New York, NY, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Thermal Energy Storage Market by Technology (Sensible Heat Storage, Latent Heat Storage, and Thermo-chemical Storage), by Storage Material (Water, Molten Salt, Phase Change Material (PCM), and Others), and by End-Users (Commercial and Industrial, Utilities, and Residential): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global thermal energy storage market was valued at approximately USD 3.72 billion in 2017 and is expected to generate revenue of around USD 7.45 billion by the end of 2024, growing at a CAGR of around 10.8% between 2018 and 2024.
Increasing adoption of the renewable energy resources is the major factor driving the thermal energy storage market. In addition to this, the rapid industrialization across the globe has increased the need for continuous power supply which positively leads to the growth of the overall thermal energy storage market during the forecast period. Thermal energy storage technologies reduce the Green House Gas (GHG) emissions which will positively influence in increasing the demand of thermal energy storage market. Thermal energy storage is secured, clean, and user-friendly. TES is majorly used in the thermal power plants, concentrated solar power plants, and other energy storage applications. These factors are expected to drive the thermal energy storage market growth over the forecast period. However, lack of awareness of the storage technologies and high capital cost associated with the use of storage system is restraining the market growth.
Browse through 72 Tables & 22 Figures spread over 110 Pages and in-depth TOC on ”Global Thermal Energy Storage Market Size 2017: Industry Type, Share, Trends and Forecast, 2024”.
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Based on technology, the thermal energy storage market is segmented into latent heat storage, sensible heat storage, and thermo-chemical storage. Sensible heat storage held major revenue share in 2017. The growth is attributed due to its number of applications in the residential and industrial sector. Sensible heat storage in both liquid and a solid medium is used in large-scale applications such as cooling systems and district heating. Increased usage of sensible heat storage in various applications is projected to drive the market during the forecast timeframe.
On the basis of storage material, thermal energy storage market is categorized into molten salt, water, Phase Change Material (PCM), and others. The molten salt within storage material is anticipated to hold the largest market share during the forecast timeframe. Molten salts function as a large-scale thermal energy storage which helps in handling the fluctuations in weather; it is anticipated that the demand for the molten salt segment will increase during the forecast period.
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Based on end-users, the thermal energy storage market is segmented into commercial and industrial, utilities, and residential. The industrial sector is anticipated to remain dominant during the forecast period. This dominance is attributed due to the increasing adoption of the heating, ventilation, and air conditioning (HVAC) systems in the industrial sector, which positively propels the thermal energy storage market growth.
North America accounted for a considerable revenue share in 2017 in the global thermal energy storage market and is estimated to continue its regional supremacy over the forecast timeline. Increasing adoption of the renewable energy resources is the major factor driving the thermal energy storage market. Installations of concentrated solar power plants with thermal energy storage technologies will fuel the growth of the market in this region.
Browse the full "Thermal Energy Storage Market by Technology (Sensible Heat Storage, Latent Heat Storage, and Thermo-chemical Storage), by Storage Material (Water, Molten Salt, Phase Change Material (PCM), and Others), and by End-Users (Commercial and Industrial, Utilities, and Residential): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/thermal-energy-storage-market
Asia Pacific thermal energy storage market is projected to grow at the highest growth rate over the forecast timeframe. Most of the countries such as India, China, and Japan have installed the energy storage systems thus boosting the demand for thermal energy storage market during the forecast years.
Europe thermal energy storage market accounted for significant growth rate during the forecast timeframe. The growth is attributed due to the increased installations of the thermal energy storage systems with high capacity and greater investments in solar energy are projected to drive the market growth.
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The Middle East and Africa thermal energy storage market accounted for significant growth rate during the forecast timeframe. The growth is attributed due to the presence of large-scale energy industries with the enormous solar resources which is anticipated to fulfill the demand for thermal energy storage in this region during the forecast timeframe.
Some of the major players operating in the thermal energy storage market are CALMAC, Solar Reserve, Chicago Bridge & Iron Company (CB&I), EVAPCO, Inc., Goss Engineering, Inc., Cristopia Energy Systems, Cryogel, Energy Storage Association, and Ice Energy. Industry players are mostly focusing on developing innovative technologies and merger and acquisition strategy to gain revenue share.
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This report segments the global thermal energy storage market as follows:
Global Thermal Energy Storage Market: Technology Segment Analysis
- Sensible Heat Storage
- Latent Heat Storage
- Thermal Heat Storage
Global Thermal Energy Storage Market: Storage Material Segment Analysis
- Water
- Molten Salt
- Phase Change Material (PCM)
- Others
Global Thermal Energy Storage Market: End-Users Segment Analysis
- Commercial and Industrial
- Utilities
- Residential
Global Thermal Energy Storage Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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