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Thermal Energy Storage Market By Technology (Sensible, Latent, TCS), By Storage Material (Water, Molten Salt, Phase Change Material (PCM)), By End User (Commercial & Industrial, Utilities, Residential) - Growth, Share, Opportunities & Competitive Analysis, 2017 - 2025

This report, titled "Thermal Energy Storage Market: Growth, Future Prospects, and Competitive Analysis, 2017–2025," offers strategic insights into the trends in the thermal energy storage market along with the market size and forecast for the duration of 2017–2025. The said research study incorporates an in-depth analysis of multiple market segments based on technology, storage material, end user, and geographical distribution.

The global thermal energy storage market is expected to witness high growth with a growing emphasis on reducing the emission of greenhouse gases and increasing energy dependency on renewable energy sources, which is anticipated to propel the demand for thermal energy storage systems. Furthermore, the emergence of technologies such as latent heat technology is projected to propel the demand for the thermal energy storage market.

Key players in the thermal energy storage market account for the majority of the global thermal energy storage market. Furthermore, increased research and development and technological advancement are altering the nature of operations in the oil industry. Further, increasing shale gas exploration activities in Europe and the Asia Pacific are further anticipated to fuel the demand for thermal energy storage over the forecast period.

The rapid growth of this market has also resulted in the creation of further skilled job opportunities in major hubs spread across North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific.

Based on technology, the global thermal energy storage market is segmented as sensible, latent, and TCS. By storage material, the global thermal energy storage market is segmented into the water, molten salt, phase change material (PCM), and others. In addition, thermal energy storage manufacturing companies, distributors, and academic organizations form the major client types for the thermal energy storage market. The market size (US$ Mn) and forecast for all the considered segmentations are presented in this report for the period 2015–2025, along with their respective CAGRs (%) for the forecast period 2017–2025.

In terms of geographical distribution, the global thermal energy storage market is a study of five major regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Market size and forecasts for each regional and country-level market are included in the report for the considered periods.

To further elucidate, the geographical distribution of the global thermal energy storage market is described as follows:

  • North America
  • U.S.
  • Canada
  • Europe
  • U.K.
  • Germany
  • Italy
  • France
  • Rest of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • Rest of Asia Pacific
  • Latin America
  • Brazil
  • Mexico
  • rest of Latin America
  • Middle East and Africa (MEA)
  • GCC
  • the remainder of MEA

Along with the quantitative information sets, this report also provides qualitative information, such as market dynamics and an executive summary, for the global thermal energy storage market. The report also includes tools to help readers with competitive mappings, such as competition assessment and appealing investment propositions. This study concludes with a company profile section. This section includes major information about the key companies engaged in the development and provision of thermal energy storage.

The global thermal energy storage market is divided into the following segments based on technology:

  • Sensible
  • Latent
  • Thermochemical Heat Storage (TCS)

On the basis of technology, the global market for thermal energy storage can be segmented into sensible, latent, and thermochemical heat storage (TCS). In 2016, the sensible heat technology segment accounted for the largest revenue share among all technology segments. Growth in the installation of concentrated power plants and the increasing use of thermal energy storage systems using sensible heat technology is projected to drive growth in the segment during the forecast period. However, the growing popularity of latent heat technology for thermal energy storage systems is anticipated to propel the growth of the latent heat technology segment over the forecast period (2017–2025).

Based on the storage material, the global thermal energy storage market is segmented as follows:

  • Water
  • Molten Salt
  • Phase Change Material (PCM)
  • Others

On the basis of storage type, the global thermal energy storage market can be segmented into the water, molten salt, phase change material, and others. In 2016, the molten salts segment accounted for the largest revenue share in the global thermal energy storage market. Properties of molten salts, including their high boiling point, low viscosity, high volumetric heat capacities, and low vapor pressure, are increasing their adoption as suitable energy storage materials. Molten salts' higher volumetric heat capacity corresponds to less storage volume, making them a suitable material for large energy storage materials in applications such as solar energy. Thus, an increasing array of applications for molten salts is expected to drive segment growth during the forecast period (2017-2025).

Based on the end user, the global thermal energy storage market is segmented as follows:

  • Commercial and Industrial
  • Utilities
  • Residential

On the basis of end users, the global thermal energy storage market can be segmented into commercial and industrial, utilities, and residential users. In 2016, commercial and industrial end users were observed to be the largest application segment, and it is projected to maintain its dominance during the forecast period. Increasing demand for uninterrupted supply from commercial and industrial installations for continuous operations is driving the demand for efficient power backup sources, which in turn is anticipated to drive the growth of the segment over the forecast period. Furthermore, the increasing adoption of roof-top solar panels in households is anticipated to fuel the growth of the residential segment during the forecast period (2017–2025).

For the purpose of this study, the global thermal energy storage market is categorized into three segments:

  • North America
  • Europe
  • Asia Pacific
  • Latin America (LATAM)
  • Middle East and Africa (MEA)

On the basis of geography, the global thermal energy storage market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2016, Europe was estimated to hold the largest share of the global thermal energy storage market and is projected to maintain its dominance over the forecast period. Increasing investment in renewable energy to meet energy demand and the growing inclination of governments to promote the usage of clean energy and reduce carbon footprints are projected to drive the demand for thermal energy storage during the forecast period.

Frequently Asked Questions:

The market for Thermal Energy Storage Market is expected to reach US$ 6.2 Bn By 2025.

The Thermal Energy Storage Market is expected to see significant CAGR growth over the coming years, at 11.0%.

The report is forecasted from 2017-2025.

The base year of this report is 2016.

Chicago Bridge & Iron Company, Finetex EnE, Sunwell Technologies, Steffes Corporation are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Jun 2017
Category:  Energy Utilities
Report ID:   58516
Report Format:   PDF
Pages:   120
Rating:    4.5 (70)
Delivery Time: 24 Hours to 48 Hours   
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