Pune, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Fast-climbing demand for thermal energy storage to curb carbon emissions will be the pivotal driving factor in the global thermal energy storage market, according to a report by Fortune Business Insights, titled “Thermal Energy Storage Market Size, Share and Global Trend By Storage Type (Water, Molten Salt, Phase Change Material (PCM), Others), By Technology (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), By Application (Power Generation, District Heating & Cooling, Process Heating & Cooling), By End User (Residential, Commercial, Industrial) and Geography Forecast till 2026”. The report also brings out a comprehensive analysis of the factors that will influence the market during the forecast period.
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Thermal energy refers to the adding together of the kinetic energies of molecules in a substance. It rises with an increase in temperature and vice versa, and can be emitted in the form of rays. This energy can be stored or harnessed using thermochemical means or by applying principles of sensible heat and latent heat.
Thermal Energy Storage (TES) is a technology that allows stocking of thermal energy which can then be used in the future for power generation. TES systems are mainly used in industrial units and buildings where carbon emissions are high.
What Does the Report Offer?
- Valuable insights into the upcoming market opportunities;
- Tangible analysis of the market drivers, segments, and restraints;
- Exhaustive examination of the key market players and their strategies; and
- Microscopic study of the regional dynamics influencing the market.
Market Driver:
Rising Need for Sustainable Development Technologies to Drive the Market
Increasing awareness about the threats posed by global warming is expected to boost the global thermal energy storage market growth till 2026. TES systems offer multiple advantages that can significantly reduce carbon emissions by industries and households. For example, such an energy storage system can lower pollution levels and improve overall efficiency of a power plant. According to the International Renewable Energy Agency (IRENA), Europe can save close to 1.4 million Gigawatt hours per year if buildings and industrial plants use heat and cold storage systems more extensively. These systems, as per IRENA research, can also reduce carbon dioxide emissions by 400 million tons.
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Growing Popularity of Solar Thermal Systems to Expand the Global Thermal Energy Storage Market Size
TES systems combined with concentrating solar power plants are becoming increasingly popular as they allow for storing of solar heat to generate electricity in times when sunlight is not available. This has enhanced the storage capabilities of solar thermal devices, leading to a rise in their commercial value. The global thermal energy storage market stands to gain as TES systems evolve and complement existing technologies, resulting in higher adoption rates.
However, the global thermal energy storage market is expected to hit a few roadblocks in the form of high costs. For example, the IRENA estimates that for applications requiring more than 1000 cycles per year, the cost can go above €250/kilowatt. This is primarily owing to lack of research in developing the technology further.
Competitive Landscape:
Greater Stimulus to Innovation to Enhance Market Potential
“Competition in the global thermal energy storage market will hinge on stimulating research and development activities,” says a lead analyst at Fortune Business Insights. The European Union has initiated the Grasshopper Project which aims at creating new generation of fuel cell power plants that will use hydrogen energy to generate electricity without emissions. The project involves different private companies to come up with innovative solutions toward developing viable green technologies.
Some of the key players in the global thermal energy storage market include Climate Change Technologies, DN Tanks, Calmac, Sener Group, DC Pro Engineering, Burns & Mcdonnel, Baltimore Aircoil Company, Ice Energy Technologies Inc., Vattenfall, Abengoa Solar, and others.
Regional Insights:
Increased Environmental Concerns to Propel the Market in Europe
Europe is anticipated to occupy a prominent position in the global thermal energy storage market owing to the continent’s rising number of initiatives, such as the EU’s Horizon 2020, to mitigate the effects of global warming. North America is expected to have a dominant hold on the global thermal energy storage market share as a result of greater investment in research and development. Rapid population rise, growing energy demands, and rising awareness of renewable energy benefits will fuel the market in Asia-Pacific.
List of Key Companies Profiled in the Thermal Energy Storage Market Report:
- Climate Change Technologies
- DN Tanks
- Calmac
- Sener Group
- DC Pro Engineering
- Burns & Mcdonnel
- Baltimore Aircoil Company
- Ice Energy Technologies Inc.
- Vattenfall
- Abengoa Solar
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