Thermal Energy Storage Market By Technology (Sensible, Latent, TCS), By Storage Material (Water, Molten Salt, Phase Change Material (PCM)), By End User (Commercial & Industrial, Utilities, Residential) - Growth, Share, Opportunities & Competitive Analysis, 2017 - 2025
This report titled “Thermal Energy Storage Market - Growth, Future Prospects, and Competitive Analysis, 2017 – 2025” offers strategic insights into the trends in thermal energy storage market along with the market size and forecast for the duration 2017 to 2025. The said research study incorporates in-depth analysis of multiple market segments based technology, storage material, end user and geographical distribution.
The global thermal energy storage market is expected to witness high growth with growing emphasis on reducing the emission of greenhouse gases and increase energy dependency on renewable energy sources anticipated to propel the demand for thermal energy storage systems. Furthermore, emergence in technology such as latent heat technology is projected to propel the demand for thermal energy storage market.
Key players in the thermal energy storage market accounting for the major share of the global thermal energy storage market. Further, increasing research and development and advancement in technology changing the nature of operations of the oil industry. Further, increasing shale gas exploration activities in Europe and Asia Pacific is further anticipated to fuel the demand for thermal energy storage over the forecast period
Rapid growth of this market has also resulted in creating further skilled job opportunities in major hubs spread across North America, Europe, Latin America, Middle East & Africa and Asia Pacific.
Based on technology, the global thermal energy storage market is segmented as sensible, latent and TCS. By storage material, the global thermal energy storage market is segmented into water, molten salt, phase change material (PCM) and others. In addition, thermal energy storage manufacturing companies, distributors and academic organizations form the major client types for thermal energy storage market. Market size (US$ Mn) and forecast for all the considered segmentation is presented in this report for the period 2015-2025 along with their respective CAGRs (%) for the forecast period 2017-2025.
In terms of geographical distribution, the global thermal energy storage market is a study for five major regions namely, North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Market size and forecast for each regional and country-level market are included in the report for the considered periods. To further elucidate, the geographical distribution of the global thermal energy storage market is performed as follows:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa (MEA)
- GCC
- Rest of MEA
Along with the quantitative information sets, this report also provides qualitative information such as market dynamics and executive summary for the global thermal energy storage market. Tools such as competition assessment and attractive investment proposition are also included in the report to provide the readers with competitive mapping assistance. This study concludes with company profiles section. This section includes major information about the key companies engaged in development, and provision of thermal energy storage.
Based on the technology, the global thermal energy storage market is segmented as follows:
- Sensible
- Latent
- Thermo Chemical Heat Storage (TCS)
On the basis of technology, the global thermal energy storage market can be segmented into sensible, latent and thermo chemical heat storage (TCS). In 2016, sensible heat technology segment accounted for the largest revenue share among all technology segments. Growth in installation of concentrated power plants with increasing use of thermal energy storage systems using sensible heat technology is projected to drive growth of the segment during the forecast period. However, growing popularity of latent heat technology thermal energy storage systems is anticipated to propel the growth of latent heat technology segment over the forecast period (2017-2025).
Based on the storage material, the global thermal energy storage market is segmented as follows:
- Water
- Molten Salt
- Phase Change Material (PCM)
- Others
On the basis of storage type, the global thermal energy storage market can be segmented into water, molten salt, phase change material and others. In 2016, molten salts segment accounted for the largest revenue share in the global thermal energy storage market. Properties of molten salts including high boiling point, low viscosity, high volumetric heat capacities and low vapor pressure increasing the adoption of molten salts as suitable energy storage material. Higher volumetric heat capacity of molten salts resembles less storage volume which in turn makes it suitable material for large energy storage materials in applications such as solar energy. Thus, growing array application for molten salts is projected to drive the growth of the segment during the forecast period (2017-2025).
Based on the end user, the global thermal energy storage market is segmented as follows:
- Commercial & Industrial
- Utilities
- Residential
On the basis of end user, the global thermal energy storage market can be segmented into commercial & industrial, utilities and residential users. In 2016, commercial & industrial end user was observed to be the largest application segment and is projected to maintain its dominance during the forecast period. Increasing demand for uninterrupted supply from commercial and industrial installations for continuous operations driving the demand for efficient power back up sources which in turn is anticipated to drive the growth of the segment over the forecast period. Furthermore, increasing adoption of roof top solar panels in households anticipated to fuel the growth of residential segment during the forecast period (2017-2025).
For the purpose of this study, the global thermal energy storage market is categorized into:
- North America
- Europe
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)
On the basis of geography, global thermal energy storage market can be segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In 2016, Europe is estimated to hold largest share in global thermal energy storage market and projected to maintain its dominance over the forecast period. Increasing investment in renewable energy to meet energy demand and growing inclination of governments to promote the usage of clean energy and reduce carbon foot prints is projected to drive the demand for thermal energy storage during the forecast period.
1. Preface
1.1. Report Scope and Description
1.2. Research Methodology
1.2.1. Phase I-Secondary Research
1.2.2. Phase II-Primary Research
1.2.3. Phase II-Expert Panel Review
1.2.4. Assumptions
1.2.5. Approach Adopted
2. Executive Summary
2.1. Global Thermal Energy Storage Market Snapshot
2.1.1. Global Thermal Energy Storage Market, by Technology, 2016
2.1.2. Global Thermal Energy Storage Market, by Storage Material, 2016
2.1.3. Global Thermal Energy Storage Market, by End User, 2016
2.1.4. Global Thermal Energy Storage Market, by Geography, 2016
2.1.5. Key Players
2.1.6. Drivers, Restrains & Future Prospects
3. Global Thermal Energy Storage Market Dynamics
3.1. Market Overview
3.1.1. Market Definition
3.1.2. Global Market Size & Forecast, 2015-2025
3.2. Drivers
3.3. Challenges
3.4. Future Prospects
3.5. Impact Analysis of Drivers and Challenges
3.6. Porter’s Five Force Analysis
3.6.1. Bargaining Power Of Suppliers
3.6.2. Bargaining Power Of Buyers
3.6.3. Threat Of Substitutes
3.6.4. Threat Of New Entrants
3.6.5. Industry Rivalry
4. Global Thermal Energy Storage Market Size & Forecast (US$ Mn), By Technology, 2015 – 2025
4.1. Overview
4.1.1. Market Share Analysis by Technology, 2016 vs. 2025
4.1.2. Attractive Investment Proposition by Technology
4.2. Sensible
4.3. Latent
4.4. TCS
5. Global Thermal Energy Storage Market Size & Forecast (US$ Mn), By Storage Material, 2015 – 2025
5.1. Overview
5.1.1. Market Share Analysis by Storage Material, 2016 vs. 2025
5.1.2. Attractive Investment Proposition by Storage Material
5.2. Water
5.3. Molten Salt
5.4. Phase Change Material (PCM)
5.5. Others
6. Global Thermal Energy Storage Market Size & Forecast (US$ Mn), By End User, 2015 – 2025
6.1. Overview
6.1.1. Market Share Analysis by End User, 2016 vs. 2025
6.1.2. Attractive Investment Proposition by End User
6.2. Commercial & Industrial
6.3. Utilities
6.4. Residential
7. Global Thermal Energy Storage Market Size & Forecast (US$ Mn), By Geography, 2015 – 2025
7.1. Overview
7.1.1. Market Share Analysis by Geography, 2016 vs. 2025
7.1.2. Attractive Investment Proposition by Geography
7.2. North America Thermal Energy Storage Market Analysis, 2015 – 2025
7.2.1. North America Thermal Energy Storage Market Overview
7.2.1.1. North America Market Size & Forecast (US$ Mn), 2015 - 2025
7.2.1.2. North America Market Attractive Investment Proposition, by Country
7.2.1.3. North America Market Attractive Investment Proposition, by Technology
7.2.1.4. North America Market Attractive Investment Proposition, by Storage Material
7.2.1.5. North America Market Attractive Investment Proposition, by End User
7.2.2. North America Thermal Energy Storage Market Size & Forecast (US$ Mn), By Country, 2015 – 2025
7.2.2.1. U.S.
7.2.2.2. Canada
7.2.3. North America Thermal Energy Storage Market Size & Forecast (US$ Mn), By Technology, 2015 – 2025
7.2.3.1. Sensible
7.2.3.2. Latent
7.2.3.3. TCS
7.2.4. North America Thermal Energy Storage Market Size & Forecast (US$ Mn), By Storage Material, 2015 – 2025
7.2.4.1. Water
7.2.4.2. Molten Salt
7.2.4.3. Phase Change Material (PCM)
7.2.4.4. Others
7.2.5. North America Thermal Energy Storage Market Size & Forecast (US$ Mn), By End User, 2015 – 2025
7.2.5.1. Commercial & Industrial
7.2.5.2. Utilities
7.2.5.3. Residential
7.3. Europe Thermal Energy Storage Market Analysis, 2015 – 2025
7.3.1. Europe Thermal Energy Storage Market Overview
7.3.1.1. Europe Market Size & Forecast (US$ Mn), 2015 - 2025
7.3.1.2. Europe Market Attractive Investment Proposition, by Country
7.3.1.3. Europe Market Attractive Investment Proposition, by Technology
7.3.1.4. Europe Market Attractive Investment Proposition, by Storage Material
7.3.1.5. Europe Market Attractive Investment Proposition, by End User
7.3.2. Europe Thermal Energy Storage Market Size & Forecast (US$ Mn), By Country, 2015 – 2025
7.3.2.1. U.K.
7.3.2.2. Germany
7.3.2.3. Italy
7.3.2.4. France
7.3.2.5. Rest of Europe
7.3.3. Europe Thermal Energy Storage Market Size & Forecast (US$ Mn), By Technology, 2015 – 2025
7.3.3.1. Sensible
7.3.3.2. Latent
7.3.3.3. TCS
7.3.4. Europe Thermal Energy Storage Market Size & Forecast (US$ Mn), By Storage Material, 2015 – 2025
7.3.4.1. Water
7.3.4.2. Molten Salt
7.3.4.3. Phase Change Material (PCM)
7.3.4.4. Others
7.3.5. Europe Thermal Energy Storage Market Size & Forecast (US$ Mn), By End User, 2015 – 2025
7.3.5.1. Commercial & Industrial
7.3.5.2. Utilities
7.3.5.3. Residential
7.4. Asia Pacific Thermal Energy Storage Market Analysis , 2015 – 2025
7.4.1. Asia Pacific Thermal Energy Storage Market Overview
7.4.1.1. Asia Pacific Market Size & Forecast (US$ Mn), 2015 - 2025
7.4.1.2. Asia Pacific Market Attractive Investment Proposition, by Country
7.4.1.3. Asia Pacific Market Attractive Investment Proposition, by Technology
7.4.1.4. Asia Pacific Market Attractive Investment Proposition, by Storage Material
7.4.1.5. Asia Pacific Market Attractive Investment Proposition, by End User
7.4.2. Asia Pacific Thermal Energy Storage Market Size & Forecast (US$ Mn), By Country, 2015 – 2025
7.4.2.1. China
7.4.2.2. Japan
7.4.2.3. India
7.4.2.4. Rest of Asia Pacific
7.4.3. Asia Pacific Thermal Energy Storage Market Size & Forecast (US$ Mn), By Technology, 2015 – 2025
7.4.3.1. Sensible
7.4.3.2. Latent
7.4.3.3. TCS
7.4.4. Asia Pacific Thermal Energy Storage Market Size & Forecast (US$ Mn), By Storage Material, 2015 – 2025
7.4.4.1. Water
7.4.4.2. Molten Salt
7.4.4.3. Phase Change Material (PCM)
7.4.4.4. Others
7.4.5. Asia Pacific Thermal Energy Storage Market Size & Forecast (US$ Mn), By End User, 2015 – 2025
7.4.5.1. Commercial & Industrial
7.4.5.2. Utilities
7.4.5.3. Residential
7.5. Latin America Thermal Energy Storage Market Analysis , 2015 – 2025
7.5.1. Latin America Thermal Energy Storage Market Overview
7.5.1.1. Latin America Market Size & Forecast (US$ Mn), 2015 - 2025
7.5.1.2. Latin America Market Attractive Investment Proposition, by Country
7.5.1.3. Latin America Market Attractive Investment Proposition, by Technology
7.5.1.4. Latin America Market Attractive Investment Proposition, by Storage Material
7.5.1.5. Latin America Market Attractive Investment Proposition, by End User
7.5.2. Latin America Thermal Energy Storage Market Size & Forecast (US$ Mn), By Country, 2015 – 2025
7.5.2.1. Brazil
7.5.2.2. Mexico
7.5.2.3. Rest of Latin America
7.5.3. Latin America Thermal Energy Storage Market Size & Forecast (US$ Mn), By Technology, 2015 – 2025
7.5.3.1. Sensible
7.5.3.2. Latent
7.5.3.3. TCS
7.5.4. Latin America Thermal Energy Storage Market Size & Forecast (US$ Mn), By Storage Material, 2015 – 2025
7.5.4.1. Water
7.5.4.2. Molten Salt
7.5.4.3. Phase Change Material (PCM)
7.5.4.4. Others
7.5.5. Latin America Thermal Energy Storage Market Size & Forecast (US$ Mn), By End User, 2015 – 2025
7.5.5.1. Commercial & Industrial
7.5.5.2. Utilities
7.5.5.3. Residential
7.6. Middle East & Africa (MEA) Thermal Energy Storage Market Analysis , 2015 – 2025
7.6.1. MEA Thermal Energy Storage Market Overview
7.6.1.1. MEA Market Size & Forecast (US$ Mn), 2015 - 2025
7.6.1.2. MEA Market Attractive Investment Proposition, by Region
7.6.1.3. MEA Market Attractive Investment Proposition, by Technology
7.6.1.4. MEA Market Attractive Investment Proposition, by Storage Material
7.6.1.5. MEA Market Attractive Investment Proposition, by End User
7.6.2. MEA Thermal Energy Storage Market Size & Forecast (US$ Mn), By Region, 2015 – 2025
7.6.2.1. GCC
7.6.2.2. Rest of MEA
7.6.3. MEA Thermal Energy Storage Market Size & Forecast (US$ Mn), By Technology, 2015 – 2025
7.6.3.1. Sensible
7.6.3.2. Latent
7.6.3.3. TCS
7.6.4. MEA Thermal Energy Storage Market Size & Forecast (US$ Mn), By Storage Material, 2015 – 2025
7.6.4.1. Water
7.6.4.2. Molten Salt
7.6.4.3. Phase Change Material (PCM)
7.6.4.4. Others
7.6.5. MEA Thermal Energy Storage Market Size & Forecast (US$ Mn), By End User, 2015 – 2025
7.6.5.1. Commercial & Industrial
7.6.5.2. Utilities
7.6.5.3. Residential
8. Company Profiles
8.1. Competitive Dashboard
8.2. Key Players
8.2.1. Abengoa Solar, S.A
8.2.1.1. Business Description
8.2.1.2. Financial Information*
8.2.1.3. Product Portfolio
8.2.1.4. Key Developments/ Business Strategies
8.2.1.5. SWOT Analysis
8.2.2. Brightsource Energy, Inc
8.2.3. Burns & Mcdonnell
8.2.4. Solarreserve, LLC
8.2.5. Baltimore Aircoil Company
8.2.6. Caldwell Energy
8.2.7. Calmac
8.2.8. Cristopia Energy Systems
8.2.9. Cryogel
8.2.10. Dc Pro Engineering
8.2.11. Dunham-Bush Holding Bhd.
8.2.12. Energy Storage Association
8.2.13. Goss Engineering
8.2.14. Ice Energy
8.2.15. International District Energy Association
8.2.16. Natgun Corporation (DN Tanks)
8.2.17. Steffes Corporation
8.2.18. Tas Energy Inc.
8.2.19. Evapco, Inc.
8.2.20. Fafco (Icestor)
8.2.21. Icelings
8.2.22. Sunwell Technologies
8.2.23. Qcoefficient
8.2.24. Finetex EnE
8.2.25. Chicago Bridge & Iron Company
8.2.26. Other Notable Players
Table 01: Global Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Geography, 2015-2025
Table 02: Global Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Technology, 2015-2025
Table 03: Global Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Storage Material, 2015-2025
Table 04: Global Thermal Energy Storage Market Value (US$ Mn) & Forecast, by End User, 2015-2025
Table 05: North America Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Country, 2015-2025
Table 06: North America Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Technology, 2015-2025
Table 07: North America Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Storage Material, 2015-2025
Table 08: North America Thermal Energy Storage Market Value (US$ Mn) & Forecast, by End User, 2015-2025
Table 09: Europe Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Country, 2015-2025
Table 10: Europe Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Technology, 2015-2025
Table 11: Europe Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Storage Material, 2015-2025
Table 12: Europe Thermal Energy Storage Market Value (US$ Mn) & Forecast, by End User, 2015-2025
Table 13: Asia Pacific Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Country, 2015-2025
Table 14: Asia Pacific Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Technology, 2015-2025
Table 15: Asia Pacific Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Storage Material, 2015-2025
Table 16: Asia Pacific Thermal Energy Storage Market Value (US$ Mn) & Forecast, by End User, 2015-2025
Table 17: Latin America Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Country, 2015-2025
Table 18: Latin America Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Technology, 2015-2025
Table 19: Latin America Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Storage Material, 2015-2025
Table 20: Latin America Thermal Energy Storage Market Value (US$ Mn) & Forecast, by End User, 2015-2025
Table 21: MEA Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Region, 2015-2025
Table 22: MEA Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Technology, 2015-2025
Table 23: MEA Thermal Energy Storage Market Value (US$ Mn) & Forecast, by Storage Material, 2015-2025
Table 24: MEA Thermal Energy Storage Market Value (US$ Mn) & Forecast, by End User, 2015-2025
Figure 01: Global Thermal Energy Storage Market Size (US$ Mn) & Forecast, 2015-2025
Figure 02: Global Thermal Energy Storage Market Share (Value %) Analysis by Geography, 2016 vs. 2025
Figure 03: Global Thermal Energy Storage Market Investment Proposition by Geography, 2017-2025
Figure 04: Global Thermal Energy Storage Market Investment Proposition by Technology, 2017-2025
Figure 05: Global Thermal Energy Storage Market Investment Proposition by Storage Material, 2017-2025
Figure 06: Global Thermal Energy Storage Market Investment Proposition by End User, 2017-2025
Figure 07: North America Thermal Energy Storage Market Investment Proposition by Country, 2017-2025
Figure 08: North America Thermal Energy Storage Market Investment Proposition by Technology, 2017-2025
Figure 09: North America Thermal Energy Storage Market Investment Proposition by Storage Material, 2017-2025
Figure 10: North America Thermal Energy Storage Market Investment Proposition by End User, 2017-2025
Figure 11: Europe Thermal Energy Storage Market Investment Proposition by Country, 2017-2025
Figure 12: Europe Thermal Energy Storage Market Investment Proposition by Technology, 2017-2025
Figure 13: Europe Thermal Energy Storage Market Investment Proposition by Storage Material, 2017-2025
Figure 14: Europe Thermal Energy Storage Market Investment Proposition by End User, 2017-2025
Figure 15: Asia Pacific Thermal Energy Storage Market Investment Proposition by Country, 2017-2025
Figure 16: Asia Pacific Thermal Energy Storage Market Investment Proposition by Technology, 2017-2025
Figure 17: Asia Pacific Thermal Energy Storage Market Investment Proposition by Storage Material, 2017-2025
Figure 18: Asia Pacific Thermal Energy Storage Market Investment Proposition by End User, 2017-2025
Figure 19: Latin America Thermal Energy Storage Market Investment Proposition by Country, 2017-2025
Figure 20: Latin America Thermal Energy Storage Market Investment Proposition by Technology, 2017-2025
Figure 21: Latin America Thermal Energy Storage Market Investment Proposition by Storage Material, 2017-2025
Figure 22: Latin America Thermal Energy Storage Market Investment Proposition by End User, 2017-2025
Figure 23: Middle East & Africa Thermal Energy Storage Market Investment Proposition by Region, 2017-2025
Figure 24: Middle East & Africa Thermal Energy Storage Market Investment Proposition by Technology, 2017-2025
Figure 25: Middle East & Africa Thermal Energy Storage Market Investment Proposition by Storage Material, 2017-2025
Figure 26: Middle East & Africa Thermal Energy Storage Market Investment Proposition by End User, 2017-2025
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