The thermal energy storage market is a significant category of the global energy storage market. It is generally utilized to supply cooling for commercial and industrial constructions. Now a day, thermal energy storage systems are also used as an efficient means of switching electricity utilization from peak periods in daytime to less pricey periods of the day and at night, saving funds and raising overall system competence.

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Thermal Energy Storage Market to reach US$1,818.8 million by 2020

The global market for energy storage is studied on three fronts: Technology, end user, and geography.

Latent heat storage, sensible heat storage, and thermo-chemical heat storage are the three thermal energy market segments on the basis of technology. The sensible heat storage market is likely to lead the global thermal energy storage market during 2014 to 2020. The energy is stored by increasing the temperature of the storage medium such as rock or water using sensible heat storage technology. However, the total market share of sensible heat storage systems is estimated to decline due to their low storage capacity regarding the storage medium, and modifications in technologies such as thermo-chemical storage and latent heat storage. The global utilization of storage technologies has considerably increased, mainly because of their capability to give high-energy storage density.

Utilities, commercial and industrial, and residential are the three end user segments of the global thermal energy storage market. The commercial and industrial market segment held thr majority of the thermal energy storage market share in 2013 and is expected to lead the market during 2014 to 2020. Commercial organizations are shifting to solar energy storage systems, dominated by rising demand for backup power supplies together with soaring energy prices. This factor has led to considerable development in the commercial and industrial market segment of the global thermal energy storage industry. Until 2010, low availability of products was the most important factor that was hampering the growth of the commercial and industrial end user segment in global thermal energy storage market.

North America, Europe, Asia Pacific, and the Rest of the World are the categories among which the global market for thermal energy storage is regionally distributed. In 2013, Europe held the largest thermal energy storage market share in terms of the storage capacity installation of thermal energy. The strong emphasis of the European Union on energy efficiency and rising share of renewable energy generation has led to an immense rise in the total thermal storage capacity installed in this region. Europe is expected to reach a capacity of around 1,307.0 MW by the end of 2020. Increase in investments in solar thermal energy is likely to be the main driving force behind the thermal energy storage market in this region.

North America is a mature market and is expected to register a moderate to high growth during 2014 to 2020. Rising need for a sustainable and energy-efficient future is likely to propel the thermal energy storage market in the Asia Pacific region. Middle Eastern and African countries have set targets to increase the share of renewable energy sources in their overall power generation industry. This is a key factor likely to add to the development of the thermal energy storage industry in the Rest of the World segment.

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In 2013, the global thermal energy storage installed capacity was 2,038.3 MW. It is expected to reach 6,070.2 MW by the end of 2020, growing at a 17.1% CAGR during 2014 to 2020. The global thermal energy storage market was worth US$627.6 million in 2013 and is estimated to reach US$1,818.8 million by 2020, in terms of revenue. The CAGR at which the market is estimated to rise is 16.7% from 2014 to 2020.

Thermal Energy Storage Market: Latent Heat Storage Catering for New Opportunities

The main participants of the thermal energy storage market are Baltimore Aircoil Company, Abengoa Solar, S.A., Burns & McDonnell, BrightSource Energy, Inc., CALMAC, Caldwell Energy, EVAPCO, Inc., Chicago Bridge & Iron Company (CB&I), Goss Engineering, Inc., FAFCO Thermal Storage Systems, Steffes Corporation, Ice Lings, and TAS Energy.

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