Thermal Energy Storage Market to Expand at 16.70% CAGR from 2014 to 2020, owing to Growing Adoption of Thermal Energy Storage Technologies

Thermal energy storage (TES) systems help store energy for future use, employing water, phase-changing materials, rock from the bedrock layer, insulated lined pits, and ice-slush tanks. The growing need for a sustained energy solution is expected to fuel the demand for thermal energy storage systems globally. Demand for energy can be effectively managed through the energy stored in the thermal energy storage systems. TES solutions are primarily implemented in districts, towns, and buildings. Heat pumps, heat generated by power plants, heat from waste, and peak shaving are some of the sources for thermal energy storage.

Recently, EnergyNest inaugurated its pilot project for a thermal energy storage system with the Masdar Institute in Abu Dhabi. The innovative thermal energy storage system will enable the storage of large quantities of energy at an unprecedented low cost. The technology offers huge potential in solving various global thermal energy storage challenges. The main feature of the new storage system is the concrete heatcrete, which has the capacity to store large quantities of energy over a long period of time with no performance degradation. The new storage system has the capacity to handle steam as a heat transfer fluid and thermal oil. Low investment and operating costs and the capacity to operate in a wide range of temperatures are the highlights of the new storage system, designed by EnergyNest. 

Europe to Add 1,307.0 MW Thermal Energy Storage Capacity by 2020

The introduction of high capacity thermal energy storage systems by the leading players is expected to propel the global thermal energy storage market in the years to come. Thermal energy storage systems can replace nearly 50% of the energy, which is traditionally sourced in any industry. TES systems optimize the overall efficiency of energy systems, reduce carbon emissions, and cut down the consumption of energy. The global thermal energy storage market is segmented on the basis of geography, end-use, and technology.

By geography, the global thermal energy storage market is divided into Europe, Asia Pacific, North America, and Rest of the World. In terms of storage capacity, Europe is expected to dominate the global thermal energy storage market in the years to come. Europe is predicted to add around 1,307.0 MW of thermal energy storage capacity during the period between 2013 and 2020.

Demand for Thermal Energy Storage to be Highest in Commercial and Industrial Sectors

By technology, the global thermal energy storage market is classified into latent heat, sensible heat, and thermochemical heat. The sensible heat storage segment is predicted to dominate the global thermal energy storage market in the years to come. Based on end-use, the global thermal energy storage market is classified into commercial and industrial, residential, and utilities. In terms of share, in 2013, the commercial and industrial segment dominated the global thermal energy storage market and is predicted to maintain its dominant position over the next few years.

CALMAC, Chicago Bridge & Iron Company (CB&I), Goss Engineering, Inc., EVAPCO, Inc., Abengoa Solar, S.A., BrightSource Energy, Inc., Caldwell Energy, Ice Lings, TAS Energy, Baltimore Aircoil Company, Burns & McDonnell, FAFCO Thermal Storage Systems, and Steffes Corporation are some of the leading companies in the global thermal energy storage market.


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