Albany, NY -- (SBWIRE) -- 04/15/2015 -- Transparency Market Research has released a new market research report. According to the report, the global thermal energy storage installed capacity stood at 2,038.3 MW in 2013 and is anticipated to reach 6,070.2 MW by 2020, expanding at a CAGR of 17.1% from 2014 to 2020. In terms of revenue, the global thermal energy storage market was valued at USD 627.6 million in 2013 and is projected to reach USD 1,818.8 million by 2020, expanding at a CAGR of 16.7% between 2014 and 2020.

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Global demand for energy is increasing due to rising population. Improved standard of living also acts as a catalyst for demand for energy. Demand for primary energy is likely to increase at a rate of 1.6% p.a. from 2011 to 2030. Furthermore, energy-related environmental concerns such as stratospheric ozone depletion, increasing amount of carbon in the atmosphere, and acid precipitation are projected to rise in the near future. End-users are shifting to renewable energy sources due to the rise in energy costs and growing importance of environmental protection. Renewable energy sources, particularly solar and wind, are gaining importance as means to achieve higher efficient and environment-friendly energy.

Renewable energy sources are time dependent in nature, i.e., they are not available throughout the day. Hence, it is difficult to utilize these sources to their full capacities. The time dependent and intermittent nature of renewable energy sources increases the need for energy storage devices. These devices are required to store energy during the availability hours and supply energy during the non-availability hours of renewable energy sources. Thermal energy storage is defined as the temporary holding of thermal energy for later usage.

Sensible heat storage is expected to dominate the global thermal energy storage market during the forecast period. However, the market share of this technology is anticipated to decrease owing to their low storage capacity per volume of the storage medium and advancements in technologies such as latent heat and thermochemical storage. Latent heat and thermochemical storage technologies are being used increasingly across the globe, primarily due to their ability to provide high-energy storage density. The market for thermal energy storage based on the end-use application has been bifurcated into commercial and industrial, utilities, and residential segments. Commercial and industrial accounted for majority of the market share in 2013. Rising demand for backup power supplies coupled with increasing energy prices is driving growth in this segment. The future of the thermal energy storage technology is dependent on regulatory framework and structures.

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Europe accounted for the largest market share in terms of thermal energy storage capacity installations in 2013. The European Union's strong emphasis on energy efficiency and growing share of renewable energy generation has resulted in significant increase in the total thermal storage installed capacity in the region. Europe is likely to add nearly 1,307.0 MW of capacities by 2020. Higher investments in solar thermal energy would drive growth in the region. North America is a relatively mature market and is likely to exhibit moderate to high growth during the forecast period. Increasing need for energy efficient and sustainable future is estimated to boost the thermal energy storage market in Asia Pacific. Countries in the Middle East and Africa have set aggressive targets to expand the share of renewable energy sources in the overall power generation portfolio. This is likely to play a key role in the growth of the thermal energy storage market in RoW.

thermal-energy-storage-market

Key players in the market include CALMAC, EVAPCO, Inc., Chicago Bridge & Iron Company (CB&I), and Goss Engineering, Inc. The report also profiles market players such as Abengoa Solar, S.A., Baltimore Aircoil Company, BrightSource Energy, Inc., Burns & McDonnell, Caldwell Energy, FAFCO Thermal Storage Systems, Ice Lings, Steffes Corporation, and TAS Energy. The research study has been segmented as below:

Global Thermal Energy Storage Market: Technology Segment
Sensible Heat
Latent Heat
Thermochemical Heat

Global Thermal Energy Storage Market: End-use Segment
Commercial and Industrial
Utilities
Residential

Global Thermal Energy Storage Market: Regional Analysis
North America
Europe
Asia Pacific
Rest of the World (RoW)

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