Thermal Energy Storage Market- Growth, Future Prospects & Competitive Analysis, 2017 – 2025, the Global Thermal Energy Storage Market is expected to reach US$ 6.2 Bn by 2025, expanding at a CAGR of 11.0% during the forecast period 2017 – 2025.
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Market Insights
Thermal energy storage market is expected to witness robust growth with increasing spending on renewable energy including wind and solar owing to rising concerns over the emission of greenhouse gases promoting the use of solar and wind energy. Revision in emission targets at Paris Climate Change Conference, impelling the investment in the solar and wind energy projects across various economies of the globe. In 2016, more than 54 GW of wind energy was added across various countries of the world to reach cumulative world wind power capacity of 486.8 GW. Similarly, global solar power generation also witness robust growth in capacity addition of solar power. In 2016, 50 GW solar power capacity was added global across the globe. Globally, now cumulative solar power capacity is about 305 GW with highest growth in new capacity addition of 29% of the Europe new solar capacity addition. Followed by it, Germany stood at second place with 21% share in Europe new capacity addition and France with 8.3% share in Europe new solar power capacity addition. Thus, growth in solar power installation is projected to fuel the demand thermal energy storage. Moreover, various government initiatives such as 100% electric vehicle mobility by 2030 set by Indian government to transform the transit system to use clean energy anticipated to propel the demand for thermal energy storage. Further, growing demand for thermal energy storage in HVAC application is projected to augment the demand for thermal energy storage over the forecast period. Therefore, thermal energy storage market is projected to witness robust growth during the forecast period of 2017-2025.
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Competitive Insights:
Global thermal energy storage market is segmented on the basis of technology, storage material, end user and geography. By technology, sensible technology segment was the most dominant segment in global thermal energy storage market in 2016 and anticipated to continue its dominance over the forecast period. Increasing application of sensible technology such as underground storage of sensible heat in both liquid and solid storage medium is also used for various applications including district heating and cooling systems. Based on storage material, molten salt material segment accounted for the largest share in global thermal energy storage market owing increasing use of molten salts based technology is projected to drive the growth of the segment during the forecast period. On the basis of geography, Europe was estimated to be the largest market for thermal energy storage in 2016 and projected to maintain its dominance during the forecast period. Revision in emission targets and increasing investment in renewable energy capacity addition is anticipated to drive the growth of the segment during the forecast period. Major players in global thermal energy storage market are investing in research and development, merger and acquisition with focus on increasing market penetration.
Overall, global thermal energy storage market is anticipated to register robust growth over the forecast period (2017-2025).
Key Trends:
– Merger & Acquisition
– Investment in R&D
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