Global Thermal Energy Storage Market Overview:
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. Some of the key players profiled in the study are 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). According to Market Analyst at AMA, the Global Thermal Energy Storage market may see a growth rate of 13.05%
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 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Technology, the sub-segment i.e. Sensible Heat Storage will boost the Thermal Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Residential & Commercial will boost the Thermal Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Storage Material, the sub-segment i.e. Water will boost the Thermal Energy Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- High Adoption of Sensible Thermal Energy Storage
- Expanding Requirement for Improving Energy Efficiency Along With Ongoing Energy Utilization Efforts
- High Adoption of Green Buildings
- Growing Demand for Thermal Energy Storage Systems in HVAC
- Government Incentives for Thermal Energy Storage Systems
- Lack of Technical Barrier
- High Grid Interconnection Barrier
- Huge Demand of Concentrated Solar Power
- Increase in Adoption of Renewable Technology
- High Installation Cost
- Lack of Awareness about Storage Technology
Major Market Developments:
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).
Industry Associations and Experts, Government Regulatory Bodies, Private and Government Research Organizations and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Thermal Energy Storage market on the basis of product  , application [Power Generation, District Heating & Cooling and Process Heating & Cooling], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Thermal Energy Storage market with respect to major geographies, namely, 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)
To strategically profile the key players and analyzing their market shares and core competencies in the Thermal Energy Storage industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. 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).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Thermal Energy Storage market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.