14 Jan 2016 07:01:20
Global Thermal Energy Storage Market: Preference for Thermochemical Heat over Sensible Heat to Take Market to US$1.8 bn by 2020
A new Transparency Market Research report states that the global thermal energy storage market stood at US.6 bn in 2013 and is predicted to reach US$1.8 bn in 2020. It is expected to expand at a remarkable CAGR of 16.70% from 2014 to 2020.
Browse the full Thermal Energy Storage Market report at : http://www.transparencymarketresearch.com/thermal-energy-storage-market.html
As per the report, the market for thermal energy storage is fuelled by the expansion in variable energy sources (VES) and the rising demand for reliable, price-competitive, and efficient access to electricity. In addition, the key opportunity in the market is the emergence of latent heat storage as a key application area for thermal energy storage systems. On the other hand, the factors such as grid interconnection and investment barriers may impede the growth of the market in the coming years.
On the basis of technology, the market is segmented into latent, sensible, and thermochemical heat. Amongst these, the segment of sensible heat storage is predicted to lead the market for thermal energy storage in the forecast horizon. However, this segment is poised to lose some of its market share due to the development of other technologies for thermochemical and latent heat storage and due to sensible heat storage capacity being comparatively low per volume of the storage medium. Thermochemical heat and latent heat storage technologies are being employed globally owing to their capability to deploy high-energy storage density.
On the basis of end-use segment, the thermal heat storage market is segmented into utilities, commercial and industrial, and residential. Amongst these end-use segments, the segment of commercial and industrial enterprises led the market in 2013 and is poised to lead the market all through the forecast horizon. These commercial and industrial enterprises are preferring solar energy systems owing to their benefits such as supply of backup power and the soaring prices of other energy storage systems. On the other hand, the lack of product availability is the key factor restraining the development of this segment till 2010.
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On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, Europe holds the highest share in the market and is expected to maintain its lead all through the forecast horizon. In addition, this region is expected to add approximately 1,307.0 MW of installed capacity until 2020.
As per the report, the chief players operating in the market for thermal energy storage are Chicago Bridge & Iron Company (CB&I), CALMAC, EVAPCO, Inc., Goss Engineering, Inc., Abengoa Solar, S.A., Baltimore Aircoil Company, BrightSource Energy, Inc., Caldwell Energy, FAFCO Thermal Storage Systems, Burns & McDonnell, Steffes Corporation, TAS Energy, and Ice Lings, among others.
The market is segmented as follows:
Global Thermal Energy Storage Market: Technology Segment
Global Thermal Energy Storage Market: End Use Segment
Commercial and Industrial
Global Thermal Energy Storage Market: Regional Analysis
Rest of the World (RoW)
Browse Article Of Thermal Energy Storage Market : http://www.transparencymarketresearch.com/article/thermal-energy-storage-market.htm
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