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Thermal Storage Market - Global Industry Analysis

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 By Applications): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020 – 2028

Published Date: 20-Aug-2021 Category: Energy & Mining Report Format : PDF Pages: 140 Report Code: ZMR-2167 Status : Published

The global Thermal Storage market accounted for USD 4.83 Billion in 2020 and is expected to reach USD 8.30 Billion by 2028, growing at a CAGR of 6.7% from 2021 to 2028.

Description

Market Overview     

The global Thermal Storage market accounted for USD 4.83 Billion in 2020 and is expected to reach USD 8.30 Billion by 2028, growing at a CAGR of 6.7% from 2021 to 2028.        

Factors driving the demand for the thermal storage market are elevating demand for thermal energy storage systems in HVAC and rising acceptance of variable energy sources. The tech of thermal energy storage has been improved to a standing where it can have an interesting impact on lifestyle. The high preliminary setup price may be a limitation in the event of the thermal storage market.

The need for technical expertise and large challenges for grid interconnection are often limiting factors for the thermal storage market. The worldwide thermal storage market provides new growth avenues, owing to rising development and large requirement in concentrating solar energy within the Middle East & Africa area with high potential. Additionally, increasing government initiatives is also one among the main boosting factors for the event of the worldwide thermal storage market. For instance, in 2018, Maryland became the primary state of the U.S. to incentivize the utilization of energy storage with tax credits, thereby boosting the worldwide thermal storage market.

Global Thermal Storage Market Size

COVID-19 Impact Analysis:

At the start of 2020, the event of renewable energy technologies in several markets was already challenged by policy uncertainties, financing, and grid integration, which has been intensified further by COVID-19. The COVID-19 crisis has significantly impacted the worldwide growth in renewable power capacity addition. The closing down of producing facilities due to lockdowns has disrupted the supply chains, and challenges in the availability of labor have further impacted the expansion of the general Thermal Storage market. This has resulted in the first decline in 20 years since 2000 for renewable energy capacity addition. 

Growth Factors  

The Thermal Storage market is probably going to develop at a big pace within the near future. The development of the Thermal Storage market is elevated by the increased need for up-and-coming technologies and rapid technological advancements. The growth of the market is backed by increasing demand for electricity during peak hours, increasing commercialization of CSP plants, and demand for heating & cooling By Applications for smart infrastructure.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

By Application Segment Analysis Preview

Based on By 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 the global thermal storage market is likely to add up for the biggest share among all the By Applications. Presently, thermal storage By 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.

Technology Segment Analysis Preview

Sensible heat storage accounted for the most important revenue share of 46% in 2019. This will be attributed to the rising demand for solar thermal systems, alongside applicability across large-scale HVAC systems. The provision of reversible charging and discharging facility for an infinite number of cycles may be a key feature of the technology that will further improve product penetration.

Global Thermal Storage Market Share

By Storage Material Segment Analysis Preview

Molten salt technology occupied the most important revenue share of 30% in 2020 and is predicted to witness significant growth over the forecast period. The expansion of the segment is often attributed to its high technological efficiency, alongside its usage in several solar power projects. Molten salt is employed to store the warmth collected using solar troughs and solar towers. The warmth collected using this technology is employed to enable steam turbines by converting them to superheat steam.

Region Analysis Preview

The MEA 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 the thermal energy market, owing to developing nations such as China, India, South Korea, Japan, Indonesia, and Malaysia are witnessing rapid growth in urbanization and population.

Global Thermal Storage Market Regional Analysis

Key Market Players & Competitive Landscape

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

The global Thermal Storage market is segmented as follows:    

By Storage Material  Analysis

  • Water
  • Molten Salt
  • Phase Change Material

By Technology

  • Sensible Heat
  • Latent Heat
  • Thermo Chemical Heat

By Application

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

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter No. 1 : Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2 : Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Storage Material
        • 2.1.1.2. Market Attractiveness Analysis, By Technology
        • 2.1.1.3. Market Attractiveness Analysis, By Application
        • 2.1.1.4. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Thermal Storage Market, 2016 – 2028 (USD Billion)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3 : COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4 : Thermal Storage Market – By Storage Material Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Storage Material, 2020 & 2028
    • 4.2. Water
      • 4.2.1. Market Size and Forecast, By Region (USD Billion)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Multen Salt
      • 4.3.1. Market Size and Forecast, By Region (USD Billion)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.4. Phase Change Material
      • 4.4.1. Market Size and Forecast, By Region (USD Billion)
      • 4.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.4.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5 : Thermal Storage Market – Technology Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Technology, 2020 & 2028
    • 5.2. Sensible heat
      • 5.2.1. Market Size and Forecast, By Region (USD Billion)
      • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.3. Latent heat
      • 5.3.1. Market Size and Forecast, By Region (USD Billion)
      • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.4. Thermo Chemical Heat
      • 5.4.1. Market Size and Forecast, By Region (USD Billion)
      • 5.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.4.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 6 : Thermal Storage Market – By Application Segment Analysis
    • 6.1. Overview
      • 6.1.1. Market Revenue Share, By Application, 2020 & 2028
    • 6.2. Power Generation
      • 6.2.1. Market Size and Forecast, By Region (USD Billion)
      • 6.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.3. District Heating & Couling
      • 6.3.1. Market Size and Forecast, By Region (USD Billion)
      • 6.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.4. Process Heating & Couling
      • 6.4.1. Market Size and Forecast, By Region (USD Billion)
      • 6.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.4.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 7 : Thermal Storage Market – Regional Analysis
    • 7.1. Overview
      • 7.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 7.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Billion)
    • 7.2. North America
      • 7.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.2.2. North America Market Revenue, By Storage Material , 2016 – 2028
      • 7.2.3. North America Market Revenue, By Technology, 2016 – 2028
      • 7.2.4. North America Market Revenue, By Application, 2016 – 2028
      • 7.2.5. U.S.
        • 7.2.5.1. U.S. Market Revenue, By Storage Material, 2016 – 2028
        • 7.2.5.2. U.S. Market Revenue, By Technology, 2016 – 2028
        • 7.2.5.3. U.S. Market Revenue, By Application, 2016 – 2028
      • 7.2.6. Canada
        • 7.2.6.1. Canada Market Revenue, By Storage Material, 2016 – 2028
        • 7.2.6.2. Canada Market Revenue, By Technology, 2016 – 2028
        • 7.2.6.3. Canada Market Revenue, By Application, 2016 – 2028
      • 7.2.7. Mexico
        • 7.2.7.1. Mexico Market Revenue, By Storage Material, 2016 – 2028
        • 7.2.7.2. Mexico Market Revenue, By Technology, 2016 – 2028
        • 7.2.7.3. Mexico Market Revenue, By Application, 2016 – 2028
    • 7.3. Europe
      • 7.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.3.2. Europe Market Revenue, By Storage Material, 2016 – 2028
      • 7.3.3. Europe Market Revenue, By Technology, 2016 – 2028
      • 7.3.4. Europe Market Revenue, By Application, 2016 – 2028
      • 7.3.5. Germany
        • 7.3.5.1. Germany Market Revenue, By Storage Material, 2016 – 2028
        • 7.3.5.2. Germany Market Revenue, By Technology, 2016 – 2028
        • 7.3.5.3. Germany Market Revenue, By Application, 2016 – 2028
      • 7.3.6. France
        • 7.3.6.1. France Market Revenue, By Storage Material, 2016 – 2028
        • 7.3.6.2. France Market Revenue, By Technology, 2016 – 2028
        • 7.3.6.3. France Market Revenue, By Application, 2016 – 2028
      • 7.3.7. U.K.
        • 7.3.7.1. U.K. Market Revenue, By Storage Material, 2016 – 2028
        • 7.3.7.2. U.K. Market Revenue, By Technology, 2016 – 2028
        • 7.3.7.3. U.K. Market Revenue, By Application, 2016 – 2028
      • 7.3.8. Italy
        • 7.3.8.1. Italy Market Revenue, By Storage Material, 2016 – 2028
        • 7.3.8.2. Italy Market Revenue, By Technology, 2016 – 2028
        • 7.3.8.3. Italy Market Revenue, By Application, 2016 – 2028
      • 7.3.9. Spain
        • 7.3.9.1. Spain Market Revenue, By Storage Material, 2016 – 2028
        • 7.3.9.2. Spain Market Revenue, By Technology, 2016 – 2028
        • 7.3.9.3. Spain Market Revenue, By Application, 2016 – 2028
      • 7.3.10. Rest of Europe
        • 7.3.10.1. Rest of Europe Market Revenue, By Storage Material, 2016 – 2028
        • 7.3.10.2. Rest of Europe Market Revenue, By Technology, 2016 – 2028
        • 7.3.10.3. Rest of Europe Market Revenue, By Application, 2016 – 2028
    • 7.4. Asia Pacific
      • 7.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.4.2. Asia Pacific Market Revenue, By Storage Material, 2016 – 2028
      • 7.4.3. Asia Pacific Market Revenue, By Technology, 2016 – 2028
      • 7.4.4. Asia Pacific Market Revenue, By Application, 2016 – 2028
      • 7.4.5. China
        • 7.4.5.1. China Market Revenue, By Storage Material, 2016 – 2028
        • 7.4.5.2. China Market Revenue, By Technology, 2016 – 2028
        • 7.4.5.3. China Market Revenue, By Application, 2016 – 2028
      • 7.4.6. Japan
        • 7.4.6.1. Japan Market Revenue, By Storage Material, 2016 – 2028
        • 7.4.6.2. Japan Market Revenue, By Technology, 2016 – 2028
        • 7.4.6.3. Japan Market Revenue, By Application, 2016 – 2028
      • 7.4.7. India
        • 7.4.7.1. India Market Revenue, By Storage Material, 2016 – 2028
        • 7.4.7.2. India Market Revenue, By Technology, 2016 – 2028
        • 7.4.7.3. India Market Revenue, By Application, 2016 – 2028
      • 7.4.8. South Korea
        • 7.4.8.1. South Korea Market Revenue, By Storage Material, 2016 – 2028
        • 7.4.8.2. South Korea Market Revenue, By Technology, 2016 – 2028
        • 7.4.8.3. South Korea Market Revenue, By Application, 2016 – 2028
      • 7.4.9. South-East Asia
        • 7.4.9.1. South-East Asia Market Revenue, By Storage Material, 2016 – 2028
        • 7.4.9.2. South-East Asia Market Revenue, By Technology, 2016 – 2028
        • 7.4.9.3. South-East Asia Market Revenue, By Application, 2016 – 2028
      • 7.4.10. Rest of Asia Pacific
        • 7.4.10.1. Rest of Asia Pacific Market Revenue, By Storage Material, 2016 – 2028
        • 7.4.10.2. Rest of Asia Pacific Market Revenue, By Technology, 2016 – 2028
        • 7.4.10.3. Rest of Asia Pacific Market Revenue, By Application, 2016 – 2028
    • 7.5. Latin America
      • 7.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.5.2. Latin America Market Revenue, By Storage Material, 2016 – 2028
      • 7.5.3. Latin America Market Revenue, By Technology, 2016 – 2028
      • 7.5.4. Latin America Market Revenue, By Application, 2016 – 2028
      • 7.5.5. Brazil
        • 7.5.5.1. Brazil Market Revenue, By Storage Material, 2016 – 2028
        • 7.5.5.2. Brazil Market Revenue, By Technology, 2016 – 2028
        • 7.5.5.3. Brazil Market Revenue, By Application, 2016 – 2028
      • 7.5.6. Argentina
        • 7.5.6.1. Argentina Market Revenue, By Storage Material, 2016 – 2028
        • 7.5.6.2. Argentina Market Revenue, By Technology, 2016 – 2028
        • 7.5.6.3. Argentina Market Revenue, By Application, 2016 – 2028
      • 7.5.7. Rest of Latin America
        • 7.5.7.1. Rest of Latin America Market Revenue, By Storage Material, 2016 – 2028
        • 7.5.7.2. Rest of Latin America Market Revenue, By Technology, 2016 – 2028
        • 7.5.7.3. Rest of Latin America Market Revenue, By Application, 2016 – 2028
    • 7.6. The Middle-East and Africa
      • 7.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.6.2. The Middle-East and Africa Market Revenue, By Storage Material, 2016 – 2028
      • 7.6.3. The Middle-East and Africa Market Revenue, By Technology, 2016 – 2028
      • 7.6.4. The Middle-East and Africa Market Revenue, By Application, 2016 – 2028
      • 7.6.5. GCC Countries
        • 7.6.5.1. GCC Countries Market Revenue, By Storage Material, 2016 – 2028
        • 7.6.5.2. GCC Countries Market Revenue, By Technology, 2016 – 2028
        • 7.6.5.3. GCC Countries Market Revenue, By Application, 2016 – 2028
      • 7.6.6. South Africa
        • 7.6.6.1. South Africa Market Revenue, By Storage Material, 2016 – 2028
        • 7.6.6.2. South Africa Market Revenue, By Technology, 2016 – 2028
        • 7.6.6.3. South Africa Market Revenue, By Application, 2016 – 2028
      • 7.6.7. Rest of Middle-East Africa
        • 7.6.7.1. Rest of Middle-East Africa Market Revenue, By Storage Material, 2016 – 2028
        • 7.6.7.2. Rest of Middle-East Africa Market Revenue, By Technology, 2016 – 2028
        • 7.6.7.3. Rest of Middle-East Africa Market Revenue, By Application, 2016 – 2028
  • Chapter No. 8 : Thermal Storage Market – Industry Analysis
    • 8.1. Introduction
    • 8.2. Market Drivers
      • 8.2.1. Driving Factor 1 Analysis
      • 8.2.2. Driving Factor 2 Analysis
    • 8.3. Market Restraints
      • 8.3.1. Restraining Factor Analysis
    • 8.4. Market Opportunities
      • 8.4.1. Market Opportunity Analysis
    • 8.5. Porter’s Five Forces Analysis
    • 8.6. PEST Analysis
    • 8.7. Regulatory Landscape
    • 8.8. Technology Landscape
    • 8.9. Regional Market Trends
      • 8.9.1. North America
      • 8.9.2. Europe
      • 8.9.3. Asia Pacific
      • 8.9.4. Latin America
      • 8.9.5. The Middle-East and Africa
    • 8.10. Pricing Analysis
    • 8.11. Value Chain Analysis
    • 8.12. Downstream Buyers
    • 8.13. Distributors/Traders List
  • Chapter No. 9 : Competitive Landscape
    • 9.1. Company Market Share Analysis – 2019
      • 9.1.1. Global Thermal Storage Market: Company Market Share, 2019
      • 9.1.2. Global Thermal Storage Market, Company Market Revenue, 2016 – 2019 (USD Billion)
      • 9.1.3. Global Thermal Storage Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 9.1.4. Global Thermal Storage Market: Radar Determinant Chart, 2019
    • 9.2. Strategic Developments
      • 9.2.1. Acquisitions & Mergers
      • 9.2.2. New Device Launch
      • 9.2.3. Regional Expansion
    • 9.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 10 : Company Profiles
    • 10.1. Calmac
      • 10.1.1. Company Overview
      • 10.1.2. Key Executives
      • 10.1.3. Device Portfolio
      • 10.1.4. Financial Overview
      • 10.1.5. Operating Business Segments
      • 10.1.6. Business Performance
      • 10.1.7. Recent Developments
    • 10.2. DN Tanks
    • 10.3. Ice Energy Huldings. Inc
    • 10.4. Steffes Corporation
    • 10.5. Burns & McDonnell
    • 10.6. Fafco
    • 10.8. Moixa Energy Hulding Ltd
    • 10.9. Trinabess
    • 10.10. SENEC.IES
  • Chapter No. 11 : Marketing Strategy Analysis
    • 11.1. Marketing Channel
    • 11.2. Direct Marketing
    • 11.3. Indirect Marketing
    • 11.4. Marketing Channel Development Trends
    • 11.5. Economic/Pulitical Environmental Change
  • Chapter No. 12 : Research Methodology
    • 12.1. Research Methodology
    • 12.2. Phase I - Secondary Research
    • 12.3. Phase II - Data Modeling
      • 12.3.1. Company Share Analysis Model
      • 12.3.2. Revenue Based Modeling
    • 12.4. Phase III - Primary Research
    • 12.5. Research Limitations
      • 12.5.1. Assumptions

List of Figures 

FIG NO. 1. Market Attractiveness Analysis, By Storage Material
FIG NO. 2. Market Attractiveness Analysis, By Technology
FIG NO. 3. Market Attractiveness Analysis, By Application
FIG NO. 4. Market Attractiveness Analysis, By Region 
FIG NO. 5. Global Thermal Storage Market Revenue, 2016 – 2028 (USD Billion)
FIG NO. 6. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 7. Market Revenue Share, By Storage Material, 2020 & 2028
FIG NO. 8. Global Thermal Storage Market for Water, Revenue (USD Billion) 2016 – 2028
FIG NO. 9. Comparative Revenue Analysis of Thermal Storage Market for Water, By Country, 2020 & 2028
FIG NO. 10. Global Thermal Storage Market for Molten Salt, Revenue (USD Billion) 2016 – 2028
FIG NO. 11. Comparative Revenue Analysis of Thermal Storage Market for Molten Salt, By Country, 2020 & 2028
FIG NO. 12. Global Thermal Storage Market for Phase Change Material, Revenue (USD Billion) 2016 – 2028
FIG NO. 13. Comparative Revenue Analysis of Thermal Storage Market for Phase Change Material, By Country, 2020 & 2028 
FIG NO. 16. Market Revenue Share, By Technology, 2020 & 2028
FIG NO. 17. Global Thermal Storage Market for SENSIBLE HEAT, Revenue (USD Billion) 2016 – 2028
FIG NO. 18. Comparative Revenue Analysis of Thermal Storage Market for SENSIBLE HEAT, By Country, 2020 & 2028
FIG NO. 19. Global Thermal Storage Market for LATENT HEAT, Revenue (USD Billion) 2016 – 2028
FIG NO. 20. Comparative Revenue Analysis of Thermal Storage Market for LATENT HEAT, By Country, 2020 & 2028
FIG NO. 21. Global Thermal Storage Market for Thermo Chemical Heat, Revenue (USD Billion) 2016 – 2028
FIG NO. 22. Comparative Revenue Analysis of Thermal Storage Market for Thermo Chemical Heat, By Country, 2020 & 2028
FIG NO. 23. Market Revenue Share, By Application, 2020 & 2028
FIG NO. 24. Global Thermal Storage Market for Power Generation, Revenue (USD Billion) 2016 – 2028
FIG NO. 25. Comparative Revenue Analysis of Thermal Storage Market for Power Generation, By Country, 2020 & 2028
FIG NO. 26. Global Thermal Storage Market for District Heating & Cooling, Revenue (USD Billion) 2016 – 2028
FIG NO. 27. Comparative Revenue Analysis of Thermal Storage Market for District Heating & Cooling, By Country, 2020 & 2028
FIG NO. 28. Global Thermal Storage Market for Process Heating & Cooling, Revenue (USD Billion) 2016 – 2028
FIG NO. 29. Comparative Revenue Analysis of Thermal Storage Market for Process Heating & Cooling, By Country, 2020 & 2028
FIG NO. 30. Global Thermal Storage Market Revenue Share, By Region, 2020 & 2028
FIG NO. 31. North America Thermal Storage Market Revenue, 2016 - 2028 (USD Billion)
FIG NO. 32. Porter’s Five Forces Analysis for Global Thermal Storage Market
FIG NO. 33. PEST Analysis for Global Thermal Storage Market
FIG NO. 34. Pricing Analysis for Global Thermal Storage Market
FIG NO. 35. Value Chain Analysis for Global Thermal Storage Market 
FIG NO. 36. Company Share Analysis, 2019
FIG NO. 37. Radar Determinant Chart, 2019
FIG NO. 38. Company Strategic Developments – Heat Map Analysis
FIG NO. 39. Business Segment Revenue Share, 2020 (%)
FIG NO. 40. Geographical Segment Revenue Share, 2020 (%)
FIG NO. 41. Market Channels
FIG NO. 42. Marketing Channel Development Trend
FIG NO. 43. Growth in World Gross Device, 2008-2018
FIG NO. 44. Research Methodology – Details Advanced Wound Dressings View
FIG NO. 45. Research Methodology
 


List of Tables 

TABLE NO. 1. Global Thermal Storage Market: Snapshot
TABLE NO. 2. Quarterly Thermal Storage Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Thermal Storage Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
TABLE NO. 6. Global Thermal Storage Market for Water, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 7. Global Thermal Storage Market for Molten Salt, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 8. Global Thermal Storage Market for Phase Change Material, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 9. Global Thermal Storage Market for SENSIBLE HEAT, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 10. Global Thermal Storage Market for LATENT HEAT, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 11. Global Thermal Storage Market for Thermo Chemical Heat, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 12: Global Thermal Storage Market for Power Generation, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 13: Global Thermal Storage Market for District Heating & Cooling, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 14. Global Thermal Storage Market for Process Heating & Cooling, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 15. Global Thermal Storage Market Revenue, By Region, 2016 – 2028 (USD Billion)
TABLE NO. 16. North America Thermal Storage Market Revenue, By Country, 2016 – 2028 (USD Billion)
TABLE NO. 17. North America Thermal Storage Market Revenue, By Storage Material, 2016 – 2028 (USD Billion)
TABLE NO. 18. North America Thermal Storage Market Revenue, By Technology, 2016 – 2028 (USD Billion)
TABLE NO. 19. North America Thermal Storage Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 20. U.S. Thermal Storage Market Revenue, By Storage Material, 2016 – 2028 (USD Billion)
TABLE NO. 21. U.S. Thermal Storage Market Revenue, By Technology, 2016 – 2028 (USD Billion)
TABLE NO. 22. U.S. Thermal Storage Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 23. Canada  Thermal Storage Market Revenue, By Storage Material, 2016 – 2028 (USD Billion)
TABLE NO. 24. Canada Thermal Storage Market Revenue, By Technology, 2016 – 2028 (USD Billion)
TABLE NO. 25. Canada Thermal Storage Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 26. Mexico Thermal Storage Market Revenue, By Storage Material, 2016 – 2028 (USD Billion) 
TABLE NO. 27. Mexico Thermal Storage Market Revenue, By Technology, 2016 – 2028 (USD Billion)
TABLE NO. 28. Mexico Thermal Storage Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 29. Drivers for the Thermal Storage Market: Impact Analysis
TABLE NO. 30. Restraints for the Thermal Storage Market: Impact Analysis
TABLE NO. 31. Major Buyers of Thermal Storage
TABLE NO. 32. Distributors/Traders List of Thermal Storage     
TABLE NO. 33. Global Thermal Storage Market, Company Market Revenue, 2016 – 2019 (USD Billion)
TABLE NO. 34 Global Thermal Storage Market, Company Y-o-Y Growth, 2017 – 2019 (USD Billion)
 

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Thermal Storage market. Zion Research has collected and analyzed key data belong to the global Thermal Storage market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Thermal Storage across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Thermal Storage industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases, and market reports

News articles, press releases, and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Thermal Storage market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage, and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

Developing a new source of energy is as important as developing efficient and inexpensive energy storage devices. The temporary storage of thermal energy at high or low temperature can be known as the thermal energy storage. Thermal energy storage can reduce the rate difference or time between energy supply and energy demand. It also plays an important role in energy conservation. Improving performance of thermal energy storage system by continuous supply and increasing reliability. The length of time during which energy can be kept stored with adequate losses is one of the characteristics of a storage system. Volumetric energy capacity is another important characteristic of a thermal storage system. The smaller the volume better is the storage system. Therefore, a high-quality system should have a small volume per unit storage system and extensive storage time.

The thermal storages are segmented on the basis of technology, storage materials, and applications. On the basis of technology, the global thermal storage market is segmented into sensible heat, latent heat, and thermal chemical heat. Sensible heat storage market segment held the largest market share due to huge demand across the globe. In sensible heat storage system, energy is stored by cooling or heating a solid or liquid, its phase does not change during this process. On the basis of storage materials, thermal storage market is segmented into the water, molten salt and phase change material. Molten salt segment held the largest market share due to huge demand across the globe for the growth of thermal storage market. On the basis of application, the global thermal storage market is segmented into power generation, district heating & cooling, process heating & cooling. District heating & cooling segment is estimated to account for the largest thermal storage market shares among all the applications.

Global Thermal Storage Market

Increasing support of variable energy sources, rising demand for thermal energy storage system in HVAC are expected to remain major driving factors for the growth in the thermal storage market. High barriers for grid interconnection and requirement of technical expertise could be restraining factors for the thermal storage market. The global thermal storage market offers new growth opportunities, due to huge demand in concentrating solar power and increasing growth in the Middle East and Africa region with high potential. The technology of thermal energy storage has been advanced to a position where it can have a major effect on modern life. The high setup cost is a barrier for the growth of thermal storage market.

Based on regional segmentation, Middle East & Africa was the most attractive and largest market for thermal storage in 2016. South Africa is the leading market in this region, in 2016. The major technology types in South Africa are heat thermal storage and molten salt thermal storage. Asia Pacific region is expected to be the second largest market for the thermal energy storage. Europe region is expected to lead in the market during the forecast period.

Some of the major players involved in the global thermal storage market include Calmac, DN Tanks, Ice Energy Holdings. Inc, Steffes Corporation, Burns & McDonnell, Fafco, Moixa Energy Holding Ltd, Trinabess, SENEC.IES, Redflow Limited, Murata Manufacturing, Statoil ASA, Abengoa Solar, CircuiTree, Duke Energy Corporation.

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FrequentlyAsked Questions

The global Thermal Storage market was valued at USD 4.83 Billion in 2020.

The global Thermal Storage market is expected to reach USD 8.30 Billion by 2028, growing at a CAGR of 6.7% between 2021 to 2028.

Shifting preference towards renewable energy generation, including concentrated solar power, and rising demand for thermal energy storage (TES) systems in HVAC are among the key factors propelling the industry growth.  

MEA has been leading the worldwide Thermal Storage market and is anticipated to continue in the dominant position in the years to come.

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

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