Pune, India -- (SBWIRE) -- 10/23/2017 -- Market Highlights
Thermal energy technologies minimize energy consumption resulting an increase in energy through the utilization of renewable sources. Sources of thermal energy include heat pumps, peak shaving, heat generated by power plants and heat from wastes.
Solar thermal energy investments are fueling the market for thermal energy. Thermal energy storage systems stock up energy for later use, ice-slush tanks, aquifers, insulated lined pits and eutectic, and phase-changing materials. Thermal energy storage is a system combining three major storage technologies which includes Sensible heat, Latent heat and Thermochemical heat. Additionally, R&D focuses on thermal energy storage market for improving efficiency, reducing environmental effect and lowering the cost. Government initiatives for solar power acts as a driving factor for the growth of thermal energy storage market. Moreover, environmental concerns in countries such as China and India lead to the growth of Thermal Energy Storage Market.

Key Players
The key players of global thermal energy storage market include
- Caledonian MacBrayne
- 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)
- Abengoa Solar (Spain).

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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 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. The commercial and industrial sectors are the fastest and largest growing market, owing to the exponential rise in the demand for effective backup power supply. The global thermal energy storage market is expected to cross USD XX Billion by the end of the forecast period and is expected to grow at CAGR of approximately XX % from 2016 to 2022.

Europe to be the largest market
Europe is projected to dominate the thermal energy storage market. Higher investments on solar energy as well as the lower costs of power generation are some of the factors driving the market in Europe region. Moreover, Europe is also showing great potential for replacement of fossil fuels with utilization of waste heat. Recently, newer developments like seasonal thermal storage and molten salt thermal storage have allowed for the storage of energy during summer as well as in winters.

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The report for Global Thermal Energy Storage Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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