Market Overview:
The global thermal energy storage technology 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 energy storage technology market can be attributed to the increasing demand for renewable energy sources and growing concerns about climate change and greenhouse gas emissions. The sensible segment is expected to hold the largest share of the global thermal energy storage technology market in 2018, owing to its low cost and easy installation process as compared with other types of thermal energy storage technologies.
Product Definition:
Thermal Energy Storage Technology is a technology that allows for the storage of thermal energy. Thermal energy is energy that is associated with the motion of atoms or molecules. This technology can be used to store thermal energy in a variety of ways, including through the use of fluids, solids, or gases. Thermal Energy Storage Technology can be used to store thermal energy for a variety of purposes, including heating and cooling buildings, providing power to electric vehicles, and storing solar and wind power.
Sensible:
Sensible is a heat transfer process that occurs between two solid surfaces and involves the movement of heat from one side to another. It's an invisible form of energy, which can be harnessed and transformed into other forms. The most common ways to do this are through conduction or convection radiation (radiant).
Latent:
The Latent heat is the amount of heat that is stored in an object and can be released again at a later stage. The objects that possess latent heat are termed as hot objects. Latent Heat Storage (LHST) technology refers to the process of storing thermal energy in an object for use later on.
In LHST, air or another gas acts as a medium to store thermal energy from one or more sources such as steam, water, oil & gas.
Application Insights:
The utilities segment dominated the global market in 2017 and is expected to witness significant growth over the forecast period. Increasing demand for clean electricity, coupled with growing concerns regarding greenhouse gas emissions, has led to a rise in investments for energy storage projects across the globe.
The residential sector is also expected to witness considerable growth over the forecast period owing to rising awareness about renewable sources of energy such as solar and wind. In addition, government initiatives promoting green buildings are likely to boost product demand further. For instance, The Climate Group launched ¢â‚¬Å“Building Better Buildings Report 2016¢â‚¬ which provides guidance on how best achieve carbon-neutral buildings through a combination of technological change and institutional change that will drive long-term low-carbon development pathways across all sectors including construction and infrastructure.
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 economic growth, which has led to an increasing demand for electricity. In addition, growing industrialization and a rise in population have contributed to increased energy consumption, thereby driving the need for thermal energy storage systems across various applications.
The European regional market held a significant share of global revenue in 2017 owing to large-scale investments made by prominent players toward research & development activities as well as product commercialization. Moreover, technological advancements coupled with high consumer awareness regarding GHG emissions from power generation sources are anticipated to drive thermal energy storage system adoption across this region over the forecast period.
Growth Factors:
- Increasing demand for thermal energy storage technology from the commercial and industrial sectors to store energy generated from renewable sources such as solar and wind power.
- Growing concerns over climate change and air pollution, which is driving the adoption of clean energy technologies such as thermal energy storage.
- Rapid expansion of the electric vehicle market, which is creating a growing demand for thermal energy storage systems to provide auxiliary power and heating/cooling functions.
- Rising costs of traditional fuels such as natural gas and oil, which is making thermal energy storage systems more cost-effective in comparison.
- Government incentives for installing renewable energy technologies, including tax credits and rebates for purchasing thermalenergy storage systems
Scope Of The Report
Report Attributes
Report Details
Report Title
Thermal Energy Storage Technology Market Research Report
By Type
Sensible, Latent, TCS
By Application
Residential, Utilities, Industrial, Commercial
By Companies
Abengoa Solar, CALMAC, Ice Lings, Steffes, Baltimore Aircoil Company, BrightSource Energy, Goss Engineering, TAS Energy, FAFCO Thermal Storage Systems, Burns & McDonnell, Caldwell Energy, EVAPCO, Chicago Bridge & Iron Company (CB&I)
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
246
Number of Tables & Figures
173
Customization Available
Yes, the report can be customized as per your need.
Global Thermal Energy Storage Technology Market Report Segments:
The global Thermal Energy Storage Technology market is segmented on the basis of:
Types
Sensible, Latent, TCS
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
Residential, Utilities, Industrial, Commercial
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:
- Abengoa Solar
- CALMAC
- Ice Lings
- Steffes
- Baltimore Aircoil Company
- BrightSource Energy
- Goss Engineering
- TAS Energy
- FAFCO Thermal Storage Systems
- Burns & McDonnell
- Caldwell Energy
- EVAPCO
- Chicago Bridge & Iron Company (CB&I)
Highlights of The Thermal Energy Storage Technology 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:
- Sensible
- Latent
- TCS
- By Application:
- Residential
- Utilities
- Industrial
- Commercial
- 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 Energy Storage Technology 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
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer 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?
Thermal energy storage technology is a way to store thermal energy that can be used when needed. This technology can be used in many different ways, including for heating and cooling buildings, powering electric vehicles, and storing solar energy.
Some of the major players in the thermal energy storage technology market are Abengoa Solar, CALMAC, Ice Lings, Steffes, Baltimore Aircoil Company, BrightSource Energy, Goss Engineering, TAS Energy, FAFCO Thermal Storage Systems, Burns & McDonnell, Caldwell Energy, EVAPCO, Chicago Bridge & Iron Company (CB&I).
The thermal energy storage technology market is expected to grow at a compound annual growth rate of 10.8%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Thermal Energy Storage Technology Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Thermal Energy Storage Technology Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Thermal Energy Storage Technology Market - Supply Chain
4.5. Global Thermal Energy Storage Technology Market Forecast
4.5.1. Thermal Energy Storage Technology Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Thermal Energy Storage Technology Market Size (000 Units) and Y-o-Y Growth
4.5.3. Thermal Energy Storage Technology Market Absolute $ Opportunity
5. Global Thermal Energy Storage Technology Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Thermal Energy Storage Technology Market Size and Volume Forecast by Type
5.3.1. Sensible
5.3.2. Latent
5.3.3. TCS
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Thermal Energy Storage Technology Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Thermal Energy Storage Technology Market Size and Volume Forecast by Application
6.3.1. Residential
6.3.2. Utilities
6.3.3. Industrial
6.3.4. Commercial
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Thermal Energy Storage Technology Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Thermal Energy Storage Technology Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Thermal Energy Storage Technology Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Thermal Energy Storage Technology Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Thermal Energy Storage Technology Demand Share Forecast, 2019-2026
9. North America Thermal Energy Storage Technology Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Thermal Energy Storage Technology Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Thermal Energy Storage Technology Market Size and Volume Forecast by Application
9.4.1. Residential
9.4.2. Utilities
9.4.3. Industrial
9.4.4. Commercial
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Thermal Energy Storage Technology Market Size and Volume Forecast by Type
9.7.1. Sensible
9.7.2. Latent
9.7.3. TCS
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Thermal Energy Storage Technology Demand Share Forecast, 2019-2026
10. Latin America Thermal Energy Storage Technology Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Thermal Energy Storage Technology Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Thermal Energy Storage Technology Market Size and Volume Forecast by Application
10.4.1. Residential
10.4.2. Utilities
10.4.3. Industrial
10.4.4. Commercial
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Thermal Energy Storage Technology Market Size and Volume Forecast by Type
10.7.1. Sensible
10.7.2. Latent
10.7.3. TCS
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Thermal Energy Storage Technology Demand Share Forecast, 2019-2026
11. Europe Thermal Energy Storage Technology Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Thermal Energy Storage Technology Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Thermal Energy Storage Technology Market Size and Volume Forecast by Application
11.4.1. Residential
11.4.2. Utilities
11.4.3. Industrial
11.4.4. Commercial
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Thermal Energy Storage Technology Market Size and Volume Forecast by Type
11.7.1. Sensible
11.7.2. Latent
11.7.3. TCS
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Thermal Energy Storage Technology Demand Share, 2019-2026
12. Asia Pacific Thermal Energy Storage Technology Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Thermal Energy Storage Technology Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Thermal Energy Storage Technology Market Size and Volume Forecast by Application
12.4.1. Residential
12.4.2. Utilities
12.4.3. Industrial
12.4.4. Commercial
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Thermal Energy Storage Technology Market Size and Volume Forecast by Type
12.7.1. Sensible
12.7.2. Latent
12.7.3. TCS
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Thermal Energy Storage Technology Demand Share, 2019-2026
13. Middle East & Africa Thermal Energy Storage Technology Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Thermal Energy Storage Technology Market Size and Volume 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. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Thermal Energy Storage Technology Market Size and Volume Forecast by Application
13.4.1. Residential
13.4.2. Utilities
13.4.3. Industrial
13.4.4. Commercial
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Thermal Energy Storage Technology Market Size and Volume Forecast by Type
13.7.1. Sensible
13.7.2. Latent
13.7.3. TCS
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Thermal Energy Storage Technology Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Thermal Energy Storage Technology Market: Market Share Analysis
14.2. Thermal Energy Storage Technology Distributors and Customers
14.3. Thermal Energy Storage Technology Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Abengoa Solar
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. CALMAC
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Ice Lings
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Steffes
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Baltimore Aircoil Company
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. BrightSource Energy
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Goss Engineering
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. TAS Energy
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. FAFCO Thermal Storage Systems
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Burns & McDonnell
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Caldwell Energy
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. EVAPCO
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Chicago Bridge & Iron Company (CB&I)
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
