Global thermal storage market is expected to reach USD 5.7 billion in 2022, growing at a CAGR of 10.7% between 2017 and 2022.
The report covers forecast and analysis for the thermal storage market on a global and regional level. The study provides historic data from 2014 to 2016 along with a forecast from 2017 to 2022 based on revenue (USD billion). The study includes drivers and restraints for the thermal storage market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the thermal storage market on a global level.
In order to give the users of this report a comprehensive view on the thermal storage, we have included a detailed competitive scenario and product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the thermal storage market has also been included. The study encompasses a market attractiveness analysis, wherein product segments are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view on the thermal storage market by segmenting the market based on Technology, storage material, and applications. All the application segments have been analyzed based on present and future trends and the market is estimated from 2016 to 2022. Key application segments covered under this study include power generation, district heating & cooling, process heating & cooling. On the basis of technology, the market has been segmented into sensible heat, latent heat, and thermal chemical heat. On the basis of storage material, the market has been segmented into the water, molten salt, and phase change material. The regional segmentation includes the current and forecasted demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. This segmentation includes demand for thermal storage based on individual applications in all the regions and countries.
The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global market. 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 Manufracturing, Statoil ASA, Abengoa Solar, CircuiTree, Duke Energy Corporation.
This report segments the global thermal storage market as follows:
Thermal storage Market: Technology Analysis
Thermal storage Market: Storage Material Analysis
Thermal storage Market: Applications Analysis
Thermal storage Market: Regional Analysis
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.
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:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary research sources that are typically referred to include, but are not limited to:
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.
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:
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.
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.