The global market for Thermal Energy Storage Technology is projected to reach US$1.8 billion by 2020

Robust Demand for Efficient & Cost Effective Energy Storage Technologies Drives the Thermal Energy Storage Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Thermal Energy Storage market. The global market for Thermal Energy Storage Technology is projected to reach US$1.8 billion by 2020, driven by robust demand for efficient, reliable, and economical energy storage technologies and the imminent shift towards renewable energy sources.

Thermal energy storage (TES) represents an important electric power related technology that enables storage of thermal energy for later use. The technology primarily shifts electric power load from peak periods to off-peak periods in addition to reducing energy use by taking optimum advantage of cooler weather during night time for efficient running of chillers during day time. Superior attributes of thermal energy storage driving widespread adoption include reduction in peak demand utility bills; increase in efficiency levels of facilities leading to significant savings in energy costs; enabling more flexible plant operations; addition of efficient backup capacity; elimination of the need for larger generation equipment for supply during peak demand; and reduction in maintenance and capital costs for the utilities, among others.

Strong growth is projected for the thermal energy storage market in the coming years driven by the inevitable shift towards renewable energy sources. Unlike fossil fuels, which are abundant and always available, power generation from renewable sources is intermittent. As the share of renewable energy in the generation mix increases, there exist significant opportunities for thermal energy storage systems for storing such intermittent energy for effective later use, thus serving the purpose of syncing supply with out-of-phase demand. Other important factors driving market expansion include rising demand for uninterrupted power supply in response to growing industrialization across the world, rising costs of conventional energy generation, growth in VES (variable energy sources), increasing demand for backup power supplies, and increasing desire among consumers to obtain access to reliable, cost-effective and efficient electricity.

As stated by the new market research report on Thermal Energy Storage, Europe represents the largest market worldwide, followed by the United States. The urgent need to solve the problems concerned with limited resources for energy generation and curb carbon emissions rank as the most drivers spurring growth in these markets. Several countries in Europe are placing increased emphasis on energy efficiency initiatives, where integration of renewable energy sources into the main power grid is steadily progressing. Europe is also witnessing increasing investment in solar thermal energy storage which is expected to benefit market growth in the region. Asia-Pacific ranks as the fastest growing market with a CAGR of 22.3% over the analysis period.

Key players covered in the report include Abengoa Solar, S.A., Areva S.A.S, Baltimore Aircoil Company, Inc., BrightSource Energy, Inc., Burns & McDonnell, Caldwell Energy Company, CALMAC, Chicago Bridge & Iron Company N.V., Cristopia Energy Systems Pvt. Ltd., Cryogel Thermal Energy Storage, DC Pro Engineering LLC, DN Tanks, Dunham-Bush Holding Bhd., Evapco, Inc., Fafco Inc., Finetex EnE Inc., Goss Engineering, Inc., Ice Energy, Ice Lings, NEST AS, QCoefficient, Inc., SolarReserve, LLC, Steffes Corporation, Sunwell Technologies Inc., and TAS Energy, among others.

The research report titled “Thermal Energy Storage (TES): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in value (US$) and volume (capacity installations in Megawatts) for major geographic markets including the US, Canada, Japan, Europe, Asia-Pacific, and Rest of World. Key technology segments analyzed in volume terms include Sensible Heat, and Others.

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