Thermal Energy Storage Market by Technology - Global Opportunity Analysis and Industry Forecast, 2017-2023

  • ID: 4333218
  • Report
  • Region: Global
  • 180 pages
  • Allied Analytics LLP
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FEATURED COMPANIES

  • Abengoa Solar
  • Brightsource Energy Inc.
  • Burns & Mcdonnell
  • Caldwell Energy
  • Calmac
  • Dc Pro Engineering Llc.
  • MORE
The global thermal energy storage market was valued at $3,988 million in 2016 growing at a CAGR of 10.9% from 2017 to 2023 to reach $8,862 million by 2023. Thermal energy storage systems make the use of standard cooling & energy storage equipment to store thermal energy for later use. These systems are widely adopted to store solar energy for space heating during winter and stock cold winter air for air conditioning purposes during summer. Thermal energy storage helps to balance the supply & demand for energy on daily, weekly, & seasonal bases. Moreover, it provides several benefits such as reduced energy consumption, increased flexibility of operations, and reduced initial & maintenance cost. The major sources for thermal energy storage include heat pumps and heat generated by power plants & waste.

These storage systems reduce the demand for energy during peak hours, lower the carbon dioxide emissions, and decrease the energy consumption of end consumers. It is widely employed in thermal power plants, solar power plants to supply dispatchable power even during night, and to utilize heat in process industries.

In 2016, North America dominated the global thermal energy storage market, owing to the high energy storage capacity and increase in penetration of thermal storage specifically in the U.S. In addition, rapid penetration of renewable energy has changed the energy landscape in this region. U.S. was the leading country in the North America thermal energy storage market, followed by Canada. The market is driven by shift to renewable sources of energy and demand for continuous power supply. Moreover, upsurge in demand for thermal energy storage in heating, ventilation, and air conditioning (HVAC) for district heating & cooling boost the market growth. However, lack of awareness with storage technology, additional cost associated with the use of thermal energy storage system, and need of highly skilled technicians to maintain the system are expected to hamper the market growth during the forecast period.

The global thermal energy storage market is segmented based on technology, type, end user, and geography. On the basis of technology, it is divided into sensible heat storage, latent heat storage, and thermochemical storage. On the basis of type, it is categorized into water, molten salt, and phase change material. On the basis of end user, it is classified into residential, commercial & industrial, and utility. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

In June, 2014, Abengoa, National Renewable Energy Laboratory, and the Colorado School of Mines collaborated to developed new solar-thermal storage technology for solar thermal plants. The US Department of Energy invested 1.45 million for this project.

The major market players are as follows

Calmac
Abengoa Solar
Caldwell Energy
Baltimore Aircoil Company Inc.
Chicago Bridge & Iron Company
BrightSource Energy Inc.
DC Pro Engineering LLC.
Burns & McDonnell
Evapco Inc.
DN Tanks

KEY BENEFITS FOR STAKEHOLDERS

This report provides an extensive analysis of the current & emerging market trends and dynamics of the global thermal energy storage market.
In-depth analysis of all regions is conducted by constructing the market estimations for key segments from 2017 to 2023 to identify the prevailing opportunities.
The report assists to understand the strategies adopted by the companies for market expansion.
This study evaluates the competitive landscape to understand the market scenario across various regions.
Extensive analysis is conducted by following key player positioning and monitoring the top competitors within the market framework.

KEY MARKET SEGMENTS

By Technology

Sensible Heat Storage
Latent Heat Storage
Thermochemical Storage

By Type

Water
Molten Salt
Phase Change Material

By End User

Residential
Commercial & Industrial
Utility

By Geography

North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Chile
South Africa
Rest of LAMEA
The other major players in the industry include the following

Cryogel
Energy Storage Association
Cristopia Energy Systems
Ice Energy
Solar Reserve
*The above list of companies is not profiled in the report, but can be added based on interest.
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Note: Product cover images may vary from those shown
2 of 5

FEATURED COMPANIES

  • Abengoa Solar
  • Brightsource Energy Inc.
  • Burns & Mcdonnell
  • Caldwell Energy
  • Calmac
  • Dc Pro Engineering Llc.
  • MORE
CHAPTER 1. INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENT
1.4. RESEARCH METHODOLOGY

1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tool & model

CHAPTER 2. EXECUTIVE SUMMARY

2.1. MARKET SNAPSHOT
2.2. CXO PERSPECTIVES

CHAPTER 3. MARKET OVERVIEW

3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS

3.2.1. Top investment pockets
3.2.2. Top winning strategies

3.3. MARKET PLAYER POSITIONING
3.4. PORTERS FIVE FORCES ANALYSIS
3.5. MARKET DYNAMICS

3.5.1. Drivers

3.5.1.1. Shift towards the renewable sources of energy
3.5.1.2. Demand for continuous power supply
3.5.1.3. Upsurge in demand for thermal energy storage in HVAC for district heating & cooling

3.5.2. Restraints

3.5.2.1. Lack of awareness with storage technology
3.5.2.2. Additional cost associated with the use of thermal energy storage system

3.5.3. Opportunities

3.5.3.1. Increase in adoption of renewable technology

3.6. MARKET SHARE ANALYSIS, 2016 (%)

CHAPTER 4. THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY

4.1. INTRODUCTION

4.1.1. Market size and forecast

4.2. SENSIBLE HEAT STORAGE

4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast

4.3. LATENT HEAT STORAGE

4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast

4.4. THERMOCHEMICAL HEAT STORAGE

4.4.1. Key market trends, growth factors, and opportunities
4.4.2. Market size and forecast

CHAPTER 5. THERMAL ENERGY STORAGE MARKET, BY TYPE

5.1. INTRODUCTION

5.1.1. Market size and forecast

5.2. WATER

5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast

5.3. MOLTEN SALT

5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast

5.4. PHASE CHANGE MATERIAL (PCM)

5.4.1. Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast

CHAPTER 6. THERMAL ENERGY STORAGE MARKET, BY APPLICATION

6.1. INTRODUCTION

6.1.1. Market size and forecast

6.2. RESIDENTIAL

6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast

6.3. COMMERCIAL & INDUSTRIAL

6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast

6.4. UTILITY

6.4.1. Key market trends, growth factors, and opportunities
6.4.2. Market size and forecast

CHAPTER 7. THERMAL ENERGY STORAGE MARKET, BY GEOGRAPHY

7.1. INTRODUCTION

7.1.1. Market size and forecast

7.2. NORTH AMERICA

7.2.1. Key market trends, growth factors, and opportunities
7.2.2. Market size and forecast
7.2.3. U.S.

7.2.3.1. Market size and forecast by END USER

7.2.4. Canada

7.2.4.1. Market size and forecast by END USER

7.2.5. Mexico

7.2.5.1. Market size and forecast by END USER

7.3. EUROPE

7.3.1. Key market trends, growth factors, and opportunities
7.3.2. Market size and forecast
7.3.3. UK

7.3.3.1. Market size and forecast by END USER

7.3.4. Germany

7.3.4.1. Market size and forecast by END USER

7.3.5. France

7.3.5.1. Market size and forecast by END USER

7.3.6. Spain

7.3.6.1. Market size and forecast by END USER

7.3.7. Italy

7.3.7.1. Market size and forecast by END USER

7.3.8. Rest of Europe

7.3.8.1. Market size and forecast by END USER

7.4. ASIA-PACIFIC

7.4.1. Key market trends, growth factors, and opportunities
7.4.2. Market size and forecast
7.4.3. China

7.4.3.1. Market size and forecast by END USER

7.4.4. India

7.4.4.1. Market size and forecast by END USER

7.4.5. Japan

7.4.5.1. Market size and forecast by END USER

7.4.6. South Korea

7.4.6.1. Market size and forecast by END USER

7.4.7. Australia

7.4.7.1. Market size and forecast by END USER

7.4.8. Rest of Asia-Pacific

7.4.8.1. Market size and forecast by END USER

7.5. LAMEA

7.5.1. Key market trends, growth factors, and opportunities
7.5.2. Market size and forecast
7.5.3. Brazil

7.5.3.1. Market size and forecast by END USER

7.5.4. Chile

7.5.4.1. Market size and forecast by END USER

7.5.5. South Africa

7.5.5.1. Market size and forecast by END USER

7.5.6. Rest of LAMEA

7.5.6.1. Market size and forecast by END USER

CHAPTER 8. COMPANY PROFILES

8.1. CALMAC

8.1.1. Company overview
8.1.2. Company snapshot
8.1.3. Operating business segments
8.1.4. Business performance
8.1.5. Key strategic moves and developments

8.2. ABENGOA SOLAR

8.2.1. Company overview
8.2.2. Company snapshot
8.2.3. Operating business segments
8.2.4. Business performance
8.2.5. Key strategic moves and developments

8.3. CALDWELL ENERGY

8.3.1. Company overview
8.3.2. Company snapshot
8.3.3. Operating business segments
8.3.4. Business performance
8.3.5. Key strategic moves and developments

8.4. BALTIMORE AIRCOIL COMPANY INC.

8.4.1. Company overview
8.4.2. Company snapshot
8.4.3. Operating business segments
8.4.4. Business performance
8.4.5. Key strategic moves and developments

8.5. CHICAGO BRIDGE & IRON

8.5.1. Company overview
8.5.2. Company snapshot
8.5.3. Operating business segments
8.5.4. Business performance
8.5.5. Key strategic moves and developments

8.6. BRIGHTSOURCE ENERGY INC.

8.6.1. Company overview
8.6.2. Company snapshot
8.6.3. Operating business segments
8.6.4. Business performance
8.6.5. Key strategic moves and developments

8.7. DC PRO ENGINEERING LLC.

8.7.1. Company overview
8.7.2. Company snapshot
8.7.3. Operating business segments
8.7.4. Business performance
8.7.5. Key strategic moves and developments

8.8. BURNS & MCDONNELL

8.8.1. Company overview
8.8.2. Company snapshot
8.8.3. Operating business segments
8.8.4. Business performance
8.8.5. Key strategic moves and developments

8.9. EVAPCO INC.

8.9.1. Company overview
8.9.2. Company snapshot
8.9.3. Operating business segments
8.9.4. Business performance
8.9.5. Key strategic moves and developments

8.10. DN TANKS

8.10.1. Company overview
8.10.2. Company snapshot
8.10.3. Operating business segments
8.10.4. Business performance
8.10.5. Key strategic moves and developments
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Abengoa Solar
  • Brightsource Energy Inc.
  • Burns & Mcdonnell
  • Caldwell Energy
  • Calmac
  • Dc Pro Engineering Llc.
  • MORE
According to a new report titled, Thermal Energy Storage Market by Technology, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global thermal energy storage market was valued at $3,988 million in 2016, and is estimated to reach $8,862 million by 2023, registering a CAGR of 10.9% from 2017 to 2023. In 2016, the sensible heat storage segment accounted for more than half share of the total market.

Thermal energy storage, also known as heat storage, is a highly efficient and simple method of transfer that does not involve any chemical conversion. It is an advanced energy technology for different thermal applications such as space heating and cooling & air conditioning. In addition, it is one of the most feasible eco-friendly solutions of energy saving, which store cold winter air for air conditioning during summer and stock solar energy for space heating during winter. It is widely used in numerous applications to maintain the supply and demand of energy.
Lack of awareness with respect to storage technology, additional cost associated with the use of thermal energy storage system, and need of highly skilled technicians to maintain the system restrain the market growth during the forecast period. In addition, increase in adoption of renewable technology is expected to deliver the substantial growth opportunity in the near future.
The sensible heat storage segment dominated the global market in 2016, in terms of both value & volume, and is expected to dominate the market during the forecast period. Sensible heat storage is most commonly used method for heat & cold storage, owing to its low heat losses. It is used in residential & commercial sectors, owing to its cost benefits.
In 2016, the water segment is the most commercially used heat storage medium. Moreover, storage of sensible heat in water dominates the global market, owing to the ease of use and cost. The utility segment dominated the global market in 2016, in terms of both value and volume.

Key Findings of the Thermal Energy Storage Market:
In 2016, North America dominated the global market, with around half share in the overall market.
The latent heat storage segment is estimated to grow at the highest CAGR of 11.5% from 2017 to 2023.
In 2016, the water segment accounted for more than onethird share in global market.
The phase change material (PCM) segment is estimated to grow at the highest CAGR of 11.4% during the forecast period.
In 2016, the utility segment accounted for more than half share in total market.
The residential end-use segment is projected to grow at the highest CAGR of 12.2% during the forecast period.
Asia-Pacific is expected to grow at the highest CAGR of 11.6% during the forecast period.
In 2016, North America dominated the global market, owing to the high energy storage capacity and increase in penetration of thermal storage particularly in the U.S. In addition, rapid penetration of renewable energy has changed the energy landscape thus boost the thermal energy storage in this region. The U.S. dominated the North America thermal energy storage market in 2016, followed by Canada. Europe is the second leading geographical segment, which is expected to register a CAGR of 11.3% from 2017 to 2023.
The key companies profiled in the report include Calmac, Abengoa Solar, Caldwell Energy, Baltimore Aircoil Company Inc., Chicago Bridge & Iron Company, BrightSource Energy Inc., DC Pro Engineering LLC., Burns & McDonnell, Evapco Inc., and DN Tanks.
Note: Product cover images may vary from those shown
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  • Calmac
  • Abengoa Solar
  • Caldwell Energy
  • Baltimore Aircoil Company Inc.
  • Chicago Bridge & Iron Company
  • Brightsource Energy Inc.
  • Dc Pro Engineering Llc.
  • Burns & Mcdonnell
  • Evapco Inc.
  • Dn Tanks
Note: Product cover images may vary from those shown
6 of 5
Note: Product cover images may vary from those shown
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