Thermal Storage Market Size, Application Report

Thermal Storage Market Size, Application Analysis, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2015 To 2022

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  • Report ID: GVR1468
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Shifting consumer trends from non-renewable towards renewable sources owing to rising energy costs is anticipated to fuel thermal storage market growth over the next seven years. Environmental concerns regarding harmful emissions from use of non-renewable sources such as increasing carbon concentrations in atmosphere, stratospheric ozone depletion and acid precipitation are expected to augment market demand over the forecast period. Ability of thermal storage systems to optimize the overall efficiency of energy systems coupled with an alternative to replace nearly 50% of the conventionally sourced energy in industries is expected to drive the market growth over the forecast period. Thermal storage solutions sourced from peak shaving, heat pumps, power plants and heat from waste is being implemented in towns, districts and buildings. These systems have the capability of reducing energy demand during seasonal peak durations which is expected to propel market penetration over the forecast period. Favorable government policies regarding use of renewable energy sources in regions such as Europe and Middle East are anticipated to augment market growth over the next seven years.

On the basis of technology, global thermal storage market has been segmented into sensible heat, latent heat and thermochemical heat storage. Sensible heat was the largest technological segment in 2014 and is expected to lose market share over the forecast period owing to low storage capacity per volume. Latent and thermochemical heat storage technologies are expected to gain market share over the next seven years on account of their ability to provide high storage density. On the basis of end-use, the market has been segmented into commercial & industrial, residential and utilities. Commercial & industrial sectors was the largest end-use segment in 2014 and is expected to gain market share over the forecast period on account of increasing backup power supplies requirement coupled with rising conventional energy prices.

Europe dominated the global thermal storage market in 2014 on account of favorable government policies regarding implementation of renewable energy sources in industrial sectors. The regional market is expected to witness high growth over the next seven years owing to increasing government as well as private investment in solar thermal energy coupled with increasing thermal storage capacities. Germany, Italy and France are some of the major countries with large thermal storage capacities in the region. North American is expected to observe moderate growth owing to saturation in the market. Asia Pacific was one of the largest thermal storage markets in 2014 and is expected to witness rapid growth on account of increasing energy needs in economies such as India, China and Vietnam. Middle East and African countries are striving towards increasing renewable energy sources for power generation which is anticipated to drive the market over the next seven years in the region.

Major players in global thermal storage market include CALMAC, Chicago Bridge & Iron Company (CB&I), EVAPCO Inc., Goss Engineering, Inc., and Baltimore Aircoil Company. Other players in the global market include Abengoa Solar, BrightSource Energy, Inc., Caldwell Energy, Burns & McDonnell, FAFCO Thermal Storage Systems, Steffes Corporation, Ice Lings, and TAS Energy.

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