Worldwide Thermal Energy Storage Industry to 2025 - Featuring Abengoa, Baltimore Aircoil & Brightsource Energy Among Others
DUBLIN, Oct. 23, 2020 /PRNewswire/ -- The "Thermal Energy Storage Market by Technology (Sensible, Latent, Thermochemical), Storage Material (Water, Molten Salts, PCM), Application (Power Generation, District Heating & Cooling, Process Heating & Cooling), End User and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global thermal energy storage market size is projected to grow from an estimated USD 188 million in 2020 to USD 369 million by 2025, at a CAGR of 14.4% from 2020 to 2025.
The rising number of CSP projects across globe are driving demand for thermal energy storage. The Middle Eastern & African and American countries, such as the US, Morocco, South Africa, and the UAE, are experiencing an upsurge in the demand for electricity for district heating & cooling, and process heating & cooling applications.
The latent heat storage segment is expected to be the fastest-growing of the thermal energy storage market, by technology, during the forecast period.
Latent heat storage has the advantage of storing large amounts of heat with only small temperature changes and, therefore, has a high storage density. Phase change materials work on constant temperature, both while charging and discharging. The use of phase change materials can be found in solar energy storage systems for water heating, greenhouses, space heating and cooling, cooking, and waste heat recovery systems.
Americas: The fastest market for thermal energy storage.
Americas is the fastest-growing market for the thermal energy storage market. The growth of the market in the region is driven by the launch of various CSP projects and propelling demand for thermal energy storage for district heating & cooling applications. The US has been a pioneering market for concentrating solar power technology, with CSP installations since the 1980s. The stellar decline in solar PV prices took the attention away from the CSP industry, although project developments continued. The US is the only significant market in the region, with virtually no action in South America and Canada in the near future. However, Chile has some operational thermal energy projects and leads the market in South America with CSP installations for mining and utility-scale power supply.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
3.1 Scenario Analysis
3.1.1 Optimistic Scenario
3.1.2 Realistic Scenario
3.1.3 Pessimistic Scenario
4 Premium Insights
4.1 Attractive Opportunities in Thermal Energy Storage Market
4.2 Thermal Energy Storage Market, by Technology
4.3 Thermal Energy Storage Market, by Storage Material
4.4 Thermal Energy Storage Market, by Application
4.5 Thermal Energy Storage Market, by End-user
4.6 Thermal Energy Storage Market, by Region
4.7 Thermal Energy Storage Market in Americas, by End-user & Country
5 Market Overview
5.1 Introduction
5.2 Yc Shift
5.3 COVID-19 Health Assessment
5.4 Road to Recovery
5.5 COVID-19 Economic Assessment
5.6 Market Dynamics
5.6.1 Drivers
5.6.1.1 Demand for Energy Storage for Supplementing Ever-Increasing Solar Energy Generation
5.6.1.2 Increasing Hvac Applications Fueling Demand for Thermal Energy Storage
5.6.1.3 Promotion of Tes by Governments and Other Regulatory Authorities
5.6.2 Restraints
5.6.2.1 High Grid Connection Barriers Related to Thermal Energy Storage
5.6.2.2 Competition from Battery Storage and Pumped-Storage Technologies
5.6.3 Opportunities
5.6.3.1 Decentralization of Renewable Energy Sector
5.6.3.2 Increasing Use of Molten Salts for CSP Plants
5.6.4 Challenges
5.6.4.1 High Initial Costs, Along with Changing Costs by Technology
5.7 Value Chain Analysis
5.7.1 Project Development
5.7.2 Procurement of Materials
5.7.3 Procurement of Components
5.7.4 Plant Engineering & Construction
5.7.5 Operation
5.7.6 Distribution
5.8 Average Selling Price
5.9 Market Interconnection
5.1 Case Study Analysis
5.10.1 Crescent Dunes Uses Molten Salt Storage for Solar Power Tower CSP
5.10.2 Supcon Delingha 50Mw Molten Salt Tower CSP Uses Solar Power Tower CSP for Utilities
6 Impact of COVID-19 on Thermal Energy Storage Market, Scenario Analysis, by Region
6.1 Introduction
6.1.1 Impact of COVID-19 on GDP
6.1.2 Scenario Analysis of Global Power Sector
6.1.3 Optimistic Scenario
6.1.4 Realistic Scenario
6.1.5 Pessimistic Scenario
7 Thermal Energy Storage Market, by Technology
7.1 Introduction
7.2 Sensible Heat Storage Technology
7.2.1 High Demand for Molten Salts for Thermal Energy Storage is Driving Sensible Heat Storage Technology Demand
7.3 Latent Heat Storage Technology
7.3.1 Development of Phase Change Materials is Likely to Drive Market
7.4 Thermochemical Storage Technology
7.4.1 US Offers High Potential for Growth of Thermochemical Storage Technology
8 Thermal Energy Storage Market, by Storage Material
8.1 Introduction
8.2 Water
8.2.1 Water-Based Thermal Energy Storage Systems Require Low Investment
8.3 Molten Salt
8.3.1 Lithium Salts
8.3.1.1 Good Thermophysical Properties and Low Costs of Lithium Salts Make Them More Demandable for Csp Thermal Plants
8.3.2 Potassium Salts
8.3.2.1 Binary and Ternary Salts, Including Potassium Nitrate, Make Good Storage Materials for Thermal Energy Storage
8.4 Phase Change Materials (PCM)
8.4.1 PCMs Enable Target-Oriented Discharging Temperatures
8.5 Others
9 Thermal Energy Storage Market, by Application
9.1 Introduction
9.2 Power Generation
9.2.1 Upcoming Csp Projects to Drive Power Generation Application of Thermal Energy Storage
9.3 District Heating & Cooling
9.3.1 Evolving Smart City Concept and HVAC Applications in Middle East and European Countries is Driving Market Growth
9.4 Process Heating & Cooling
9.4.1 Increasing Demand for Thermal Energy Storage to Provide Heating and Cooling Solutions for Energy-Intensive Industries is Fueling Market Growth
10 Thermal Energy Storage Market, by End-user
10.1 Introduction
10.2 Utilities
10.2.1 Increasing Focus on Power Load Management During Peak Hours is Driving Demand from Utilities
10.3 Commercial
10.3.1 Thermal Energy Storage Systems Are Used for HVAC Applications in Commercial Sector
10.4 Industrial
10.4.1 High Volumes of Waste Heat Generated in Industries is Encouraging Use of Tes Systems for Process Heating & Cooling Applications
11 Thermal Energy Storage Market, by Region
11.1 Introduction
11.2 Europe
11.3 Americas
11.4 Middle East & Africa
11.5 Asia-Pacific
12 Competitive Landscape
12.1 Overview
12.2 Market Evaluation Framework
12.3 Industry Concentration, 2019
12.3.1 Contracts & Agreements
12.3.2 Investments & Expansion
12.4 Company Evaluation Matrix Definitions and Methodology
12.4.1 Stars
12.4.2 Emerging Leaders
12.4.3 Pervasive
12.4.4 Emerging Companies
12.5 Company Evaluation Matrix, 2019
12.6 Winners Vs. Tail-Enders
12.6.1 Winners
12.6.2 Tail Enders
13 Company Profile
13.1 Abengoa
13.2 Man Energy Solutions
13.3 Brightsource Energy
13.4 Baltimore Aircoil Company
13.5 Solarreserve
13.6 Caldwell Energy
13.7 Burns & Mcdonnell
13.8 Cristopia Energy
13.9 Cryogel Thermal Energy Storage
13.10 Dunham Bush
13.11 Steffes Corporation
13.12 Turbine Air Systems (Tas)
13.13 Evapco
13.14 Calmac
13.15 CB&I (Mcdermott)
13.16 Lime
13.17 Vogtice
13.18 Sunwell Technologies
13.19 DC Pro Engineering
13.20 Fafco
14 Appendix
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