Coronavirus to Cause Thermal Energy Storage Market’s Economy in Drastic Ways :
Market Research Future has published a Half-Cooked Research Report on the Global Thermal Energy Storage Market.
Industry Insight
As COVID-19 breakthrough and its fears are blowing up, Market Research Future finds in its study that the global thermal energy storage market 2020 might see a bright future and expand at a CAGR of approximately 10.25% during the forecast period 2019-2025. Despite the long-term impact of COVID-19, the market would reach a valuation of USD 7.70 billion by 2025 from USD 4.35 billion—the market valued earlier.
Top Impacting Factors
The global thermal energy storage market, as per MRFR’s analysis, is driven by the rising adoption of renewable energy sources and increasing demand for continuous power supply. The towering demand for thermal energy storage in ventilation, heating, and air conditioning (HVAC) for district heating cooling is anticipated to boost the market growth. The study also finds that a rise in the adoption of renewable technology is likely to promote substantial growth opportunities to market players in the near future.
Increasing the adoption of renewable energy sources coupled with rising demand for Concentrating Solar Power (CSP) will motivate the market growth in the coming years. Besides, the factor of rising need in the field of recuperating energy efficiency, along with active energy utilization efforts, will put a positive impact, predict MRFR.
On the other side, the factor of rising government measures toward sustainable technology adoption will help achieve the established carbon emission reduction targets, which is predicted to stimulate market demand. In fact, the increasing demand for energy-efficient and cost-competitive sources coupled with incessant and reliable power requirements across diverse industries will complement the industry landscape during the forecast period.
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Furthermore, claims from Energy Information Administration, the US reveals that fuel production has declined by 7% during the years 2015 to 2016. On the other hand, renewable energy production has risen by almost 7% during the same period. On the contrary, the lack of awareness on storage technology, extadditional cost associated with the use of thermal energy storage systems, and the need for highly skilled technicians are the factors anticipated to hamper the global thermal energy storage market growth during the assessment period.
Segmentation of Market
The global thermal energy storage market has further been segmented over storage material, technology, and end-use.
In terms of the technology segment, the global market includes latent heat storage, sensible heat storage, and thermochemical storage. The sensible heat storage segment might lead the global market as it is the most longstanding, simple, and low-cost method.
In terms of storage material segment, the market has included molten salt, water, phase change material, and others. Water might segment the thermal energy storage market as it is the most common storage material.
In terms of end-use segment, the market has included utilities, commercial industrial, and residential. Utilities are likely to lead the market as utilities as dominant renewable energy generation is through the centralized grid.
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Regional Front
Regional-wise, the global thermal energy storage market, is studied for the most COVID 19 affected regions to understand the current market dynamics. The regions are North America, Asia-Pacific, the Middle East Africa, Europe, and South America.
North America region acquired the largest share in the thermal energy storage market. A large number of energy storage projects have been witnessed in the US in the last few years, which would advance the market for thermal energy storage market in the region. In fact, the rising research development activities aimed toward energy storage along with positive consumer outlook toward renewable-based power generation will motivate the US thermal energy storage market growth. The study enclosed in the year 2018, the US acquired approximately 41% of the total 1,361 operational projects and 33% of the 18 under construction projects worldwide.
Mounting measures toward limiting carbon footprint along with greater investments in solar energy will surge the thermal energy storage systems installed in the region of Europe. Government targets for energy efficiency and renewable energy have chances to create noteworthy growth opportunities for the industry.
Top Industry Players
The top industry players operating in the global thermal energy storage market are listed as DN Tanks (US), Caledonian MacBrayne (UK), Steffes Corporation (US), Ice Energy (US), FAFCO, Inc (US), Burns McDonnell (US), Brightsource Energy, Inc. (US), Abengoa Solar (Spain), Baltimore Aircoil Company (US), Solarreserve, LLC (US), and Cristopia Energy Systems (India).
