Thermal Energy Storage Market Scope
Growing adoption of renewable energy sources as well as rising demand for continuous power supply will help to boost global thermal energy storage market. Thermal energy storage system allows for the storage of extra thermal energy and its consumption during the highest demand. It is mostly used for power generation in addition to heating and cooling applications. High adoption of thermal energy storage in heating, ventilation, and air conditioning (HVAC) for district heating & cooling is a major driver of the thermal energy storage market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia- Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Ice Energy (United States), Calmac (United States), DN Tanks (United States), Abengoa Solar (Spain), SolarReserve, LLC (United States), Burns & McDonnell (United States), Caldwell Energy (United States), Baltimore Aircoil Company Inc. (United States), Chicago Bridge & Iron Company (United States) and BrightSource Energy Inc. (United States) |
CAGR | 6.6% |
Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Thermal Energy Storage market throughout the predicted period.
Ice Energy (United States), Calmac (United States), DN Tanks (United States), Abengoa Solar (Spain), SolarReserve, LLC (United States), Burns & McDonnell (United States), Caldwell Energy (United States), Baltimore Aircoil Company Inc. (United States), Chicago Bridge & Iron Company (United States) and BrightSource Energy Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are DC Pro Engineering LLC. (United Arab Emirates) and Burns & McDonnell, Evapco Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Thermal Energy Storage market by Type , by Application (Power Generation, District Heating & Cooling and Process Heating & Cooling) and Region with country level break-up.
On the basis of geography, the market of Thermal Energy Storage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Spain, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
On 1st May 2019, Ice Energy, the leading provider of distributed thermal energy storage solutions has signed an international distribution agreement with leading global electrical and engineering company, Fuji Bridex Pte Ltd. Under this agreement, Fuji Bridex installs and service Ice Energy’s commercial and residential Ice Bear systems across Singapore, Japan, Australia, and Southeast Asia.
On 6th February 2019, Ice Energy, the leading provider of distributed thermal energy storage solutions has completed the largest installation of its Ice Bear systems in the U.S., under a 21.6-megawatt (MW) energy storage contract with Southern California Edison (SCE).
Influencing Trend:
High Adoption of Green Buildings, Growing Demand for Thermal Energy Storage Systems in HVAC and Government Incentives for Thermal Energy Storage Systems
Market Growth Drivers:
High Adoption of Sensible Thermal Energy Storage and Expanding Requirement for Improving Energy Efficiency Along With Ongoing Energy Utilization Efforts
Challenges:
High Installation Cost and Lack of Awareness about Storage Technology
Restraints:
Lack of Technical Barrier and High Grid Interconnection Barrier
Opportunities:
Huge Demand of Concentrated Solar Power and Increase in Adoption of Renewable Technology
Key Target Audience
Industry Associations and Experts, Government Regulatory Bodies, Private and Government Research Organizations and Others