Thermal Energy Storage Market Information by Technology (sensible heat, latent heat and thermochemical heat), by End use (commercial & industrial, utilities, residential) and Region - Forecast to 2022.
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Market Synopsis of Thermal Energy Storage Market
Thermal energy storage is a technology that stocks thermal energy and is designed for use in heating & cooling applications and in power generation. The storage of thermal energy replaces heat and cold production from fossil fuels while also reducing carbon emissions and lowering the need for expensive power and heat production capacity. Moreover, features such as lower capital costs as compared to other storage technologies as well as very high operating efficiency are some of the factors driving the energy storage market. The growing Concentrating Solar Thermal Power (CSP) installations and the increasing demand for thermal energy storage in HVAC systems are some of the major reasons behind the growing thermal energy storage market.
While, additional cost & complexity, additional infrastructure & space requirements are some factors that act as barriers for the thermal energy storage market. The global thermal energy storage market size was valued at around USD XX Billion in 2015 and is expected to cross USD XX Billion at CAGR of XX% by 2022.
The significant factors driving the global thermal energy storage market growth include the features of thermal energy storage. Such features include lower capital costs (compared to other storage technologies) and high operating efficiency. Other factors aiding the market growth include growing Concentrating Solar Thermal Power (CSP) installations, and the increasing demand for thermal energy storage in heating, ventilation, & air conditioning (HVAC) systems.
The global thermal energy storage market has been segmented on the basis of end-use, technology, and lastly, region. Based on end-use, this market has been segmented into commercial & industrial establishments, utilities, and residential establishments.
The technology-based segmentation segments the market into latent heat, sensible heat, and thermochemical heat. The heat that can convert a solid into a liquid or vapor, or a liquid into a vapor, without changing the of temperature is called latent heat. Sensible heat is defined as the heat exchanged by a thermodynamic system. This exchange changes the temperature of the system without changing some variables such as pressure or volume.
The regional segmentation of the global thermal energy storage market segments the market into the regional markets known as Asia Pacific, North America, Europe, and the rest of the world (RoW). During the forecast period, Europe is likely to remain the largest regional market due to initiatives by government authorities to try balancing power generation between high load & low load hours and huge investments on solar energy. Other factors contributing to the market growth in this region are lower costs of power generation, the presence of key market players, rising levels of renewable energy generation, technological advancement, and the strong emphasis on energy efficiency initiatives. However, the market growth in Europe can slow down due to some people being reluctant to shift from traditional methods of storage. Important country-specific markets in Europe are France, Germany, Spain, and the UK, followed by the remaining countries of Europe.
In North America, the market is strong due to technological advancement, the presence of many key market players, and established industrial sector. In this region, the primary country-specific markets are the USA and Canada.
During the forecast period, the Asia Pacific regional market is expected to grow significantly due to factors like the growing population and increased energy usage. In this region, the noteworthy country-specific markets are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
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