According
to the report, in 2013, the global thermal energy storage market
stood at US$627.6 million and is anticipated to touch US$1,818.8
million by the end of 2020, exhibiting a 16.7% CAGR from 2014 to
2020. In terms of installed capacity, the global thermal energy
storage was at 2,038.3 MW in 2013 and is expected to be 6,070.2 MW by
the end of 2020, showcasing a 17.1% CAGR from 2014 to 2020.The rising
global need for reliable, efficient, and cost-competitive electricity
is propelling the growth of the global thermal energy storage market.
However, grid interconnection and requirement of high upfront
investment is the restraining factor for this market.
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Thermal Energy Storage Market Report with Full TOC at
http://www.transparencymarketresearch.com/thermal-energy-storage-market.html
The
global thermal energy storage market has been categorized according
to the technology used in the system into the segments of latent
heat, thermochemical heat, and sensible heat. Sensible heat
technology is used widely in the current market scenario and is
anticipated to lead the global thermal energy storage market between
2014 and 2020. Nevertheless, the market share of sensible heat
storage technology is expected to decline due to its low storage
capacity per volume of the storage medium and advancements in other
technologies such as latent heat and thermochemical heat storage. The
high energy density offered by the latent and thermochemical heat
storage systems will help these two erode the dominant market share
of sensible heat storage systems.
The
global thermal energy storage market, on the basis of end-use
application, has been segmented into the utilities, commercial and
industrial, and residential segments. In 2013, the commercial and
industrial segment led the market, owing to the increasing demand for
backup power supply and rising energy prices. The market has been
segmented geographically into Europe, Asia Pacific, North America,
and Rest of the World. In 2013, Europe dominated the global thermal
energy storage market in terms of capacity installation and is
expected to further retain its position in the near future. Europe is
expected to add installed capacity of around 1,307.0 MW by the end of
2020, owing to the region’s strong emphasis on energy efficiency
and rising demand for renewable energy generation from this region.
In addition, huge investment in solar thermal energy is also driving
the growth of the market in Europe.
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In
comparison, North America is a relatively mature market and is
expected to showcase moderate to high growth from 2014 to 2020.
Furthermore, Asia Pacific is anticipated to propel the demand for
thermal energy storage market, owing to the rising need to work
towards a sustainable and energy-efficient future. Economies in
Africa and the Middle East have set determined targets for expansion
of the share of renewable energy sources in the global power
generation portfolio, which will fuel the thermal energy storage
market in RoW in the near future.
The
report further discusses the leading companies in the global thermal
energy storage market such as Abengoa Solar, S.A., CALMAC, Ice Lings,
Steffes Corporation, Baltimore Aircoil Company, BrightSource Energy,
Inc., Goss Engineering, Inc., TAS Energy, FAFCO Thermal Storage
Systems, Burns & McDonnell, Caldwell Energy, and EVAPCO, Inc.
Browse
Press Release Of Thermal Energy Storage Market
http://www.transparencymarketresearch.com/pressrelease/thermal-energy-storage-market.htm
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