The thermal energy storage market has picked up a solid pace due to the rising pressure of global warming and the alarming rate at which fossil fuels are depleting. Owing to these reasons, there has been a huge demand for thermal energy storage in various industrial verticals. The global thermal energy storage market has been growing rapidly due to ongoing developments in storage technologies. This market is also expected to gain momentum due to the dire need for energy solutions in everyday lives.
Usage of Thermal Energy Storage Systems Halves the Need for Conventional Energy Sources
Thermal energy storage systems use water, ice-slush tanks, aquifers, insulated lined pits, and phase changing materials to store energy. These solutions can be implemented in buildings, districts, and towns to reduce the burden on conventional sources of energy as they have the ability to replace about 50% of the traditionally generated energy. Thermal energy storage systems help in optimizing energy systems by establishing efficiency and balancing the soaring demand for energy.
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The global thermal energy storage market has been segmented on the basis of technology, end use, and geography. The technologies used in the global thermal energy storage market are sensible heat, thermochemical heat, and latent heat. The end users of thermal energy storage are the commercial and industrial sectors, utilities, and residential areas. Geographically, the global thermal energy storage market is segmented into Asia Pacific, Europe, North America, and Rest of the World.
Technological Advancements to Propel Global Thermal Energy Storage Market
The sensible heat storage technology stores energy by raising the temperature of storage mediums such as rocks or water. There are a growing number of commercial and industrial users expected to keep the demand for sensible heat storage technology steady in the global thermal energy storage market. Meanwhile, technological advancements such as thermochemical and latent heat storage are also likely to propel the overall thermal energy storage market due to their high energy storage density.
Commercial and Industrial Sectors to Dominate Overall Market
According to research analysts, the commercial and industrial segment held a dominant share in the overall thermal energy storage market in 2013. This dominance was the result of commercial setups switching to solar energy storage systems due to a rising demand for backup power supplies, along with skyrocketing energy prices.
Europe Emerges as a Leader in Global Thermal Energy Storage Market
Geographically, Europe leads the global thermal energy storage market. Researchers predict that this trend will continue, as Europe promises to add about 1,307.0 MW of thermal energy storage capacity from 2013 to 2020. Furthermore, investments by emerging economies and several other countries may also fuel the growth of the thermal energy storage market.
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Some of the Key players in the market are Steffes Corporation, CALMAC, EVAPCO, Inc., and Goss Engineering, Inc., and Chicago Bridge & Iron Company (CB&I), Abengoa Solar, S.A., BrightSource Energy, Inc., Baltimore Aircoil Company, Burns & McDonnell, FAFCO Thermal Storage Systems, Caldwell Energy, Ice Lings, and TAS Energy.