Sarasota, FL, Sept. 15, 2017 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “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 Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global thermal storage market was valued at USD 3.1 billion in 2016 and is expected to reach USD 5.7 billion in 2022, growing at a CAGR of 10.7% between 2017 and 2022.
Thermal energy storage is a technology that sets thermal energy by heating or cooling a storage medium. For heating and cooling applications the storage energy can be recycled at the short time. This thermal storage system is utilized commonly in building and industrial applications and is generally small scale system. The temporary storage of thermal energy at high or low temperature can be known as the thermal energy storage. The length of time during which energy can be kept stored with minimum 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.
Browse through 20 Market Tables and 27 Figures spread through 120 Pages and in-depth TOC on “Global Thermal Storage Market: By Industry Type, Application, Technology, Size and Forecast 2016 – 2022”.
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Major driving factors for the growth of thermal storage market are increasing approval of variable energy sources and rising demand for thermal energy storage system in HVAC. The technology of thermal energy storage has been advanced to a position where it can have a major effect on modern life. The high initial setup cost is a constraint for the growth of 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 thermal storage market is bifurcated 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 2016. The segment is expected to account for around 60% of the market by the forecast period. In sensible heat storage system, energy is stored by cooling or heating a solid or liquid, its phase does not change during this process. In both solid and liquid storage medium usually large scale applications such as district heating and cooling system underground storage of sensible heat Sensible heat storage of thermal energy has a number of industrial and residential applications.
Browse the full ” 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 Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022” report at https://www.zionmarketresearch.com/report/thermal-storage-market
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 and accounted for around 45% of the global thermal storage market. Molten salt has low vapor pressure, high boiling points, low viscosity and high volumetric heat capacities.
On the basis of application, the global thermal storage market is segmented into power generation, district heating & cooling, and process heating & cooling. District heating & cooling segment is estimated to account for the largest thermal storage market shares among all the applications. Currently, thermal storage applications are limited. To defer air conditioning loads from peak periods, district heating systems can utilize storage of hot water, heat production and demand.
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In the Middle East & Africa, the presence of numerous industries such as power generation, district heating & cooling, process heating & cooling has boosted the demand for thermal storage in the region. As a result of government initiatives, regulation and policies, Middle East thermal storage market is expected to grow rapidly in the upcoming years. South Africa is being the leading market in the region. Molten salt is expected to have the major market share of the thermal energy storage market during the forecast period from 2017 to 2022. It is largely utilized in the Middle East and Africa market. The major technology types in South Africa are water thermal storage and molten salt thermal storage.
Asia Pacific region is expected to be the second highest market for the thermal energy storage. As a result of ever growing population and increased energy usage Asia Pacific thermal Storage market is expected to grow extensively in the coming year. Renewable energy sources have grown to a large extent in this region. The task of storing the energy produces the most ignored and underestimated aspect of renewable energy generation. Countries such as China, India, South Korea, Japan, and ASEAN among others drive the thermal storage market in the region.
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Europe is expected to lead the market during the forecast period. Several countries in Europe have increasing stress on energy efficiency initiatives. The main power grid is steadily progressing due to the integration of renewable energy sources. Europe is also observing increasing investment in solar thermal energy storage which is estimated to benefit market growth in the region. In Spain, the reason for the growth of thermal storage is linked to concentrated solar plants. The new applications being considered on regular basis and new technologies being developed are rapidly changing in the U.S.
Some of the major players involved in the global thermal storage market include Calmac, Trinabess, SENEC.IES, Redflow Limited, Murata Manufacturing, Statoil ASA, Abengoa Solar, CircuiTree, Duke Energy Corporation, DN Tanks, Ice Energy Holdings. Inc, Steffes Corporation, Burns & McDonnell, Fafco, Moixa Energy Holding Ltd.
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This report segments the global thermal storage market as follows:
Thermal storage Market: Technology Analysis
- Sensible Heat
- Latent Heat
- Thermo chemical Heat
Thermal storage Market: Storage Material Analysis
- Molten Salt
- Phase Change Material
Thermal storage Market: Applications Analysis
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
Thermal storage Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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