Albany - NY, Oct. 19, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report on the global thermal energy storage market. As per the report, the global thermal energy storage market was valued at more than US$0.6 bn in 2013 and is expected to reach US$1.8 bn by 2020. The report, titled 'Thermal Energy Storage Market by Technology (Sensible Heat, Latent Heat, and Thermochemical) for Commercial and Industrial, Utilities, and Residential End Use Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020', states that the global thermal energy storage market will expand at a 16.70% CAGR during the period from 2014 to 2020 due to the increasing need for efficient and reliable electricity.
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With respect to installed capacity, the global thermal energy storage in 2013 totaled 2,038.3 MW and is predicted to reach 6,070.2 MW by 2020 at a 17.10% CAGR. The global thermal energy storage (TES) market is expected to face certain restraints such as the need for high upfront investments and grid interconnections. However, the global thermal energy storage market is predicted to exhibit rapid growth due to the increasing need for cost-competitive generation of electricity. The global thermal energy storage market is segmented on the basis of geography, end use, and technology.
Increasing need for continuous energy solutions in day to day life is expected to boost the growth prospects of the global thermal energy storage market during the forecast period. Thermal energy storage systems stock up energy for future use, employing ice-slush tanks, water, aquifers, phase changing materials, and insulated lined pits. Thermal energy storage systems can be implemented in towns, districts, and buildings. TES systems can replace around 50% of the conventionally sourced energy in any type of industry. TES systems optimize the efficiency and effectiveness of energy systems and balance the fluctuating demand for energy.
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By technology, the global thermal energy storage market is divided into sensible heat, latent heat, and thermochemical heat. As the sensible heat technology is most commonly used, this segment is predicted to dominate the global thermal energy storage market during the forecast period. High energy density of thermochemical heat and latent heat technologies will help these two segments grow rapidly in the coming five years. By end use, the global thermal energy storage market is divided into the commercial and industrial, residential, and utilities segments. The commercial and industrial segment led the global thermal energy storage market in 2013, due to the growing need for a backup power supply.
By geography, the global thermal energy storage market is divided into Asia Pacific, North America, Europe, and Rest of the World. Europe led the global thermal energy storage market in 2013 in terms of the capacity of installations. Europe is predicted to add around 1,307.0 MW installed capacity by 2020 to maintain its dominant position.
Some of the leading companies in the global thermal energy storage market are Baltimore Aircoil Company, TAS Energy, Ice Lings, FAFCO Thermal Storage Systems, Caldwell Energy, EVAPCO, Inc., Abengoa Solar, S.A, Goss Engineering, BrightSource Energy, Inc., and CALMAC.
Key segments of Global Thermal Energy Storage Market
Global Thermal Energy Storage Market: Technology Segment
- Sensible Heat
- Latent Heat
- Thermochemical Heat
Global Thermal Energy Storage Market: End Use Segment
- Commercial and Industrial
Global Thermal Energy Storage Market: Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
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Source:Transparency Market Research