The
global thermal energy storage market was valued at more than US$0.6
bn in 2013 and is expected to reach US$1.8 bn by 2020. Thermal Energy
Storage Market states that the global thermal energy storage market
will expand at a 16.70% CAGR during the period from 2014 to 2020 due
to the increasing need for efficient and reliable electricity.
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With
respect to installed capacity, the global thermal energy storage in
2013 totaled 2,038.3 MW and is predicted to reach 6,070.2 MW by 2020
at a 17.10% CAGR. The global thermal energy storage (TES) market is
expected to face certain restraints such as the need for high upfront
investments and grid interconnections. However, the global thermal
energy storage market is predicted to exhibit rapid growth due to the
increasing need for cost-competitive generation of electricity. The
global thermal energy storage market is segmented on the basis of
geography, end use, and technology.
Increasing
need for continuous energy solutions in day to day life is expected
to boost the growth prospects of the global thermal energy storage
market during the forecast period. Thermal energy storage systems
stock up energy for future use, employing ice-slush tanks, water,
aquifers, phase changing materials, and insulated lined pits. Thermal
energy storage systems can be implemented in towns, districts, and
buildings. TES systems can replace around 50% of the conventionally
sourced energy in any type of industry. TES systems optimize the
efficiency and effectiveness of energy systems and balance the
fluctuating demand for energy.
By
technology, the global thermal energy storage market is divided into
sensible heat, latent heat, and thermochemical heat. As the sensible
heat technology is most commonly used, this segment is predicted to
dominate the global thermal energy storage market during the forecast
period. High energy density of thermochemical heat and latent heat
technologies will help these two segments grow rapidly in the coming
five years. By end use, the global thermal energy storage market is
divided into the commercial and industrial, residential, and
utilities segments. The commercial and industrial segment led the
global thermal energy storage market in 2013, due to the growing need
for a backup power supply.
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By
geography, the global thermal energy storage market is divided into
Asia Pacific, North America, Europe, and Rest of the World. Europe
led the global thermal energy storage market in 2013 in terms of the
capacity of installations. Europe is predicted to add around 1,307.0
MW installed capacity by 2020 to maintain its dominant position.
Some
of the leading companies in the global thermal energy storage market
are Baltimore Aircoil Company, TAS Energy, Ice Lings, FAFCO Thermal
Storage Systems, Caldwell Energy, EVAPCO, Inc., Abengoa Solar, S.A,
Goss Engineering, BrightSource Energy, Inc., and CALMAC.
Key
segments of Global Thermal Energy Storage Market
Global
Thermal Energy Storage Market: Technology Segment
- Sensible Heat
- Latent Heat
- Thermochemical Heat
Global
Thermal Energy Storage Market: End Use Segment
- Commercial and Industrial
- Utilities
- Residential
Global
Thermal Energy Storage Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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