Thermal Energy Storage Market 2028 BY Technology, Storage Material, Application, End-User and Geography | The Insight Partners

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Thermal Energy Storage Market to 2028 - Global Analysis and Forecasts by Technology (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage); Storage Material (Water, Molten Salt, PCM, Others); Application (Power Generation, District Heating and Cooling, Process Heating and Cooling); End-User (Commercial, Residential) and Geography

Report Code: TIPRE00005595 | No. of Pages: 150 | Category: Energy and Power | Status: Upcoming

MARKET OVERVIEW


The thermal energy storage refers to the storage of thermal energy by means of cooling, heating, vaporizing, solidifying, or melting of substances and reversing the process for later use. This is useful in balancing the demand and supply of the energy in residential, commercial and industrial entities. Besides, it is greener as it reduces greenhouse gases and decreases carbon footprint by eliminating the need for more fossil-based power plants. The thermal energy storage finds application in power generation, process heating and cooling and district heating and cooling.

MARKET SCOPE


The "Global Bunker Fuel Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the bunker fuel market with detailed market segmentation by technology, storage material, application, end-user and geography. The global bunker fuel market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading bunker fuel market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

  • The global thermal energy storage market is segmented on the basis of technology, storage material, application and end-user. 
  • Based on technology, the market is segmented as sensible heat storage, latent heat storage and thermochemical storage. 
  • By storage material, the market is segmented as water, molten salt, PCM, others. 
  • On the basis of the application, the market is segmented as power generation, district heating & cooling and process heating & cooling. 
  • The market on the basis of the end-user is classified as industrial and residential & commercial.

MARKET DYNAMICS

Drivers

  • The thermal energy storage market is anticipated to grow in the forecast period owing to driving factors such as increasing demands for thermal energy storage systems in HVAC and rising focus on adoption of the renewable energy generation, concentrated solar power (CSP) in particular. 
  • Moreover, with government incentives for the thermal energy storage system, we can expect good growth of the market in the developed countries..

Restraints

  • A lack of technical expertise may hamper market growth. Nonetheless, the untapped markets hold great potential for the thermal energy storage market during the forecast period.

REGIONAL FRAMEWORK


The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The bunker fuel oil market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the bunker fuel oil market in these regions.

IMPACT OF COVID-19 ON THERMAL ENERGY STORAGE MARKET

At the start of 2020, the development of renewable energy technologies in several markets was already challenged by financing, policy uncertainties, and grid integration, which has been intensified further by COVID-19. According to the IEA, the COVID-19 crisis has significantly impacted the global growth in renewable power capacity addition. According to the IEA estimates, the number of new renewable power installations worldwide is set to fall in 2020 as a result of the unprecedented global COVID-19 crisis. This marks the first annual decline in 20 years since 2000 for renewable energy capacity addition. The net additions of renewable electricity capacity in 2020 are projected to decline by 13% compared with 2019. The decline is represented by delays in construction activities due to supply chain disruptions caused mainly by China, lockdown measures across all major economies, social-distancing guidelines for workers, and the subsequent financing challenges. In 2021, renewable energy capacity addition is projected to increase with the resumption of the majority of the delayed projects. This will lead to a rebound in new installations, and as a result, the next year is forecast to reach the same level of renewable electricity capacity additions as in 2019.

This will be further supplemented by supportive government policies for renewable energy technologies in multiple countries. In addition, countries are likely to make investments in renewables a key part of stimulus packages to reinvigorate their economies. Advancements and investments in renewable technologies, such as solar and wind, can also help in economic development by creating jobs, reducing emissions, and fostering innovation. For the analysis of the COVID-19 impact on the market, we have considered key parameters such as the impact of COVID-19 on electricity demand and power sector investment. The IEA forecasts that renewable electricity capacity additions will decline by 13% in 2020, while CSP installed capacity additions will decline by 38% in 2020 as compared with 2019, the first downward trend since 2000. The COVID-19 impact is further intensified by policy uncertainties associated with the newly financed renewable energy projects, just before the COVID-19 outbreak. According to the Union of the Electricity Industry (Eurelectric AISBL), new investments by utilities are likely to decrease by 10 to 15% due to the COVID-19 outbreak. All these factors have been considered for the scenario analysis of COVID-19 impact on the global thermal energy storage market.

MARKET PLAYERS


The report covers key developments in the bunker fuel oil market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from bunker fuel oilmarket market are anticipated to lucrative growth opportunities in the future with the rising demand for bunker fuel oil market in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Bunker fuel oil market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

  • Abengoa Solar
  • Caldwell Energy
  • Baltimore Aircoil Company Inc.
  • Brightsource Energy Inc.
  • EVAPCO INC.
  • Terrafore Technologies LLC
  • Dunham-Bush Holding Bhd.
  • Goss Inc
  • Steffes Corp.
  • MAN Energy Solutions.

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
 

The List Of Companies

  1. Abengoa S.A.
  2. BrightSource Energy, Inc.
  3. Cryogel Thermal Energy Storage
  4. DN Tanks
  5. Evapco, Inc.
  6. Goss Engineering
  7. Ice Energy
  8. QCoefficient, Inc.
  9. SolarReserve, LLC
  10. 1Steffes, LLC
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