Dublin, Dec. 01, 2020 (GLOBE NEWSWIRE) -- The "Thermal Energy Storage (TES) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global Thermal Energy Storage (TES) market along with the rest of energy industry value chain is expected to be impacted by the ongoing pandemic and the virus led global recession. The global market size is revised at a projected US$8 billion for the year 2027.
Government measures to curtail movement of people and good sand the worst ever economic downturn will together bring down the energy industry in the year 2020. Lockdowns are bringing electricity consumption in malls, hotels, gyms, schools, shops to almost zero. Utilities are staring at a severe cash crunch as revenues sharply decline and spot prices of electricity plummet. Energy storage deployments worldwide will decline steeply from earlier projections for the year 2020. As finances dry-up for consumers and businesses alike, sales of energy storage systems for homes, building and industrial processes will decline.
Given that uninterrupted power supply is the backbone of economic development, interest in thermal energy storage solutions will bounce back when the economic climate clears. In the post COVID-19 period, demand for efficient, reliable, and economical energy storage technologies; and continued shift towards renewable energy sources and the resulting need to efficiently harness, store and utilize wind and solar energy will remerge to spur growth.
Few of the benefits of TES technology include high efficiency with the ability to recover over 98% of stored energy; can be discharged over both short and long durations; operational and cost benefits; enables effective peak load balancing and encourages electricity generation during non-peak hours.
Few of the trends which underlined growth in the pre-coronavirus period included increased integration of renewable in utilities, the resulting loss of base load energy generation and the ensuing importance of energy storage technologies in enabling grid stability; popularity and dominance of sensible heat storage technology given its low cost and simplicity in design and architecture; rise in the number of concentrated solar power projects and increased demand for sensible heat storage technology; growing number of wind farms and higher use of TES systems for efficient harnessing, storage and utilization of wind energy; rising prominence of phase change materials-based systems over molten salt-based thermal storage. Although currently in hiatus, these trends will resurface to drive market gains in the long-term period.
The urgent need to make the energy infrastructure more efficient and less polluting will continue to rank as the primary driver of growth in developed markets. Several countries in Europe will also continue to place increased emphasis on energy efficiency initiatives which will require active integration of renewable energy into the main power grid thus spurring the need for thermal energy storage solutions.
Asia-Pacific including China is a major market and in a business as usual post COVID-19 scenario, growth in the region will be led by factors such as growing economies; increased investments in energy infrastructure development and upgrade; continuous rise in electricity demand; growing problem of and high economic cost of unreliable power supply; abundant availability of renewable energy and concerted government efforts to use renewable to meet energy needs in a safe and reliable way.
Competitors identified in this market include, among others:
- Abengoa Solar, S.A.
- Baltimore Aircoil Company, Inc.
- BrightSource Energy, Inc.
- Burns & McDonnell
- Caldwell Energy Company
- CALMAC Corporation
- Chicago Bridge & Iron Company N.V.
- DC Pro Engineering LLC
- DN Tanks
- Dunham-Bush Holding Bhd.
- Evapco, Inc.
- Fafco Inc.
- Finetex EnE Inc.
- Goss Engineering, Inc.
- Ice Energy, Inc.
- Siemens AG
- SolarReserve, LLC
- Steffes Corporation
- TAS Energy, Inc.
Key Topics Covered:
1. MARKET OVERVIEW
- COVID-19 Pandemic: A Looming Global Recession and Impact on Energy Storage Industry
- Superior Attributes and Multiple Benefits of Thermal Energy Storage Technology Drive Widespread Market Adoption
- Thermal Energy Storage (TES): Efficient and Economical Capture of Energy during Lean Period for Fueling Cooling Needs of the Peak Period
- Expanding Share of Intermittent Renewable Energy Sources and the Resulting Need for Energy Storage: The Fundamental Growth Driver
- Booming Renewable Energy Sector Benefits Penetration of Energy Storage Technologies
- Major Growth Driving Factors for Energy Storage
- Energy Storage Technologies: Classification
- Key Energy Storage Technologies & Applications for Electrical, Chemical, Electrochemical, Mechanical and Thermal Energy
- Thermal Energy Storage Vital for Development Efficient, Disruption-Resistant Grids
- Thermal Energy Storage: Current Market Scenario and Outlook
- Recent Market Activity
- United States: The Single Largest TES Market
- Developing Regions Offer Huge Untapped Market Growth Potential for TES
- Despite Competition from Latent Heat Storage, Sensible Heat Technology Sustains Dominance
- Offering Better Alternative to Molten Salt Model, PCM Systems Emerge as Fastest Growing Segment
- Thermal Energy Storage (TES): Product Overview
- Thermal Storage Technologies
- TES Systems for Ice/Cool Storage
- Solar Power TES Systems
- Inter-Seasonal Thermal Storage Systems
- Small-Scale Thermal Energy Storage (TES) Systems
- High-Temperature Thermal Energy Storage
- Full and Partial Thermal Energy Storage Systems
- Thermal Storage Media
- Competitive Landscape
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Key Drivers for TES Market
- Government Incentives for TES Systems
- Government Investments in Research and Development Activities
- Market Restrains
- CSP Combines with TES to Provide Grid Flexibility
- Methods to Store Heat: Key Storage Means
- Utilities: Largest & Fastest Growing End-Use Sector for Thermal Energy Storage Systems
- Energy Storage Market to Chart Growth Path in 2021 and Beyond
- Need for Improved Energy Management amidst Increasing Demand for Electricity Benefits Market Expansion
- Impact of COVID-19 Pandemic on the Power Sectors in China and the US
- Smart Grids Elevate the Prospects for TES Systems
- Growing Investments in Renewable Energy Projects Drive Strong Demand for TES Solutions
- TES Gains Traction in Managing Inconsistencies of Wind & Solar Power Generation
- TES Pairing with Solar Generation: Opportunities Galore for Electric Utilities
- Important Role of TES in Commercialization of Solar Thermal Energy Plants
- Growing Trend towards Green/LEED Buildings Offer Lucrative Market Growth Opportunities
- TES Techniques Offer Increased Efficiency in Buildings
- Demand for TES in HVAC & Refrigeration Systems on the Rise
- TES' Energy Efficiency Augments its Application
- TES Set to Address Peak Demand for Air Conditioning
- Utility Load Factors
- Stable and Secure Grid
- Impact of Climate Change on Air Conditioning
- Developments in Controls
- TES Extends Cost & Energy Savings to Cold Storage Chains
- Growing Investments on Smart Cities to Fuel Large-Scale Adoption of TES Systems
- Educational Institutes Seek to Leverage TES to Achieve Associated Cost Savings
- Favorable Demographic and Urbanization Trends Aid Market Growth
- Innovations & Advancements
- Recent Select Innovations in Brief
- Notable TES Innovations of Recent Past
- Issues & Challenges: A Note on Factors Hampering Market Prospects for TES Technologies
4. GLOBAL MARKET PERSPECTIVE
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