Thermal energy storage market :future prediction and analysis.
According to a new report published by Allied
Market Research, titled, Thermal
Energy Storage Market by Technology, Type, and End User: Global Opportunity
Analysis and Industry Forecast, 2017-2023, the global thermal energy storage market was valued at $3,988 million in 2016, and is estimated to
reach $8,862 million by 2023, registering a CAGR of 10.9% from 2017 to 2023. In
2016, the sensible heat storage segment accounted for more than half the share
of the total market.
Thermal energy storage, also known as heat storage, is a
highly efficient and simple method of transfer that does not involve any
chemical conversion. It is an advanced energy technology for different thermal
applications such as space heating and cooling & air conditioning. In
addition, it is one of the most feasible eco-friendly solutions of energy saving,
which store cold winter air for air conditioning during summer and stock solar
energy for space heating during winter. It is widely used in numerous
applications to maintain the supply and demand of energy.
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Lack of awareness with respect to storage technology,
the additional cost associated with the use of thermal energy storage systems,
and need for highly skilled technicians to maintain the system restrain the
market growth during the forecast period. In addition, an increase in the
adoption of renewable technology is expected to deliver a substantial growth
opportunity in the near future.
The sensible heat storage segment dominated the global
market in 2016, in terms of both value & volume, and is expected to
dominate the market during the forecast period. Sensible heat storage is the
most commonly used method for heat & cold storage, owing to its low heat
losses. It is used in residential & commercial sectors, owing to its cost
benefits.
In 2016, the water segment is the most commercially used
heat storage medium. Moreover, storage of sensible heat in water dominates the
global market, owing to the ease of use and cost. The utility segment dominated
the global market in 2016, in terms of both value and volume.
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In 2016, North America dominated the global market,
owing to the high energy storage capacity and increase in penetration of
thermal storage particularly in the U.S. In addition, rapid penetration of
renewable energy has changed the energy landscape thus boost the thermal energy
storage in this region. The U.S. dominated the North America thermal energy
storage market in 2016, followed by Canada. Europe is the second leading
geographical segment, which is expected to register a CAGR of 11.3% from 2017
to 2023.
The key companies profiled in the report include Calmac,
Abengoa Solar, Caldwell Energy, Baltimore Aircoil Company Inc., Chicago Bridge
& Iron Company, BrightSource Energy Inc., DC Pro Engineering LLC., Burns
& McDonnell, Evapco Inc., and DN Tanks.
Key Findings of the Thermal Energy
Storage Market:
- In
2016, North America dominated the global market, with around half share in
the overall market.
- The
latent heat storage segment is estimated to grow at the highest CAGR of
11.5% from 2017 to 2023.
- In
2016, the water segment accounted for more than onethird share in global
market.
- The
phase change material (PCM) segment is estimated to grow at the highest
CAGR of 11.4% during the forecast period.
- In
2016, the utility segment accounted for more than half share in total
market.
- The
residential end-use segment is projected to grow at the highest CAGR of
12.2% during the forecast period.
- Asia-Pacific
is expected to grow at the highest CAGR of 11.6% during the forecast
period.
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Energy Storage Market @ https://www.alliedmarketresearch.com/request-for-customization/2198?reqfor=covid
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