The global thermal energy storage market is growing at a CAGR of 16.7% from 2014 to 2020. The market was worth US$627.6 million in 2013 and this CAGR will propel it to US$1,818.8 million by 2020. In terms of capacity, the global thermal energy storage market is growing at a CAGR of 17.1% from 2014 to 2020. The capacity of 2,083.3MW in 2013 is expected to eventually reach 6,070.2MW in 2020.
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The primary growth driver of the global thermal energy storage market is the demand for cost-effective, efficiently produced, and reliable electricity. The market’s largest segment at present is the sensible heat technology thermal energy storage. The share of this segment, however, is set to reduce over time, mainly due to the rather low per unit storage capacity it offers. Sensible heat technology is slowly but surely being overtaken by thermochemical heat storage and latent heat storage technologies. Most experts believe the two segments have what it takes to remove sensible heat from its pole position.
Within all the end users of thermal energy storage, a majority share was held by the commercial and industrial segment in 2013. The segment is expected to continue its dominance till 2020 at the very least. The segment has been in the lead ever since the growth restraint of unavailability of products was brought under control in 2010.
Could Upfront Investments Hamper the Global Thermal Energy Storage Market?
The bottom line is that the requirement of a grid interconnection and a heavy requirement for upfront investment are the two factors that threaten to check the market. However, many countries that previously neglected the global thermal energy storage market are now beginning to understand the importance of the technology and are showing increased interest in terms of investments. Among the regional markets, Europe dominated – and will continue to dominate – the global thermal energy storage scene. Between 2013 and 2020, Europe is likely to add almost 1,3070MW capacity of thermal energy storage.
The top players in the global thermal energy storage market are TAS Energy, Steffes Corporation, Ice Lings, FAFCO Thermal Storage Systems, Caldwell Energy, Burns & McDonnell, BrightSource Energy, Inc., Baltimore Aircoil Company, and Abengoa Solar SA. Each company has a valuable innovation drive that will propel the global thermal energy storage market.
Ice Energy Breakthroughs to Pave the Way
Ice Energy has been making waves in the global thermal energy storage market recently. The distributor has paired up with NRG Energy Inc. to contain the energy demand situation in California. They have come up with a solution that will use energy storage peak load management solutions to reduce peak power consumption. They will be using 1,800 Ice Bear ice storage units to achieve this. The company is also planning to extend its award-winning Ice Bear energy solution towards reducing small residential peak energy consumption. They have bagged a five-year contract to provide 5MW thermal energy for behind-the-meter consumption. In other places, Promethean Power Systems is attempting to use thermal energy storage to help ease the power consumption in parts of rural India where milk is produced and processed.
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With breakthroughs like these, the global thermal energy storage market is set to create a necessary safety net for the world’s power crisis. It is one of the safest and cleanest energy storage methods available today. Many countries are taking notice of this and are looking for ways to introduce the same into their power grids.