A new Transparency
Market Research report states that the global thermal energy storage
market stood at US$0.6 bn in 2013 and is predicted to reach US$1.8 bn
in 2020. It is expected to expand at a remarkable CAGR of 16.70% from
2014 to 2020.
Browse the full
Thermal Energy Storage Market report at :
http://www.transparencymarketresearch.com/thermal-energy-storage-market.html
As per the report,
the market for thermal energy storage is fuelled by the expansion in
variable energy sources (VES) and the rising demand for reliable,
price-competitive, and efficient access to electricity. In addition,
the key opportunity in the market is the emergence of latent heat
storage as a key application area for thermal energy storage systems.
On the other hand, the factors such as grid interconnection and
investment barriers may impede the growth of the market in the coming
years.
On the basis of
technology, the market is segmented into latent, sensible, and
thermochemical heat. Amongst these, the segment of sensible heat
storage is predicted to lead the market for thermal energy storage in
the forecast horizon. However, this segment is poised to lose some of
its market share due to the development of other technologies for
thermochemical and latent heat storage and due to sensible heat
storage capacity being comparatively low per volume of the storage
medium. Thermochemical heat and latent heat storage technologies are
being employed globally owing to their capability to deploy
high-energy storage density.
On the basis of
end-use segment, the thermal heat storage market is segmented into
utilities, commercial and industrial, and residential. Amongst these
end-use segments, the segment of commercial and industrial
enterprises led the market in 2013 and is poised to lead the market
all through the forecast horizon. These commercial and industrial
enterprises are preferring solar energy systems owing to their
benefits such as supply of backup power and the soaring prices of
other energy storage systems. On the other hand, the lack of product
availability is the key factor restraining the development of this
segment till 2010.
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On the basis of
geography, the market is segmented into Europe, North America, Asia
Pacific, and Rest of the World (RoW). Amongst these, Europe holds the
highest share in the market and is expected to maintain its lead all
through the forecast horizon. In addition, this region is expected to
add approximately 1,307.0 MW of installed capacity until 2020.
As per the report,
the chief players operating in the market for thermal energy storage
are Chicago Bridge & Iron Company (CB&I), CALMAC, EVAPCO,
Inc., Goss Engineering, Inc., Abengoa Solar, S.A., Baltimore Aircoil
Company, BrightSource Energy, Inc., Caldwell Energy, FAFCO Thermal
Storage Systems, Burns & McDonnell, Steffes Corporation, TAS
Energy, and Ice Lings, among others.
The market is
segmented as follows:
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)
Browse
Article Of Thermal
Energy Storage Market :
http://www.transparencymarketresearch.com/article/thermal-energy-storage-market.htm
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