the day. Thermal Energy Storage play a significant role in storing unused and waste energy to be used during deficit periods.
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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.
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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.
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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.
1 Objectives of the Study
2 Market Definition
3 Market Scope
4 Markets Covered
5 Regional Scope
6 Years Considered for the Study
1 Attractive Market Opportunities in the Middle East & Africa in Thermal Energy Storage
2 Thermal Energy Storage Market Share, By Technology, 2017–2022
3 Thermal Energy Storage Using Water is Expected to Grow at the Highest Growth Rate From 2017 to 2022
4 Thermal Energy Storage Market, By Application
5 Thermal Energy Storage Market: Storage Material Vis-A-Vis. Technology
6 Americas: the Largest Market in 2016
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The ecosystem of the global thermal energy storage market starts with suppliers of basic components or equipment, where the manufactured parts or sub-assemblies are then assembled by the Original Equipment Manufacturer (OEM) to store thermal energy. This is followed by the distribution stage, following which the product is provided to the end-users. Distribution is the next stage of the supply chain.
Top players- market their products through self-operated sales offices located near target markets, while regional players rely on distribution partnerships to access diverse markets. Some of the major players in the thermal energy storage market are Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar (Spain), SolarReserve, LLC (U.S.), and Burns & McDonnell (U.S.) among others..
The report’s target audience includes:
- Battery storage manufacturers
- Chillers and tank manufacturers for thermal energy storage
- Consulting companies in the energy sector
- Conventional and renewable heating systems providers
- Environmental associations
- Government organizations and research institutions
- Investment banks
- Regional renewable energy associations
- Thermal energy storage system providers
The report segments the thermal energy storage market based on technology into sensible heat, latent heat, and Thermochemical Storage (TCS). The sensible heat thermal energy storage market is expected to dominate the global thermal energy storage market by 2022. It is driven by installation of molten salt based thermal energy storage systems being installed in Concentrated Solar Power Plants (CSP).
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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%
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 subsegments. This report will help stakeholders to better understand the competitor landscape &gain more insights to better position their businesses and make suitable got market strategies.
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