Thermal Storage Market worth USD 5.7 Billion by 2022
Zion Market Research has published a new report titled “Thermal Storage Market (By Technology: Sensible Heat, Latent Heat and Thermochemical 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.
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Thermal energy storage is a technology that sets thermal energy for heating or cooling a storage medium. For heating and cooling applications the stored 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.
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.
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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.
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.
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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.
The Middle East & Africa was the most attractive and largest market which dominates the global thermal storage market. South Africa was the leading market in the region. Asia Pacific region is expected to be the second leading market for thermal energy storage. Europe region is expected to lead the market within the forecast period. The major technology types in South Africa are water thermal storage and molten salt thermal storage. The new applications being considered on regular basis and new technologies being developed are rapidly changing in U.S region.
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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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