Thermal Storage Market To Thrive And Reach USD 5.7 Billion by 2022

25-Sep-2018 | Zion Market Research

Some of the major companies comprised in the global thermal storage market are Trinabess, Calmac, Redflow Limited, SENEC.IES, Statoil ASA, Murata Manufacturing, CircuiTree, Abengoa Solar, DN Tanks, Duke Energy Corporation, Steffes Corporation, Ice Energy Holdings Inc., Fafco, Burns & McDonnell, and Moixa Energy Holding Ltd. There players have a major role in the development of global thermal storage market.

According to analysts at Zion Market Research, global thermal storage market was capitalized at USD 3.1 Billion in 2016 and is likely to cross USD 5.7 Billion in 2022, developing at a CAGR of 10.7% from 2017 to 2022.

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This review is based on a report by Zion Market Research, titled “Thermal Storage Market (By Technology: Sensible Heat, Latent Heat and Thermo Chemical Heat; By Storage Material: Water, Molten Salt and Phase Change Material for Power Generation, District Heating & Cooling, and Process Heating & Cooling Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”- Report at http://www.zionmarketresearch.com/report/thermal-storage-market

Rising Acceptance Of Variable Energy Sources To Be The Main Reason That Will Bolster The Development Of The Thermal Storage Market

Key boosting factors for the development of global thermal storage market are elevating demand for thermal energy storage system in HVAC and rising acceptance of variable energy sources, as per analysts at Zion Market Research. The tech of thermal energy storage has been improved to a status where it can have a noteworthy impact on daily life. The high preliminary setup price is a limitation for the development of thermal storage market. Need of technical expertise and huge challenges for grid interconnection can be limiting factors for the thermal storage market. The global thermal storage market provides new growth avenues, due to rising development and huge requirement in concentrating solar power in the Middle East & Africa area with high potential. In addition to this, increasing government initiatives is also one of the major boosting factors for the development of global thermal storage market. For example, in 2018, Maryland became the first state of the U.S. to incentivize the employment of energy storage with tax credits, thereby boosting the global thermal storage market.

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Asia Pacific Likely To Dominate The Global Thermal Energy Market In The Years To Come

Based on application, the global thermal storage market is divided into district heating & cooling, power generation, and process heating & cooling. The segment for district heating & cooling in global thermal storage market is likely to add up for the biggest share among all the applications. Presently, thermal storage applications are few in numbers. District heating systems can use storage of heat production, hot water, and demand to defer air conditioning loads from peak periods.

The Middle East & Africa was the biggest and most attractive market that ruled the global thermal storage market. South Africa was the top region in the global thermal storage market. Asia Pacific region is likely to be the second top area for thermal energy market. Europe area is likely to spearhead the global thermal storage market in the years to come.

The global thermal storage market is segmented as follows:

By Tech

  • Sensible Heat
  • Latent Heat
  • Thermo chemical Heat

By Storage

  • Water
  • Molten Salt
  • Phase Change Material

By Application

  • Power Generation
  • District Heating & Cooling
  • Process Heating & Cooling

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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