Thermal energy storage Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023 | Global Market for Thermal Energy Storage is likely to Grow at the CAGR of around 10.03%

Pune, India -- (SBWire) -- 09/18/2018 --Global Thermal Energy Storage Market Highlights:-

Thermal energy storage provides an effective way of utilizing the energy that is otherwise wasted in several processes and is also becoming important for saving and conservation of electricity. The need for reducing greenhouse gas emissions and introducing mixed energy sources in global utilities changes the global power generation and distribution scenario. Moreover, features such as lower capital costs as compared to other storage technologies as well as very high operating efficiency helps to boost the thermal energy storage market. The need for a sustainable energy solution for daily needs has fueled the demand for thermal energy storage systems globally.

The growing Concentrating Solar Thermal Power (CSP) installations and the increasing demand for thermal energy storage in HVAC systems are some of the major reasons behind the growing thermal energy storage market. As per the study conducted by Market Research Future, the global market for thermal energy storage is likely to grow at the CAGR of around 10.03%.

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The report has analyzed the market based on technologies, end use and the regions of North America, Europe, APAC and ROW (rest of the world). On the basis of Technology it includes Sensible heat, Latent heat, and Thermochemical heat. Sensible heat storage is the most common method and has been employed for hundreds of years as hot water tanks. On the basis of end use, it is segmented as Commercial, Industrial, Utilities and Residential.

Leading Key Players:
Caledonian MacBrayne and CalMac (U.K.), DN Tanks, Inc. (U.S.), Ice Energy Holdings, Inc. (U.S.), Steffes Corporation (U.S.), Burns & McDonnell (U.S.), Fafco, Inc (U.S) and Abengoa Solar (Spain) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Thermal Energy Storage Market.

Industry News:-
In November, 2017 – Trane, a leading global provider of indoor comfort systems and services and a brand of Ingersoll Rand, announced that it has acquired CALMAC Corp., a privately held company specializing in cool energy technologies including IceBank storage tanks.

In January, 2018 – Microsoft Highlights Steffes' Mission to Revolutionize Renewable Energy Storage. Microsoft visited Dickinson facility in October to talk about Steffes' ongoing mission to revolutionize how renewable energy is utilized through grid interactive storage.
In June, 2017 – Ice Energy, the leading provider of distributed thermal energy storage solutions, announced that its Ice Bear 20 home cooling and energy storage system has achieved a Seasonal Energy Efficiency Ratio (SEER) of 14.56 when operating like a conventional AC unit, and when operating in its ice cooling mode using stored ice, an unprecedented Energy Efficiency Ratio (EER) of 150.

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Scope of the Report:-
This study provides an overview of the global Thermal energy storage industry, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global thermal energy storage market by Technology and End use. On the basis of technology it is segmented as Sensible heat, Latent heat and Thermochemical heat. On the basis of end use it is segmented as Commercial & Industrial, Utilities, and Residential.

Market Research Analysis:-
The Europe is dominating the market of thermal energy storage. High investments and growing demand for thermal energy storage are some of the factor which drives the demand for thermal energy storage market. The need for reducing greenhouse gas emissions and introducing mixed energy sources in global utilities changes the scenario for the global market. Moreover, molten salt thermal energy storage market is growing fast due to the high reliability, high performance, and optimized cost of these systems. Thermal storage companies tend to offer their technologies as an important part of the project for new construction of buildings or as part of a major retrofit project that will replace or expand an existing cooling system. Such solutions can be implemented in buildings, towns and districts.