Thermal Energy Storage Market to Create Huge Impact in Business Revenue by Growing at Substantial CAGR during 2017- 2022

“Thermal Energy Storage Market”
Thermal Energy Storage Market Information by Technology (sensible heat, latent heat and thermochemical heat), by End use (commercial & industrial, utilities, residential) and Region – Forecast to 2022

Market Research Future published a Cooked Research Report on “Global Thermal Energy Storage Market Research Report – Forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.

Caledonian MacBrayne and CalMac (U.K.), DN Tanks, Inc. (U.S.), Ice Energy Holdings, Inc. (U.S.), Steffes Corporation (U.S.), Burns & McDonnell (U.S.), Fafco, Inc (U.S) and Abengoa Solar (Spain) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Thermal Energy Storage Market.

Thermal Energy Storage Market – Overview

The global thermal energy storage market has witnessed a remarkable growth in the past few years and it has been anticipated that the thermal energy storage systems will grow at the rapid pace during the forecast period Thermal energy storage is the one of the oldest energy storage technologies. Thermal storage refers to the use of thermal medium to store energy as heating or cooling capacity without the use of a phase change or chemical reaction. The sole effect of energy stored on the system is a change in temperature. Thermal energy storage can be broadly considered the most mature form of energy storage, with many technologies having already achieved high levels of deployment. Thermal energy storage is a technology that stocks thermal energy and is designed for use in heating & cooling applications and in power generation. The storage of thermal energy, replaces heat and cold production from fossil fuels while also reducing carbon emissions and lowering the need for expensive power and heat production capacity. Moreover, features such as lower capital costs as compared to other storage technologies as well as very high operating efficiency are some of the factors driving the energy storage market. The growing Concentrating Solar Thermal Power (CSP) installations and the increasing demand for thermal energy storage in HVAC systems are some of the major reasons behind the growing thermal energy storage market. As per the study conducted by Market Research Future, the global market for thermal energy storage is likely to grow at the CAGR of around 10.03%.

Thermal energy storage mainly provides a link between the primary and secondary sources of energy. It is expected to play an important role in the development of low carbon and emission free economy. Mainly used for accumulating thermal energy by heating or cooling a storage medium, thermal energy storage is used to provide cooling capacity for commercial buildings. The stored energy is utilized for heating and cooling applications and also for generating power. These are small scale systems that include, sensible heat storage systems, latent heat storage systems, and thermochemical storage systems. Key advantages of installing thermal energy storage systems include, reduction in power consumption, lowering of CO2 emissions, and improved efficiency of energy systems. Several factors drive the growth of this market. One of the major drivers is the growing demand for uninterrupted power supply.

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Pumped Heat Electricity Storage (PHES) uses electricity to initiate a storage engine connected to two large thermal stores. To store electricity, the electrical energy drives a heat pump, which pumps heat from the cold store to the hot store. To recover the energy, the heat pump is reversed to become a heat engine. The engine takes heat from the hot store, delivers waste heat to the cold store, and produces mechanical work. Molten salts are solid at room temperature and atmospheric pressure, but they undergo a phase change when heated. This liquid salt is frequently used to store heat in CSP facilities for subsequent use in generating electricity. It is expected that molten salt thermal energy storage will also curb energy demand and energy consumption by the end users, thereby reducing global carbon footprint. Also, it can be estimated that the utilization of molten salt thermal energy storage systems will increase the share of renewable energy in the overall power generation scenario.

Geographically, the global thermal energy storage market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, Europe is expected to remain the largest region due to the huge investments on solar energy. Moreover, government authorities are also trying to balance power generation between high load and low load hours. Lower costs of power generation will drive the market.  Moreover, in the region there is strong emphasis on energy efficiency initiatives and rising levels of renewable energy generation. However, reluctance to shift from the traditional methods of storage act as barrier for the growth of the market in Europe. Thermal energy storage has been widely used in the commercial sector in North America. While, Asia-Pacific Region is expected to grow significantly in the forecast period, owing to factors such as ever growing population and increased energy usage.

Industry News

In January, 2018 – Microsoft Highlights Steffes’ Mission to Revolutionize Renewable Energy Storage. Microsoft visited Dickinson facility in October to talk about Steffes’ ongoing mission to revolutionize how renewable energy is utilized through grid interactive storage.

In November, 2017 – Trane, a leading global provider of indoor comfort systems and services and a brand of Ingersoll Rand, announced that it has acquired CALMAC Corp., a privately held company specializing in cool energy technologies including IceBank storage tanks.

In June, 2017 – Ice Energy, the leading provider of distributed thermal energy storage solutions, announced that its Ice Bear 20 home cooling and energy storage system has achieved a Seasonal Energy Efficiency Ratio (SEER) of 14.56 when operating like a conventional AC unit, and when operating in its ice cooling mode using stored ice, an unprecedented Energy Efficiency Ratio (EER) of 150.

Thermal Energy Storage Market – Segmentation

The scope of global thermal energy storage market is segmented into two major segments which are explained below:

By Technology

  • Sensible Heat
  • Latent Heat
  • Thermochemical Heat

By End Use

  • Commercial & Industrial
  • Utilities
  • Residential

Thermal Energy Storage Market – Competitive Analysis

The global market for thermal energy storage seems to be highly competitive. All the major players have achieved forward integration by establishing their presence in the distribution and manufacturing sector. The distribution step in the value chain consists of stations & plants, combined heat power (CHP) plants, micro grids, cogeneration, district heating & cooling, process cooling. Service providers offer thermal energy storage services for end-use applications. The various applications catered to the prominent companies in the thermal energy storage market.

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