Emerging energy demands in the commercial, industrial, and utility sectors vary from day to day. Such a rise in usage of energy has increased the demand for thermal energy storage system to meet the energy demands. A variety of thermal energy storage techniques have developed over the past few years owing to increasing electric penetration in industrial countries.
Thermal energy storage is a technology used to store thermal energy through two methods I.e., sensible heat storage, latent heat storage and thermochemical heat storage. The energy stored can be later used after months, years, and decades for power generation. Moreover, the technology is considered as a primary renewable method for electricity generation. TES has a wide variety of applications, such as process heating & cooling, district heating & cooling, power generation, ice storage air-conditioning, and others among which heating and cooling dominates the market. It provides a link and buffer between a heat source and a heat user. A common example of this system is the solar hot water storage system. Considering the end-users, the market is segmented into industrial, utilities, and residential & commercial.
Cost competitive energy sources; supporting government policies and schemes, and the growing demand for various power supply in processing industries across the globe are the key factors driving the growth of the market. Thermal energy storage is expected to consider as an attractive option in the industrial and commercial sector that will lead to, increased energy efficiency and environmental benefits.
Rising demand for renewable energy to accelerate the growth
The growing demand for renewable energy, coupled with the growing concerns over the emerging fuel prices and the adverse effects of greenhouse gas emissions, is boosting the growth of the global market for thermal energy storage. Increasing consumption of energy is another major factor driving the market demand. Depletion of various energy resources have given rise to technologies to save the energy for future use.
The thermal energy storage has a high number of benefits such as thermal stored energy is comparatively cheaper than other energy sources and companies who use stored energy for their industrial purpose are provided with green building certification. It enhances a number of values like reduced operating costs, greater resale value, higher occupancy and improved worker productivity among other benefits. Moreover, thermal usage of thermal energy storage increases the reliability of the system.
Increasing penetration in emerging economies worldwide
North America dominates the global thermal energy storage market in terms of revenue owing to the presence of ample untapped opportunities; increase in penetration of thermal storage; and an increase in demand for energy. In terms of growth, Asia-Pacific can be estimated to grow at the higher CAGR due to increasing demand for energy, both conventional and renewable.
New product pioneers: The key to success
Key leading thermal energy storage manufacturers and service providers are involved in the adoption of various strategies to enhance the market growth. For instance, new product developments, partnerships, agreements, collaborations, and joint ventures are continually evolved with the increasing market penetration and changing technical requirements of the different end-use applications. Some of the leading players in the market include CALMAC, Evapco, Inc., Chicago Bridge & Iron Company (CB&I), and Gross Engineering, Inc.