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Published Date: 2015-01-21Number of Pages: 122

Thermal Energy Storage Market (Technology - Sensible Heat, Latent Heat, and Thermochemical; End Use - Commercial and Industrial, Utilities, and Residential) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020

Global Thermal Energy Storage Market: Snapshot

The concerns regarding surging fuel prices and the glaring ill effects of greenhouse gas emissions are necessitating the efforts to effectively employ renewable energy sources across the globe. The demand for advanced energy technologies is increasing due to depleting energy resources, coupled with a continuous rise in energy consumption. Advanced energy technologies help reduce the consumption of energy and increase energy supply by effectively utilizing renewable energy sources.

However, most renewable energy sources (solar and wind) are intermittent in nature. As a result, thermal energy storage (TES) technology is now being utilized effectively across the globe. For more than a decade, TES technologies have been used to store energy. These technologies are also used to shift peak energy use into off-peak hours. Applications of these technologies can range from seasonal storage of solar energy at high temperature levels to heating, ventilating, and air conditioning (HVAC) at low temperature levels.

The global market for thermal energy storage is highly concentrated in nature, with a few players occupying a significant share in the market. The future growth of this technology will depend on the regulatory structure in various potential country-wide markets across the globe. Rising at a healthy CAGR of 16.70% during the forecast period of 2014 to 2020, the global market for thermal energy storage is estimated to reach a valuation of US$1.8 bn by 2020.

Sensible Heat Segment Remains Dominant

In terms of installed capacity of thermal energy storage, sensible heat is currently the most prominent market segment by technology. In 2015, sensible heat accounted for a revenue of US$590.3 mn in the global thermal energy storage market. Although sensible heat will continue to be hold a significant position in the market during the forecast period, this segment is likely to lose market share by 2020. This is because sensible heat storage media have a low storage capacity per volume of the storage media. Additionally, the non-isothermal behavior of the material during heat storage and heat releasing processes will result in the decreasing market share of sensible heat storage over the forecast period.

However, advancements in thermal energy storage technology such as latent heat and thermochemical storage have led to a decrease in the share of sensible heat storage technology in the capacity installation mix. The ability of latent heat storage systems to provide density is the primary reason behind their increasing usage worldwide.

Other Regions Catching Up to North America’s Market Size

Valued at US$289.6 mn, North America accounted for the leading share in the market for thermal energy storage in 2015, and is expected to remain the dominant region. Nevertheless, Asia Pacific is estimated for the most robust CAGR through 2020. North America is a relatively mature market characterized by low regulatory framework for thermal energy storage technologies. Recent and ongoing improvements in solar thermal generation technologies, along with the increasing demand for renewable energy sources in the region, are expected to create additional interest in thermal energy storage technologies in the near future.

The market for concentrated solar plants is relatively mature in North America. Additional installation of concentrated solar plants would create several growth opportunities for thermal storage systems in the near future. Concentrated solar plants with thermal energy storage technologies can shift power generation to hours when solar resources are not available. This can provide backup power during nighttime or when it is cloudy. The sensible heat storage market holds a considerable portion of the overall technologies installed in the region.

Some of the key players in the global thermal energy storage market are CALMAC, EVAPCO, Inc., Chicago Bridge & Iron Company (CB&I), and Goss Engineering, Inc.

The need for a sustained energy solution for daily needs has fueled demand for thermal energy storage (TES) systems globally. Thermal energy storage systems stock up energy for later use, employing water, ice-slush tanks, rock from the bedrock layer, aquifers, insulated lined pits and eutectic, phase-changing materials (PCMs). Demand for energy can be managed effectively through the usage of TES systems. These systems store solar energy for space heating in the winter and store cold winter air for air conditioning purposes in summer. TES solutions can be implemented in buildings, towns and districts. Sources for TES include heat pumps, peak shaving, heat generated by power plants and heat from waste. TES systems are capable of replacing nearly 50% of the conventionally sourced energy in any industry. These systems also optimize the overall efficiency of energy systems, thus balancing fluctuating demand in the process. TES systems reduce demand for energy during peak hours, lower carbon dioxide emissions and bring down energy consumption by end-consumers.

 

This research study is designed to analyze the global market for thermal energy storage both in terms of capacity installation (MW) and revenue (USD Million). The market for thermal energy storage has been segmented based on technology and end-use. The market has also been segmented on a regional level. Regional segments included in this study are North America, Europe, Asia Pacific, and Rest of the World (RoW). The research provides an in-depth analysis of the total demand for thermal energy storage technologies and market revenue of the global thermal energy storage market. The report features a detailed regional segmentation along with growth forecast for the period from 2014 to 2020. Projections have been provided for both technology and end-use segments under each region. The market study on thermal energy storage technologies also provides historical data, detailed analysis, and statistically refined forecast for technology, end-use applications, and regional segments. 

 

The size of the thermal energy storage market has been estimated based on indicators in technology, end-use application, and regional segments. The report includes the key market dynamics affecting demand for thermal energy storage technologies globally. In order to study the market dynamics, we have analyzed market drivers, market restraints, and market opportunities. A comprehensive competitive landscape, which includes company market share analysis and market attractiveness analysis, has also been provided in this report. The report also provides detailed industry analysis of the global thermal energy storage market with the help of Porter’s Five Forces model. This model helps understand the five major forces that affect the industry structure and profitability in the global thermal energy storage market. Bargaining power of buyers, bargaining power of suppliers, threat from new entrants, threat from substitutes, and degree of competition are the forces analyzed through the model.

 

The study also includes the value chain of the global thermal energy storage market, which provides a glimpse of the upstream, midstream, and downstream players involved in the business as well as their interaction with end-users of technologies. Market share analysis has been conducted considering the thermal energy storage system/capacity installed and the upcoming thermal energy storage projects. The attractiveness analysis involves benchmarking and ranking each technology and region on the basis of numerous parameters. The parameters selected are likely to significantly affect demand for each technology in the current scenario as well as in the near future. 

 

The technology segment analysis has been carried out on the global and regional level. The overall thermal energy storage market has been bifurcated into sensible heat, latent heat, and thermochemical storage technology segments. Primary end-user applications of thermal energy storage systems identified in this market study include commercial and industrial, utilities, and residential applications.

 

Key participants in the global thermal energy storage market include CALMAC, EVAPCO, Inc., Chicago Bridge & Iron Company (CB&I), and Goss Engineering, Inc. Other market players that have been profiled in this report include Abengoa Solar, S.A., Baltimore Aircoil Company, Burns & McDonnell, Caldwell Energy, FAFCO Thermal Storage Systems, and TAS Energy. This report provides an overview of these companies, followed by their financial revenue, business strategies, and recent developments.

  • 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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