According to the Facts and Factors, Research Report, the global — thermal energy storage market is set to grow annually at a CAGR rate of 10.4%. In 2019, the market is valued at around USD 4,281.6Million and is expected to reach around USD 8558.34 Million by 2026.
Thermal energy storage is referred to as a technology that stocks thermal energy by cooling or heating a storage medium. Later on, the stored energy can be used for heating and cooling applications and while reducing the consumption of power. Generally, in buildings and industrial processes, thermal energy storage systems are used.
An increase in demand for thermal energy storage systems in HVAC, government incentive programs for thermal energy storage systems are significantly influencing the demand for thermal energy storage systems in recent years. However, the lack of technical expertise and high grid interconnection barriers are curbing market growth. Furthermore, thermal energy storage in combination with concentrating solar power (CSP) for storing electricity is gaining popularity as solar heat can be stored for the production of electricity, even in the absence of sunlight. Thereby, consecutive briefs on emerging technologies will accelerate the demand for the thermal energy storage market.
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The global thermal energy storage market has been segmented into technology, storage material, and end-users. The technology has been categorized into sensible heat storage, latent heat storage, and thermal heat storage. In 2019, latent heat storage is leading the market and sensible heat storage is followed by latent heat storage technology. The storage material has been classified into the water, molten salt, and phase change material (PCM), among others. Molten salt has accounted for the highest market share presently. The phase change material is expected to grow at the fastest rate during the forecast timeline as it is capable of releasing and storing large amounts of energy. The end-user has been fragmented into commercial and industrial, utilities, and residential. The residential segment is expected to grow at a faster rate than other application segment owing to its rising usage of thermal energy storage systems in HVACs.
Growing construction sector revenues, from both publicly and privately funded projects across the globe and the emergence of energy-efficient solutions, are the major factors that are boosting the demand for thermal energy storage systems in the market. Moreover, the refrigeration and supply of cooling systems have become important across food &beverages, and pharmaceuticals markets to prevent spoilage of food and medicines. Henceforth, a substantial increase in demand for HVAC systems has fueled the sales of thermal energy storage systems. However, technology barriers and lack of technical expertise are expected to hinder the market growth over the forecast years. Furthermore, rising momentum on renewable energy generation such as concentrated solar power is anticipated to proliferate the growth of the thermal energy storage market in upcoming years.
Top Market Players
Some of the essential players operating in the global thermal energy storage market, but not restricted to include Baltimore Aircoil International, Cryogel Thermal Energy Storage, Caldwell Energy Company, Dunham Bush, EVAPCO, Inc., CALMAC (Trane), Cristopia (CIAT UK), Araner, Nostromo, FVB Energy Inc., Ground Sun Ltd., Viking Cold Solutions, DN Tanks, Vogt Ice, and Sunwell among others.
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The thermal energy storage market size research report delivers an acute valuation and taxonomy of the thermal energy storage industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
North America dominated the global thermal energy storage market owing to the presence of a huge number of vendors coupled with numerous thermal projects that are under construction. For instance, in 2019, Azelio AB, a Europe-based renewable energy equipment manufacturer had entered into a partnership agreement with Biodico, a US-based renewable energy technology provider for developing thermal energy storage projects in Atascadero, California, US, by 2024. This project will help Biodico, to develop biofuel production centers, which will be powered by clean energy produced by renewable resources on-site to minimize greenhouse gas emissions, and Azelio will be able to supply approximately 9,000 units to meet the demand for electricity. Furthermore, growing awareness toward limiting carbon footprint paired with greater investments in solar energy in the European region will propel the installations of the thermal storage systems. Thereby, certain initiatives taken by regions will increase the global market share of thermal energy storage in the upcoming years.
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Key Insights from Primary Research:
1) As per primary respondents, the global thermal energy storage market is set to grow annually at a CAGR rate of 10.4%. In 2019, the market is valued at around USD 4,281.6Million and is expected to reach around USD 8558.34 Million by 2026.
2) On basis of the technology segment, ‘latent heat storage’ dominated the global thermal energy storage market in 2019. The latent heat storage segment will grow at a CAGR rate of 10.2% over the forecast period. Sensible heat storage is anticipated to be the fastest-growing segment during the forecast timeline.
3) On basis of the storage material segment, ‘molten salt’ dominated the global thermal energy storage market in 2019. This segment is anticipated to grow at a CAGR rate of 10.3%.
4) On basis of the end-users segment, ‘commercial and industrial’ dominated the global thermal energy storage market in 2019. This segment is projected to grow at a CAGR rate of 10.0%. The ‘residential’ segment is anticipated to be the fastest-growing segment during 2020-2026.
5) As per primary respondents, North America is the leading market in 2019 owing to the presence of a huge number of vendors coupled with numerous thermal projects is under construction in the United States.
This report segments the global thermal energy storage market as follows:
Global Thermal Energy Storage Market: By Technology Segmentation Analysis
Sensible Heat Storage
Latent Heat Storage
Thermal Heat Storage
Global Thermal Energy Storage Market: By Storage Material Segmentation Analysis
Phase Change Material (PCM)
Global Thermal Energy Storage Market: By End Users Segmentation Analysis
Commercial and Industrial
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