Thermal Energy Storage Market to exceed $6.20 Billion by 2022

According to the new market research report Thermal Energy Storage Market by Technology (Sensible, Latent, and TCS), Storage Material (Water, Molten Salt, and PCM), Application (Power Generation, District Heating & Cooling, and Process Heating & Cooling), End-User, and Region – Global Forecast to 2022, published by MarketsandMarkets™, The thermal energy storage market is expected to grow from an estimated USD 3.67 Billion in 2017 to USD 6.20 Billion by 2022, registering a CAGR of 11.0% from 2017 to 2022.

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The global Thermal Energy Storage Market is witnessing a significant growth due to rising impetus on renewable energy generation such as concentrated solar power, increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems.

The report segments the thermal energy storage market based on technology into sensible heat, latent heat, and Thermochemical Storage (TCS). The sensible heat thermal energy storage market is expected to dominate the global thermal energy storage market by 2022. It is driven by installation of molten salt based thermal energy storage systems being installed in Concentrated Solar Power Plants (CSP).

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Molten salt is expected to hold the largest market share of the thermal energy storage market, by storage material, during the forecast period

The molten salt based thermal energy storage segment is expected to hold the largest share in the thermal energy storage market during the forecast period. Molten salts have high boiling points, low viscosity, low vapor pressure, and high volumetric heat capacities. A higher heat capacity corresponds to a smaller storage tank volume. Molten salt can function as a large-scale thermal storage method that would allow other energy sources, such as solar, to become more feasible by smoothing out the fluctuations in demand and weather. Looking to the future after depleting carbon-based fuel, the successful demonstration of molten salt storage for solar power, provides an edge for tapping into the desert areas to meet power demands. The Middle East & African market is driven by the implementation of concentrating solar projects based on molten salt storage material.

The Middle East & Africa is the largest market for thermal energy storage

In this report, the thermal energy storage market has been analyzed with respect to four regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Middle East & Africa is estimated to be the largest market for thermal energy storage by 2022. Heat thermal storage and molten salt thermal storage are major technology types employed in South Africa. Majority of thermal storage projects are present in Northern Cape in the country. South Africa is endowed with enormous solar and wind resources. This will drive the thermal energy storage market in the country during the forecast period.

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Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar (Spain), SolarReserve, LLC (U.S.), and Burns & McDonnell (U.S.) among others are few leading players in the thermal energy storage market.

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