With an increase in population, the demand for energy for heating and cooling purposes has also risen. Thermal energy storage is a means to temporarily store thermal energy for later utilization, helping maintain the demand and supply equilibrium. In 2017, the global thermal energy storage market generated a revenue of $3,000.9 million, which is expected to reach $7,472.9 million by 2023, progressing at a CAGR of 15.9% during the forecast period (2018–2023). Apart from a growing demand for energy, the increasing installation rate of concentrated solar power (CSP) systems is driving the market.
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Government efforts toward the adoption of thermal energy storage systems is one of the key drivers for the thermal energy storage market. As such systems reduce the load on the power grid by supplying electrical energy during periods of peak demand, their adoption is being strongly encouraged in several countries. For instance, under the Property Assessed Clean Energy (PACE) program of the Government of Texas, property owners receive low-cost but long-term financing for the installation of solar power units equipped with thermal energy storage systems.
There has been rapid urbanization across the world (especially Asia-Pacific), and thus the demand for electricity has risen, resulting in the deployment of various energy-generating systems. According to China’s National Energy Administration, the installation of approximately 111 CSP projects with an aggregated capacity of around 9 GW is underway. This firmly substantiates the P&S Intelligence finding that the thermal energy storage market is projected to witness the fastest revenue growth in APAC in the forecast period at a CAGR of 44.7%.
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Thermal Energy Storage Market Competitive Landscape
Some of the major players operating in the global thermal energy storage market are Abengoa Solar S.A., SolarReserve LLC, CALMAC, BrightSource Energy Inc., Baltimore Aircoil Company, Caldwell Energy Company, Cryogel, DC PRO Engineering, CRISTOPIA Energy Systems, and Dunham-Bush Holding Bhd.
GLOBAL THERMAL ENERGY STORAGE MARKET SEGMENTATION
- Concentrated Solar Power (CSP)
- Pumped Heat Electrical Storage (PHES)
- Others (Chilled Water Thermal Energy Storage and Ice Thermal Energy Storage)
- Sensible Heat
- Latent Heat
- Combined Heating and Cooling
- Commercial and residential
- Others (domestic and civic facilities)
- Power Generation
- Others (Micro-Grid, and Research and Development Activities)
- North America
- Rest of Europe
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
This post was originally published on Space Market Research