Thermal Energy Storage Market Applications, Size, Industry Share, Demand and 2022 Forecasts

Thermal Energy Storage Market Research Report- Forecast to 2022

Thermal Energy Storage Market Applications, Size, Industry Share, Demand and 2022 Forecasts

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Copyright Š 2018 Market Research Future.

Thermal Energy Storage Market Research Report- Forecast to 2022

1 Summary 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.

While, additional cost & complexity, additional infrastructure & space requirements are some factors that act as barriers for the thermal energy storage market

Key Players: The key players of global thermal energy storage market include 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).

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Copyright Š 2018 Market Research Future.

Thermal Energy Storage Market Research Report- Forecast to 2022

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Market Overview

Solar thermal energy investments are fueling the market for thermal energy. Thermal energy storage systems stock up energy for later use, ice-slush tanks, aquifers, insulated lined pits and eutectic, and phase-changing materials. Thermal energy storage is a system combining three major storage technologies which includes Sensible heat, Latent heat and Thermochemical heat. Additionally, R&D focuses on thermal energy storage market for improving efficiency, reducing environmental effect and lowering the cost. Government initiatives for solar power acts as a driving factor for the growth of thermal energy storage market. Moreover, environmental concerns in countries such as China and India lead to the growth of thermal energy storage market.

Segments

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Copyright Š 2018 Market Research Future.

Thermal Energy Storage Market Research Report- Forecast to 2022

3 Market Research Analysis 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, AsiaPacific Region is expected to grow significantly in the forecast period, owing to factors such as ever growing population and increased energy usage.

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Copyright Š 2018 Market Research Future.

Thermal Energy Storage Market Research Report- Forecast to 2022

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Copyright Š 2018 Market Research Future.