Thermal energy storage (TES), as the name suggests refers to the storing and managing renewable heat until it is needed. TES’ are used in heating & cooling applications and power generation. Working just like a battery, the TES is designed to replace heat and cold production from fossil fuels while letting out a far lower carbon emission.
TES has proven to be a far practical solution, eliminating the need for expensive power and heat production capacity. Therefore, TES perceives a high uptake across industries and countries around the globe, and its market witnesses a substantial growth globally.
Also, the additional features of TES such as lower capital investment as well as very high operating efficiency as compared to the other storage technologies escalate the market growth extensively. Furthermore, the growing number of concentrating solar thermal power (CSP) installations coupled with the increasing demand for thermal energy storage in HVAC systems act as the major driving force behind the growing thermal energy storage market.
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Global Thermal Energy Storage Market – Competitive Landscape
The market appears to be well-established and competitive owing to the presence of many giant and small players. DN Tanks, Inc. (US), Caledonian MacBrayne and CalMac (UK), Ice Energy Holdings, Inc. (US), Burns & McDonnell (US), Steffes Corporation (US), Abengoa Solar (Spain) and Fafco, Inc. (US) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the thermal energy storage market.
The market will witness fierce competition during the forecast period. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players.
Global Thermal Energy Storage Market – Segmentation
MRFR has segmented the report into three key dynamics for convenience and enhanced understanding;
By Technologies : Comprises Latent Heat Sensible Heat, and Thermochemical Heat.
By End-Uses : Commercial, Industrial, Utilities, Residential, and others.
By Regions : North America, Europe, Asia Pacific (APAC) and Rest-of-the-World.
June 25, 2018 – The NYPA (The New York Power Authority), an official Power Authority of the State of New York along with Brenmiller Energy Ltd., (Israel), a leading provider of storage technology, energy solutions announced their collaboration for a unique project to research thermal energy storage. This partnership will be facilitating increasing efficiency in standard combined heat and power systems, and the R&D opportunities for the State University of New York.
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Global Thermal Energy Storage Market – Regional Analysis
Europe accounted for the top spot in the thermal energy storage market. This can be attributed to higher investments in solar energy emphasizing on the low-cost power generation, the market is estimated to retain its dominance throughout the forecast period. The region demonstrates the greater potential for the replacement of fossil fuels with the utilization of waste heat.
North America market accounting for the second largest market worldwide, experiences a wide uptake of thermal energy storage across the commercial sector. Latest power generation methods offering greater efficiency at much lower costs are driving the market growth in the region.
Major Points From TOC:-
1… Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
3… Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
4… Global Thermal Energy Storage Market, By Technology
4.1 Sensible Heat
4.2 Latent Heat
To be continued…..
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