The Thermal Energy Storage Market is expected to cross US$1,300 million in revenues by 2019. The report sheds light on the ongoing trends and drivers that impact the market growth. The report presents a comprehensive analysis and market segmentation by technologies in use and by geography. It discusses the product segments and geographical presence of the leading companies in the market including, Baltimore Aircoil, Caldwell Energy, Calmac and Chicago Bridge & Iron.
Market Definition and Growth: Thermal Energy Storage Market:
Thermal energy storage mainly provides a link between the primary and secondary sources of energy. It is expected to play an important role in the development of low carbon and emission free economy. Mainly used for accumulating thermal energy by heating or cooling a storage medium, thermal energy storage is used to provide cooling capacity for commercial buildings.
The stored energy is utilized for heating and cooling applications and also for generating power. These are small scale systems that include, sensible heat storage systems, latent heat storage systems, and thermochemical storage systems. Key advantages of installing thermal energy storage systems include, reduction in power consumption, lowering of CO2 emissions, and improved efficiency of energy systems. Several factors drive the growth of this market. One of the major drivers is the growing demand for uninterrupted power supply.
The Global Thermal Energy Storage Market is expected to grow significantly and post a CAGR of over 18 % during the forecast period.
Industry Insights on Key Geographies:
The key regions discussed in the report include:
The EMEA region is expected to witness the highest growth with the majority of developments taking place in Germany and Spain. A number of seasonal thermal energy storage systems have already been installed in Germany.
The APAC region is also expected to contribute to the growth of the Thermal Energy Storage Market, with countries such as India, China, and Japan witnessing maximum growth. Most of these Asian countries have deployed renewable energy resources along with energy storage technologies which will ultimately boost the Global Thermal Energy Storage Market.
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Technologies in Use: Thermal Energy Storage Market:
The global report outlines the key technologies in use along with an in-depth analysis of their market shares and forecast by 2019.
Global Thermal Energy Storage Market by Sensible Heat technology:
The sensible heat technology has been widely used in the thermal energy storage systems for being easy to install and cost effective.
Global Thermal Energy Storage Market by Latent Heat technology:
The latent heat technology for thermal storage is evolving at a fast rate and is one of the most efficient technology for energy storage. This technology is mostly used for solid-liquid phase changes and allows high thermal energy storage capacity as compared to sensible heat technology.
Global Thermal Energy Storage Market by Thermochemical Technology:
There is a strong focus on developing compact thermal energy storage systems which result in minimal heat loss over a long period. This technology offers the highest thermal energy storage capacity through thermochemical reactions.
Top Companies and Emerging Trends in the Thermal Energy Storage Market:
Advances in technology in the field of energy storage are enormous. In a significant trend, the market is witnessing increased vendor participation and investments in the Clean Energy Sector. Countries such as the US and China are investing in batteries in the Energy Storage sector with the launch of programs such as the US-China Energy Cooperation Program (ECP). These trends translate into business opportunities for the leading companies in the market, such as:
- Baltimore Aircoil Company
- Caldwell Energy
- Chicago Bridge & Iron
Other Sections Include an Analysis on the Following:
- Constraints of the Thermal Energy Storage Market
- Key Drivers and their Impact on the Thermal Energy Storage Market
- Key Trends and their Impact on the Thermal Energy Storage Market
- Five Forces Analysis of the Thermal Energy Storage Market
- SWOT Analysis of the top companies in the Thermal Energy Storage Market
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