Market Overview:
The global thermal storage system market is expected to grow from USD 1.02 billion in 2018 to USD 2.48 billion by 2030, at a CAGR of 10.8% from 2018 to 2030. The growth of the global thermal storage system market can be attributed to the increasing demand for renewable energy sources and growing concerns about climate change and greenhouse gas emissions. The solar energy storage segment is expected to lead the global thermal storage system market during the forecast period, owing to the increasing demand for solar energy across the globe.
Product Definition:
A thermal storage system is a collection of technologies used to store thermal energy for later use. Thermal storage systems are used in a variety of applications, including heating and cooling buildings, generating electricity from solar energy, and storing hydrogen for fuel cells.
Solar Energy Storage:
Solar energy storage is the collection of solar power for later use. It may be used in various applications including off-grid or grid-connected systems, residential, commercial and industrial sectors. The technology has been around for many years but its growth factor has increased with growing need to store electricity for usage at night and overcast days as well as to meet demand fluctuation requirements of the system.
Molten-salt Technology:
Molten-salt technology is a thermal storage system based on molten salt as the working fluid. The technology has gained popularity owing to its ability to provide high energy density, low cost, and easy handling. Molten-salt systems are used in various end-use industries including space exploration, military & defense, and solar power generation industries.
Application Insights:
The market is segmented on the basis of application into homes, industrial and others. The home application segment accounted for a dominant share in 2017 owing to increasing electricity costs coupled with growing concerns over greenhouse gas emissions. Government initiatives such as net metering subsidies are also encouraging consumers to install solar thermal energy systems at their homes.
The industrial segment is expected to witness significant growth over the forecast period owing to rising demand from commercial and government sectors for large-scale power generation using renewable sources of energy such as wind and solar rays. Increasing use of molten salt technology in large-scale power generation projects across various industries including oil & gas, chemical, cement and steel manufacturing is further anticipated to drive industry growth over the coming years. Increasing investments by governments in promoting renewable sources of energy are also expected fuel industry expansion during the forecast period (2018 - 2030).
Regional Analysis:
Asia Pacific regional market accounted for the largest revenue share in 2017 and is expected to continue its dominance over the forecast period. The region has been witnessing rapid urbanization, which has resulted in increased energy consumption. Rising demand for electricity across emerging economies, such as China and India, is anticipated to drive thermal storage system demand over the next eight years.
The European regional market accounted for a significant revenue share owing to rising investments in renewable energy sources coupled with supportive government policies aimed at reducing carbon footprint associated with industrial activities.
Growth Factors:
- Increasing demand for thermal energy storage systems from the commercial and industrial sectors to store energy generated from renewable sources such as solar and wind power
- Favorable government policies and regulations for promoting the use of renewable energy sources, which is expected to drive the growth of the thermal storage system market
- Growing demand for smart grid technologies that can help reduce greenhouse gas emissions and improve grid reliability
- Rising prices of conventional fuels such as natural gas, which is expected to increase the adoption of thermal storage systems among consumers
- Technological advancements in thermal storage systems that are helping to improve their efficiency
Scope Of The Report
Report Attributes
Report Details
Report Title
Thermal Storage System Market Research Report
By Type
Solar Energy Storage, Molten-salt Technology, Others
By Application
Homes, Industrial, Others
By Companies
Bosch, Viessmann, Vaillant, WATTS, Stiebel Eltron, Rheem, Ait – deutschland, GDTS, Reflex Winkelmann, Akvaterm, A.O.Smith, CLAGE, Radford White, Lochinvar
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
213
Number of Tables & Figures
150
Customization Available
Yes, the report can be customized as per your need.
Global Thermal Storage System Market Report Segments:
The global Thermal Storage System market is segmented on the basis of:
Types
Solar Energy Storage, Molten-salt Technology, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Homes, Industrial, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Bosch
- Viessmann
- Vaillant
- WATTS
- Stiebel Eltron
- Rheem
- Ait – deutschland
- GDTS
- Reflex Winkelmann
- Akvaterm
- A.O.Smith
- CLAGE
- Radford White
- Lochinvar
Highlights of The Thermal Storage System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Solar Energy Storage
- Molten-salt Technology
- Others
- By Application:
- Homes
- Industrial
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Thermal Storage System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A thermal storage system is a type of energy storage system that uses the temperature difference between two different phases of a fluid to store energy. The fluid can be air, water, or oil. When the temperature difference between the two phases reaches a certain level, the stored energy is released and can power an electric device.
Some of the major players in the thermal storage system market are Bosch, Viessmann, Vaillant, WATTS, Stiebel Eltron, Rheem, Ait – deutschland, GDTS, Reflex Winkelmann, Akvaterm, A.O.Smith, CLAGE, Radford White, Lochinvar.
The thermal storage system market is expected to register a CAGR of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Thermal Storage System Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Thermal Storage System Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Thermal Storage System Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Thermal Storage System Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Thermal Storage System Market Size & Forecast, 2020-2028
4.5.1 Thermal Storage System Market Size and Y-o-Y Growth
4.5.2 Thermal Storage System Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Solar Energy Storage
5.2.2 Molten-salt Technology
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Homes
6.2.2 Industrial
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Thermal Storage System Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Thermal Storage System Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Solar Energy Storage
9.6.2 Molten-salt Technology
9.6.3 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Homes
9.10.2 Industrial
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Solar Energy Storage
10.6.2 Molten-salt Technology
10.6.3 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Homes
10.10.2 Industrial
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Solar Energy Storage
11.6.2 Molten-salt Technology
11.6.3 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Homes
11.10.2 Industrial
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Solar Energy Storage
12.6.2 Molten-salt Technology
12.6.3 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Homes
12.10.2 Industrial
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Solar Energy Storage
13.6.2 Molten-salt Technology
13.6.3 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Homes
13.10.2 Industrial
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Thermal Storage System Market: Competitive Dashboard
14.2 Global Thermal Storage System Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Bosch
14.3.2 Viessmann
14.3.3 Vaillant
14.3.4 WATTS
14.3.5 Stiebel Eltron
14.3.6 Rheem
14.3.7 Ait – deutschland
14.3.8 GDTS
14.3.9 Reflex Winkelmann
14.3.10 Akvaterm
14.3.11 A.O.Smith
14.3.12 CLAGE
14.3.13 Radford White
14.3.14 Lochinvar
