Developing a new source of energy is as important as developing efficient and inexpensive energy storage devices. The temporary storage of thermal energy at high or low temperature can be known as the thermal energy storage. Thermal energy storage can reduce the rate difference or time between energy supply and energy demand. It also plays an important role in energy conservation. Improving performance of thermal energy storage system by continuous supply and increasing reliability. The length of time during which energy can be kept stored with adequate losses is one of the characteristics of a storage system. Volumetric energy capacity is another important characteristic of a thermal storage system. The smaller the volume better is the storage system. Therefore, a high-quality system should have a small volume per unit storage system and extensive storage time.
According to the report, global thermal storage market was valued at USD 3.1 billion in 2016 and is expected to reach USD 5.7 billion in 2022, growing at a CAGR of 10.7% between 2017 and 2022.
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The thermal storages are segmented on the basis of technology, storage materials, and applications. On the basis of technology, the global thermal storage market is segmented into sensible heat, latent heat, and thermal chemical heat. Sensible heat storage market segment held the largest market share due to huge demand across the globe. In sensible heat storage system, energy is stored by cooling or heating a solid or liquid, its phase does not change during this process. On the basis of storage materials, thermal storage market is segmented into the water, molten salt and phase change material. Molten salt segment held the largest market share due to huge demand across the globe for the growth of thermal storage market. On the basis of application, the global thermal storage market is segmented into power generation, district heating & cooling, process heating & cooling. District heating & cooling segment is estimated to account for the largest thermal storage market shares among all the applications.
Increasing support of variable energy sources, rising demand for thermal energy storage system in HVAC are expected to remain major driving factors for the growth in the thermal storage market. High barriers for grid interconnection and requirement of technical expertise could be restraining factors for the thermal storage market. The global thermal storage market offers new growth opportunities, due to huge demand in concentrating solar power and increasing growth in the Middle East and Africa region with high potential. The technology of thermal energy storage has been advanced to a position where it can have a major effect on modern life. The high setup cost is a barrier for the growth of thermal storage market.
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Based on regional segmentation, Middle East & Africa was the most attractive and largest market for thermal storage in 2016. South Africa is the leading market in this region, in 2016. The major technology types in South Africa are heat thermal storage and molten salt thermal storage. Asia Pacific region is expected to be the second largest market for the thermal energy storage. Europe region is expected to lead in the market during the forecast period.
Some of the major players involved in the global thermal storage market include Calmac, DN Tanks, Ice Energy Holdings. Inc, Steffes Corporation, Burns & McDonnell, Fafco, Moixa Energy Holding Ltd, Trinabess, SENEC.IES, Redflow Limited, Murata Manufacturing, Statoil ASA, Abengoa Solar, CircuiTree, Duke Energy Corporation.
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