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    Thermal Energy Storage Market Report

    Thermal Energy Storage Market Report
    Report code - SR1106 Delivery - 2 Weeks
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    Thermal Energy Storage Market Size, Share, Trend, Forecast, & Industry Analysis &ndash See more...

    Impact of COVID-19 on Thermal Energy Storage Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Thermal Energy Storage Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    Thermal Energy Storage Market is likely to witness an impressive CAGR of 17.5% during the forecast period. Major factors such as growing adoption of renewable energy sources coupled with increasing demand for Concentrating Solar Power (CSP), increasing requirement for improving energy efficiency will upscale the market. Furthermore, increasing government’s support towards sustainable technology, surge in demand for energy-efficient and cost-competitive sources will stimulate the growth of the industry over the forecast period.

    Thermal Energy Storage Market – Snapshot

    Growth

    17.5% for the next five years

    Major Storage Material Type

    Molten Salt

    Major Technology Type

    Sensible Heat

    Major End-Use Type

    Industrial

    Region with the highest demand

    North America

    Key Players

    Ice Energy, Abengoa Solar, Solar Reserve, Baltimore Aircoil Company, TAS Energy, Steffes Corporation, Burns & McDonnell, DN Tanks, Caldwell Energy Company, Goss Engineering, Fafco, Bright Source Energy, Cryogel and Evapco.

    Segments' Analysis

    Thermal-Energy-Storage-Market-Dominant-Segments

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    Thermal Energy Storage Market Share: By Storage Material Type

    Based on the storage material type, the market is segmented as water, molten salt, PCM, and others. Molten salt is expected to witness significant growth rate in the market during the forecast period owing to its high storage capacity coupled with the ability to endorse stable and dispatchable power delivery. Moreover, high boiling point and heat capacity coupled with low vapor pressure are certain advantages provided by the material, which will boost the growth of molten salt in the market. 

    Thermal Energy Storage Market Share: By Technology Type

    Based on the technology type, the market is segmented as sensible heat, latent heat, and thermochemical. Sensible heat technology type is expected to dominate the market owing to the growing demand for solar thermal systems along with its wide scale usage in district heating and cooling systems. Sensible heat technology is also growing rapidly as it’s distinctive of performing complete reversible charging and discharging operation for infinite times of cycles.

    Thermal Energy Storage Market Share: By End-Use Type

    Based on the end-use type, the market is segmented as residential & commercial, industrial, and utility. The industrial segment is estimated to account for the major share of the market during the forecast period on account of the increasing adoption of heating, ventilation, and air-conditioning (HVAC) systems using large quantities of hot water for economic operation.

    Thermal Energy Storage Market Share: By Region

    In terms of regions, North America is estimated to be the leading region in the market during the forecast period. The growth of the region’s market is driven by the US, where majority of renewable-based power generation projects are present. Furthermore, increasing R&D activities for energy storage coupled with consumers’ positive response for renewable-based power generation is stimulating the market demand.

    Thermal-Energy-Storage-Market-By-Region

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    Market Scope & Segmentation

    Thermal energy storage refers to one form of energy storage. In this, a material gathers energy when increasing its temperature, and loses it while decreasing. Utilizing the advantage of this property makes it possible to use different materials with different thermal properties and achieve various results which can lead to different thermal energy storage applications (e.g., heating and cooling).

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    Thermal Energy Storage Market Research Report – Features

    Market Segmentation

    5

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >150

    Company Profiles

    10

     

    The thermal energy storage market is segmented into the following categories.

    Thermal Energy Storage Market Size, Share, & Forecast, by Storage Material Type:

    • Water (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Molten Salt (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • PCM (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Thermal Energy Storage Market Size, Share, & Forecast, by Technology Type:

    • Heat (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Latent Heat (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Thermochemical (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Thermal Energy Storage Market Size, Share, & Forecast, by Application Type:

    • Power Generation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • District Heating & Cooling (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Process Heating & Cooling (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Thermal Energy Storage Market Size, Share, & Forecast, by End-Use Type:

    • Residential & Commercial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Utility (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Thermal Energy Storage Market Size, Share, & Forecast, by Region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Thermal-Energy-Storage-Market-Segmentation

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    Key Players

    Some of the key players in the thermal energy storage market are-

    • Ice Energy
    • Abengoa Solar
    • Solar Reserve
    • Baltimore Aircoil Company
    • TAS Energy
    • Steffes Corporation
    • Burns & McDonnell
    • DN Tanks
    • Caldwell Energy Company
    • Goss Engineering
    • Fafco
    • Bright Source Energy
    • Cryogel
    • Evapco

    Research Methodology

    This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Market trend and forecast analysis
    • Market segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation by any one of the storage material types by application type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected]

    Frequently Asked Questions (FAQs)

    The thermal energy storage market is expected to witness an impressive growth of 17.5% CAGR in the coming years.

    Ice Energy, Abengoa Solar, Solar Reserve, Baltimore Aircoil Company, TAS Energy, Steffes Corporation, Burns & McDonnell, DN Tanks, Caldwell Energy Company, Goss Engineering, Fafco, Bright Source Energy, Cryogel and Evapco are among the key players in the thermal energy storage market.

    North America is expected to be the leading thermal energy storage market in the coming years.

    The industrial segment is expected to account for the major share in the thermal energy storage market during the forecast period.

    Sensible heat technology type is expected to dominate the thermal energy storage market during the next five years.

    Growing adoption of renewable energy sources coupled with increasing demand for Concentrating Solar Power (CSP), increasing requirement for improving energy efficiency are the factors driving the growth of thermal energy storage market.

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