Global Thermal Energy Storage Market Is Likely To Spur Due To Spike In Its Demand In HVAC System

Thermal Energy Storage

Thermal energy storage is a way to store energy for future use. Thermal energy storage is also referred to as heat storage. It is also a highly efficient and easy way of transferring energy which actually does not require any chemical conversion. It is the most feasible and environment-friendly energy-saving solution. It holds the thermal energy for some particular time in cold or hot form for further usage. Such a system can lower the carbon dioxide emissions and also the energy consumed by end-users. It also reduces the demand for energy during peak hours. It is widely used in thermal power plants, combined heat & power plants, solar plants, and other process industries.

The growing preference of people towards renewable energy generation like concentrated solar power is driving the growth of the global thermal energy storage market significantly. However, the spike in demand for such storage systems in the HVAC system is further likely to complement the growth. The increasing number of thermal energy projects is also fuelling the demand for such a storage system. For instance, the U.S. accounts for 33% of the 18 under projects in 2018 and around 41% of the 1361 operational projects globally. The advent of lithium-ion batteries in the thermal energy storage sector is likely to further widen its scope.

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The global thermal energy storage market can be segmented into end-user, application, storage, material, technology, product, and region.

By end-user, the market can be segmented into residential, commercial utilities, and industrial.

By application, the market can be segmented into ice storage, air conditioning, power generation, district heating & cooling, process heating & cooling, and others.

By storage, the market can be segmented into the water, phase change material, molten salt, and others.

By technology, the market can be segmented into miscibility gap alloy technology and others. By product, the market can be segmented into thermochemical heat storage, latent heat storage, and sensible heat storage.

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Europe accounts for the largest share in the global thermal energy storage market due to the growing requirements for a storage system that is used for district heating, water heating, space heating, cooling, and power generation.

Some of the significant players in the global thermal energy storage market are Chicago Bridge & Iron Company (CB&I), CALMAC, Burns & McDonnell, Caldwell Energy, BrightSource Energy Inc., TAS Energy, Ice Lings, EVAPCO Inc., Baltimore Aircoil Company, Abengoa Solar S.A., and Goss Engineering Inc. To cite, SolarReserve in August 2018 has signed an agreement with the South Australian Government (Australia) to develop a 150 MW solar thermal power station. It will utilize molten salt for its storage.

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