The Thermal Energy Storage Market is expected to grow at a CAGR of 11.0% from 2017 to 2022, to reach a market size of USD 6.20 billion by 2022. Rising impetus on renewable energy generation such as concentrated solar power, increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems are the major drivers of the thermal energy storage market.
Browse 61 market data tables and 35 figures spread through 142 pages and in-depth TOC on "Thermal Energy Storage Market by Technology (Sensible, Latent, and TCS), Storage Material (Water, Molten Salt, and PCM), Application (Power Generation, District Heating & Cooling, and Process Heating & Cooling), End-User, and Region - Global Forecast to 2022"
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The Thermal Energy Storage Market is dominated by a few global players that have an extensive regional presence and are established brand names. Leading players in the Thermal Energy Storage Industry include Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar (Spain), SolarReserve, LLC (U.S.), and Burns & McDonnell (U.S.) among others.
Sensible heat storage is estimated to be the fastest growing market for thermal energy storage from 2017 to 2022. In sensible heat storage, thermal energy is stored by heating or cooling a liquid or solid storage medium (water, sand, molten salts, and rocks), with water being the cheapest option. Sensible heat storage is relatively inexpensive compared to phase change materials and thermochemical storage systems, and is applicable to domestic systems, district heating, and industrial needs. The Middle East & Africa is expected to hold the largest market share in sensible heat thermal energy storage market, driven by increasing demand for renewable power, such as CSP plants, in countries like South Africa, U.A.E., Israel, and Morocco.
The molten salt based thermal energy storage market is expected to grow at the highest growth rate by 2022, owing to large scale installation of CSP plants integrated with thermal energy storage. The successful demonstration of molten salt storage for solar power, provides an edge for tapping into the desert areas to meet power needs, by smoothing out the fluctuations in demand and weather.
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The Middle East & African market is projected to be the fastest growing market, for Thermal Energy Storage from 2017 to 2022. There is a rapidly increasing demand for electricity in the region and countries in the region are looking to add ever increasing power generation capacity, not only to meet base load demand, but the peak power demand. CSP projects integrated with thermal energy storage of approximately 670 MW are being commissioned from 2014 to 2018, to meet the power demand. The overall Middle Eastern & African installed CSP based power demand was estimated to be around 534.1 MW in 2016.
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