Thermal Energy Storage (TES) Market– Functional Survey 2028
A recent market intelligence report that is published by Data Insights Partner on the global Thermal Energy Storage (TES) Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Thermal Energy Storage (TES) Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Thermal Energy Storage (TES) Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Thermal Energy Storage (TES) Market is offered. In accordance with the report, the global Thermal Energy Storage (TES) Market is projected to expand by healthy CAGR of 14.4% over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Definition
Thermal Energy Storage (TES) Batteries, by definition, is used to store thermal energy in order to use it later, when the energy is needed. There are various technologies available to store solar energy such as sensible heat storage, latent heat storage etc. TES helps to balance the demand and supply of thermal energy by storing the additional energy during excess demand and providing it in future to meet the lack of supply.
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Market Drivers
The growing demand for energy storage to meet the demand for solar energy generation is the main driver behind the rapid growth of Thermal Energy Storage (TES) Market. The rising need of energy storage to reduce pollution, global warming and rapid fuel wastage is pushing the market growth rate of electric batteries really high.
Beside this, the rapid urbanization, growing population, rising per capita income are also some of the key players behind the rapid growth of the Thermal Energy Storage (TES) Market.
Aside from these, the government incentives and subsidies to promote renewable energy generation and sources and the rising foreign investments in the Thermal Energy Storage (TES) sector are also adding fuel to this increasing market growth.
The regular introduction of different and brand-new types of Thermal Energy Storage (TES) with better technologies and qualities in different price range to satisfy the varying tastes of the customers is also attracting new consumers and thus helping the growth rate of Thermal Energy Storage (TES) Market to rise high. The convenience and efficiency of Thermal Energy Storage (TES) is also helping in the expansion of the said market.
Market Restraints
The Thermal Energy Storage (TES) Market has a huge potential. Though it is expanding very fast day by day, many things are preventing it from using its full potential. Some of these restraints are–
High prices of the raw materials, high installation, maintenance and repairing costs, high cost of R&D activities and high tariffs and import costs resulting into high cost of the premium quality end products.
Lack of awareness about the availability and benefits of the Thermal Energy Storage (TES) in the developing countries.
Availability of substitutes such as pumped storage and battery storage at lower prices.
Opportunities
The Thermal Energy Storage (TES) Sector is expected have huge opportunities as the commercial sector is expanding rapidly due to its rapid usage renewable energy generating sectors. The decentralization of this market is also creating further opportunities for growth.
Trends
During the forecast period, Europe followed by North America and Asia Pacific are expected to have the largest share of Thermal Energy Storage (TES) Market. The demand for these products in the North American region is driven by its expanding renewable power generating sectors and growing concerns regarding environmental damages, growing population and rising disposable income among individuals. It is also believed that on the basis of material type, the molten salts segments will face the highest growth rate for its relatively low costs, high heat resistance and insulation properties, efficiency and convenience. By technology type, the sensible heat storage segment will face the highest growth rate as it mainly based on molten salts made storage spaces.
Segment Covered:
This market intelligence report on the global Thermal Energy Storage (TES) Market encompasses market segments based on storage material, technology, application, end usage and country.
By Storage Material the global Thermal Energy Storage (TES) Market has been divided into:
q Water
q Molten Salts
q Phase Change Materials
q Others
By Technology the global Thermal Energy Storage (TES) Market has been divided into:
q Sensible Heat Storage
q Latent Heat Storage
q Thermochemical Storage
q Others
By Application the global Thermal Energy Storage (TES) Market has been divided into:
q Power Generation
q District Heating and Cooling
q Process Heating and Cooling
q Others
By End Usage the global Thermal Energy Storage (TES) Market has been divided into:
q Utilities
q Industrial
q Government
q Commercial
By country/region, the global Thermal Energy Storage (TES) Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q Abengoa Solar
q Baltimore Air Coil Technology
q BrightSource Energy
q Burns & McDonnell
q Calmac
q Caldwell Energy
q Cristopia Energy
q Cryogel
q DC Pro Engineering
q DN Tanks
q Dunham Bush
q Evapco Inc.
q Fafco
q Goss Engineering
q LIME
q MAN Energy Solutions
q SolarReserve
q Steffes Corporation
q Sunwell Tehnologies
q Turbine Air Systems (TAS)
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Thermal Energy Storage (TES) Market related investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
SolarReserve
In August, 2018, the Australian power storage providing firm SolarReserve has signed an agrrement with the South Australian Government to provide a 150MW solar thermal power station. The company has also announced their expansion by adding a 70 MW solar farm to Port Augusta concentrating solar power tower in the South Australia in May, 2018. The new farm would provide the molten salt storage facility and deliver the electricity at USD 78/MWh.
Sunwell Technologies
The Canadian cooing and heating solution manufacturer Sunwell Technologies has recently announced the launching of their new TES which would be used for the purpose of cooling and air conditioning.
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Salient Features:
Ø This study offers comprehensive yet detailed analysis of the Thermal Energy Storage (TES) Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Thermal Energy Storage (TES) Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of different type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Thermal Energy Storage (TES) caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Thermal Energy Storage (TES) Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Thermal Energy Storage (TES) Market
v Identification of key factors driving investment opportunities in the Thermal Energy Storage (TES) Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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