In a recent market research report concerning the global thermal energy storage market Transparency Market Research zeroes in on the area of latent heat storage as the one with the most lucrative growth opportunities. The report states that the global market will exhibit an exponential 16.70% CAGR from 2014 through 2020 and rise to a valuation of US$1.8 bn by 2020, from US$0.6 bn in 2013.The report is titled “Thermal Energy Storage Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020” and is available for sale on the company’s website.
Thermal energy storage technologies refer to the various ways of storing thermal energy for later use as required, rather than at the time of the production of the energy. These technologies are therefore central to various intermittent renewable energy generation methods. Thermal energy storage also provides an effective way of making sustained use of utilizing energy that is commonly wasted in several processes and reducing the energy demands of a facility. The need for reducing greenhouse gas emissions and introducing mixed energy sources in the overall energy mix of local, regional, and global utilities is dramatically changing the global power generation and distribution scenario. This has prompted researchers and power generation companies in looking for ways of effectively storing energy coming from a variety of sources.
The report provides a clean and comprehensive picture of the major thermal energy storage technologies available at present, their applicability, and their actual use in present-day power generation and distribution networks.
For examining the market in a better manner, the market has been examined from the perspective of three broad criteria: thermal energy storage technology, end use, and geography.
On the basis of technology, the market is segmented into sensible heat, thermochemical heat, and latent heat. Sensible heat technology, which is the most commonly used thermal energy storage technology, is projected to be the leading market segment over the report’s forecast period. However, the high energy density of latent heat technology has led to an increase in the focus on the technology. Thus, the segment of latent heat technology is projected to expand at a significant pace over the forecast period.
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On the basis of end-users, the market has been segmented into utilities, commercial and industrial, and residential. The commercial and industrial sector dominated the market in 2013 owing to the exponential rise in the demand for an effective backup power supply. Nevertheless, the residential sector holds immense growth potential owing to the increased installation of renewable energy production mechanisms in households.
From a geographical standpoint, the market has been segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Europe held the dominant position in the global thermal energy storage market in 2013 in terms of the total installation capacity.
Some of the major companies operating in the global thermal energy storage market profiled in the report are TAS Energy, Steffes Corporation, Ice Lings, Goss Engineering, Inc., FAFCO Thermal Storage Systems, EVAPCO, Inc., Chicago Bridge & Iron Company (CB&I), CALMAC, Caldwell Energy, Burns & McDonnell, BrightSource Energy, Inc., Baltimore Aircoil Company, and Abengoa Solar, S.A.
The market has been segmented as:
Global Thermal Energy Storage Market: Technology Segment
- Sensible Heat
- Latent Heat
- Thermochemical Heat
Global Thermal Energy Storage Market: End Use Segment
- Commercial and Industrial
- Utilities
- Residential
Global Thermal Energy Storage Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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