Thermal energy storage (TES) stores excess thermal energy in a storage medium and supplies it back in later use. TES can be utilized on an individual, multiuser, district or even on larger scale.TES systems provide balance between day time and night time or summer time and winter time. TES is commonly used in air conditioning activities of commercial buildings, where heat is stored during cooling cycles and recovered during heating cycles. It also helps in energy saving hence, TES makes air conditioning process sustainable. TES can also be accompanied by solar power. With the help of solar collectors or concentrated towers, the thermal energy is captured and stored for the future use. As TES can store captured heat from environment even on massive scale, it can help to prevent environment from global warming.
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TES technology involves utilization of various storage mediums to store the captured thermal energy. These mediums include: water, ice, slush tanks, heat pumps, salt solutions, bed-rock and phase-change materials. North American as well as European countries have shown a significant demand for TES in commercial, industrial and residential propose. However, Asia Pacific and RoW are expected to widen-up opportunities for industrial purpose.
One of the major factors driving this market is the ever growing demand for energy across the world. Similarly, the industrialization happening in developing countries is also driving the growth of the market. However, high initial setup costs for storage mediums as well as maintenance costs can act as restraint to the market in some regions. Automated computer controlled systems are expected to be the future trend as it will eliminate the errors from the process.
California Energy Storage Alliance, exas Energy Storage Alliance, Caldwell Energy, Baltimore Aircoil Company, International District Energy Association, Chicago Bridge & Iron, Abengoa Solar, DC Pro Engineering, LLC, Sunwell Technologies Inc., TAS Energy, Steffes Corporation and Fafco, Inc. are some of the key players in TES market.
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This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.