Industry Background:
The ice storage system uses the latent capacity of water associated with changing phases from ice to water to store thermal energy. There are two basic types of ice storage systems such as static systems and dynamic systems. Glycol-based ice storage systems are very popular because they are simple & are similar to conventional chilled-water systems. Cooling with ice thermal storage can be a cost-effective, reliable system approach to cooling offices, hospitals, malls, and others. Increasing demand for ice storage systems in North America and the Middle East, cooling system usage a greater proportion of electricity for cooling & are heavily penalized by electricity supply companies for energy use in the summertime.
According to AMA Research, the market for Ice Storage System is expected to register a CAGR of 20.3% during the forecast period to 2030. This growth is primarily driven by Rising Demand From Residential & Commercial Buildings Because Of The Stored Ice Is Then Used To Cool The Building Occupants The Next Day
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | Kunit |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Machinery & Equipment sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as CALMAC (United States), J. C. Penney (United States), Trane (Ireland), Nostromo (United States), CRYOGEL (France), DN Tanks (United States), Viking Cold Solutions, Inc. (United States), AREVA NP SAS (France), Baltimore Aircoil Company, Inc. (United States), Burns & McDonnell, Inc. (United States), Ice Energy, Inc. (United States), Praj Refrigeration Industry (India), Hitachi Zosen Corporation (Japan) and EVAPCO Inc. (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In May 2019, Ice Energy, the leading provider of distributed thermal energy storage has signed an international distribution agreement with leading global electrical and engineering company, Fuji Bridex Pte Ltd. Fuji Bridex will market, install and service Ice Energy’s for commercial and residential Ice Bear systems across Singapore, Japan, Australia and Southeast Asia.
In February 2019, Ice Energy, a leading provider of distributed thermal energy storage solutions, has completed the first phase of what will be the largest installation of its Ice Bear systems in the U.S., under a 21.6-megawatt energy storage contract with Southern California Edison.
Influencing Trend:
Rising Adoption of Glycol-Based Ice Storage Systems and Increasing Trend Due to it can be shifts energy usage to non-peak hours, saves energy, and reduces energy costs.
Market Growth Drivers:
Rising Demand From Residential & Commercial Buildings Because Of The Stored Ice Is Then Used To Cool The Building Occupants The Next Day and Increasing Demand from Hospitals, Malls & Others Due to Ice Storage System helps lower energy consumption and reduces greenhouse gas emissions.
Challenges:
Rising Problems of Corrosion with Ice Storage Container
Restraints:
High Cost of Ice Storage Systems
Opportunities:
Increase the Share of Renewable Energy Sources in Numerous Fields
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Ice Storage System Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Ice Storage System Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Ice Storage System players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Ice Storage System Study Sheds Light on
The Ice Storage System Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Ice Storage System industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Ice Storage System industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.