According to a new market report issued by Credence Research Global Thermal Energy Storage Market-Growth, Future Prospects & Competitive Analysis, 2017-2025, the Global Thermal Energy Storage Market is expected to reach US$ 6.2 billion by 2025, growing at CAGR 11.0 percent throughout the 2017-2025 projection period. —
The thermal energy storage market is likely to see robust growth, with increasing expenditure on renewable energy, including wind and solar, due to growing concerns about greenhouse gas emissions 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 witnesses strong growth in capacity addition of solar power. In 2016, 50 GW solar power capacity was added global across the globe.
Full Report @: https://www.credenceresearch.com/report/thermal-energy-storage-market
Get Sample: https://www.credenceresearch.com/sample-request/58516
Globally, now cumulative solar power capacity is about 305 GW with the highest increase in new capacity addition of 29% of the Europe new solar capacity addition. Followed by it, Germany held at a second place with 21% share in Europe new capacity addition and France with 8.3% share in Europe new solar power capacity addition. Therefore, growth in solar power installation is predicted to fuel the demand for thermal energy storage. Moreover, many government initiatives such as 100% electric vehicle mobility by 2030 set by the Indian government to transform the transit system to use clean energy expected to propel the need for thermal energy storage. Further, the growing demand for thermal energy storage in HVAC application is forecasted to augment the demand for thermal energy storage over the projection period. Therefore, thermal energy storage market is predicted to witness sturdy growth during the forecast period of 2017-2025.
Competitive Insights:
The Global thermal energy storage market is segmented on the base of technology, storage material, end user and geography. By technology, sensible technology segment was the most powerful segment in global thermal energy storage market in 2016 and expected to maintain its dominance over the projection period. The growing application of sensible technology such as underground storage of sensible heat in both liquid and the solid storage medium is also used for various applications including district heating and cooling systems. Based on storage material, molten salt material segment considered for the biggest share in global thermal energy storage market owing rising use of molten salts based technology is predicted to drive the growth of the segment throughout the projection period. On the basis of geography, Europe was supposed to be the largest market for thermal energy storage in 2016 and predicted to continue its dominance throughout the forecast period. Revision in emission targets and increasing investment in renewable energy capacity addition is assumed to drive the growth of the segment during the outlook 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
Based on the technology:
Sensible
Latent
Thermo Chemical Heat Storage (TCS)
The global thermal energy storage market can be divided into sensitive, latent and thermal chemical heat storage (TCS) by using technology. In 2016, the sensible heat technology segment accounted for the biggest share of revenues in all technology sections. The growth in the installation of concentrated power plants with rising use of thermal energy storage systems using the sensible heat technology is forecasted to drive segment overall growth throughout the projection period. However, over the forecast period (2017-2025), the growing popularity of latent heat technology thermal energy storage systems is assumed to boost the growth of the latent heat technology segment.
Full Report @: https://www.credenceresearch.com/report/thermal-energy-storage-market
Based on the storage material:
Water
Molten Salt
Phase Change Material (PCM)
Others
Based on the end user:
Commercial & Industrial
Utilities
Residential
Leading Players;
Abengoa Solar, S.A
Brightsource Energy, Inc
Burns & Mcdonnell
Solarreserve, LLC
Baltimore Aircoil Company
Caldwell Energy
Calmac
Cristopia Energy Systems
Cryogel
Dc Pro Engineering
Dunham-Bush Holding Bhd.
Energy Storage Association
Goss Engineering
Ice Energy
International District Energy Association
Natgun Corporation (DN Tanks)
Steffes Corporation
Tas Energy Inc.
Evapco, Inc.
Fafco (Icestor)
Icelings
Sunwell Technologies
Qcoefficient
Finetex EnE
Chicago Bridge & Iron Company
ToC:
3. Global Thermal Energy Storage Market Dynamics
3.1. Market Overview
3.1.1. Market Definition
3.1.2. Global Market Size & Forecast, 2015-2025
3.2. Drivers
3.3. Challenges
3.4. Future Prospects
3.5. Impact Analysis of Drivers and Challenges
3.6. Porter’s Five Force Analysis
3.6.1. Bargaining Power Of Suppliers
3.6.2. Bargaining Power Of Buyers
3.6.3. Threat Of Substitutes
3.6.4. Threat Of New Entrants
3.6.5. Industry Rivalry
4. Global Thermal Energy Storage Market Size & Forecast (US$ Mn), By Technology, 2015 – 2025
4.1. Overview
4.1.1. Market Share Analysis by Technology, 2016 vs. 2025
4.1.2. Attractive Investment Proposition by Technology
4.2. Sensible
4.3. Latent
4.4. TCS
5. Global Thermal Energy Storage Market Size & Forecast (US$ Mn), By Storage Material, 2015 – 2025
5.1. Overview
5.1.1. Market Share Analysis by Storage Material, 2016 vs. 2025
5.1.2. Attractive Investment Proposition by Storage Material
5.2. Water
5.3. Molten Salt
5.4. Phase Change Material (PCM)
5.5. Others
6. Global Thermal Energy Storage Market Size & Forecast (US$ Mn), By End User, 2015 – 2025
6.1. Overview
6.1.1. Market Share Analysis by End User, 2016 vs. 2025
6.1.2. Attractive Investment Proposition by End User
6.2. Commercial & Industrial
6.3. Utilities
6.4. Residential
..................toc continued
Full Report @: https://www.credenceresearch.com/report/thermal-energy-storage-market
Get Sample: https://www.credenceresearch.com/sample-request/58516
About Us
Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we've manufactured a firm extraordinarily prepared to this task.
Blog: http://techtopworld.com/2017/06/21/thermal-energy-storage-market-global-market-size-strategies-market-share-industry-outlook-2017-2025/
Contact Info:
Name: Chris Smith
Email: Send Email
Organization: Credence Research
Address: 105 N 1st ST #429, SAN JOSE,, CA 95103, United States
Phone: 18003618290
Website: https://www.credenceresearch.com
Release ID: 476932