Thermal Energy Storage market to grow at a CAGR of 11.0% from 2017 to 2022

CSP plant by Abengoa Solar
CSP plant by Abengoa Solar

According to a new analysis by ReportBuyer the thermal energy storage market is projected to reach USD 6.2 billion by 2022, growing at a CAGR of 11.0% from 2017 to 2022.

Rising momentum of renewable energy generation (concentrated solar power), increasing demand for Thermal Energy Storage (TES) in HVAC for district heating & cooling, and process heating & cooling are expected to drive the TES market.

On the other hand, high grid interconnection barriers and lack of technical expertise are the major restraints of the global thermal energy storage market.

 

Sensible heat segment expected to grow at the fastest CAGR

The sensible heat based thermal energy storage has a maximum share in the total thermal energy storage market. The most widely commercially used storage material for sensible heat storage medium is water, which is economical to operate and has a number of residential and industrial applications.

With regards to technology, the sensible heat segment is estimated to grow at the fastest CAGR during the forecast period. The market is driven by increasing demand for renewable power, such as Concentrating Solar Power (CSP) plants, in the Middle East & Africa. Latent heat storage of thermal energy held the second highest market size in the total thermal energy storage market by technology.

 

Middle East & Africa: The largest market for thermal energy storage

The Middle East & Africa is expected to be the largest market for thermal energy storage, with South Africa being the biggest market in the region. It is estimated to dominate the global market during the forecast period, as they are best suited for CSP plants integrated with molten salt based thermal energy storage.

Asia-Pacific, on the other hand, is expected to be the second fastest growing market for thermal energy storage. This is to meet its energy needs at affordable energy costs and minimum environmental damage, and adoption of renewable technology.

 

Leading players in the thermal energy storage market

According to the report the leading players in the thermal energy storage market include Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar (Spain), SolarReserve, LLC (U.S.), and Burns & McDonnell (U.S.) among others.

 

2017-03-23 | Courtesy: ReportBuyer | solarserver.com © Heindl Server GmbH

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