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

“The thermal storage market is projected to grow at a CAGR of 11.0% from 2017 to 2022”
The thermal energy storage market is projected to reach USD 6.20 billion by 2022, growing at a CAGR of 11.0% from 2017 to 2022. Rising momentum of renewable energy generation (concentrated solar power), increasing demand for Thermal Energy Storage (TES) in HVAC for district heating & cooling, and process heating & cooling are expected to drive the TES market. On the other hand, high grid interconnection barriers and lack of technical expertise are the major restraints of the global thermal energy storage market.
“The sensible heat segment is expected to grow at the fastest CAGR from 2017 to 2022”
Sensible heat based thermal energy storage has maximum share in the total thermal energy storage market. The most widely commercially used storage material for sensible heat storage medium is water, which is economical to operate and has a number of residential and industrial applications. With regards to technology, the sensible heat segment is estimated to grow at the fastest CAGR during the forecast period. The market is driven by increasing demand for renewable power, such as Concentrating Solar Power (CSP) plants, in the Middle East & Africa. Latent heat storage of thermal energy held the second highest market size in the total thermal energy storage market by technology.
“The district heating and cooling segment is expected to grow at the fastest CAGR from 2017 to 2022”
Variations in electricity demand for district heating and cooling applications can be seen during the day. TES systems play a significant role in storing unused and waste energy to be used during deficit periods. This helps in exploiting the total energy over a period without the use of excess fossil fuels. They would reduce the district heating carbon footprint drastically. It is driven by technological advancement in the production of cost-effective storage material and growing demand for CSP systems.
“Middle East & Africa: The largest market for thermal energy storage”
The Middle East & Africa is expected to be the largest market for thermal energy storage, with South Africa being the biggest market in the region. It is estimated to dominate the global market during the forecast period, as they are best suited for CSP plants integrated with molten salt based thermal energy storage. Asia-Pacific, on the other hand, is expected to be the second fastest growing market for thermal energy storage. This is to meet its energy needs at affordable energy costs and minimum environmental damage, and adoption of renewable technology.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 27%, Tier 3- 13%
By Designation: C-Level- 35%, D-Level- 25%, Others- 40%
By Region: Asia-Pacific- 45%, Europe- 30%, Americas- 15%, Middle East & Africa- 10%
Note: The tier of the companies has been defined on the basis of their total revenue, as of 2015: Tier 1 = >USD 501 million, Tier 2 = From USD 251 million to USD 500 million, and Tier 3 = The leading players in the thermal energy storage market include 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.



Research Coverage:
The report provides a picture on the thermal energy storage market across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments, such as system type, end-user, power rating, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders or new entrants in this market by providing them the closest approximations of revenue numbers for the overall thermal energy storage market and the sub segments. This report will help stakeholders to better understand the competitor landscape & gain more insights to better position their businesses and make suitable go to market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Why buy this report?
1. The report identifies and addresses key markets for thermal energy storage, which is useful for suppliers to review the growth in demand for the product.
2. The report helps solution providers to understand the pulse of the market and provide insights on drivers, restraints, and challenges.
3. The report will help key players to better understand the competition strategies and will further help in making strategic decisions.

TABLE OF CONTENTS

1 INTRODUCTION 14
1.1 OBJECTIVES OF THE STUDY 14
1.2 MARKET DEFINITION 14
1.3 MARKET SCOPE 15
1.3.1 MARKETS COVERED 15
1.3.2 REGIONAL SCOPE 16
1.3.3 YEARS CONSIDERED FOR THE STUDY 16
1.4 CURRENCY 17
1.5 LIMITATIONS 17
1.6 STAKEHOLDERS 17
2 RESEARCH METHODOLOGY 18
2.1 INTRODUCTION 18
2.1.1 SECONDARY DATA 19
2.1.1.1 Key data from secondary sources 19
2.1.2 PRIMARY DATA 20
2.1.2.1 Key data from primary sources 20
2.1.2.2 Key industry insights 21
2.1.2.3 Breakdown of primaries 21
2.2 MARKET SIZE ESTIMATION 22
2.3 MARKET BREAKDOWN & DATA TRIANGULATION 24
2.4 RESEARCH ASSUMPTIONS & LIMITATIONS 25
2.4.1 ASSUMPTIONS 25
3 EXECUTIVE SUMMARY 26
3.1 INTRODUCTION 26
3.2 HISTORICAL BACKDROP AND EVOLUTION 26
3.3 CURRENT SCENARIO 27
3.4 FUTURE OUTLOOK 28
3.5 CONCLUSION 31
4 PREMIUM INSIGHTS 32
4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE MIDDLE EAST & AFRICA IN THERMAL ENERGY STORAGE 32
4.2 THERMAL ENERGY STORAGE MARKET SHARE, BY TECHNOLOGY, 2017–2022 33
4.3 THERMAL ENERGY STORAGE USING WATER IS EXPECTED TO GROW AT THE HIGHEST GROWTH RATE FROM 2017 TO 2022 33
4.4 THERMAL ENERGY STORAGE MARKET, BY APPLICATION 34
4.5 THERMAL ENERGY STORAGE MARKET: STORAGE MATERIAL VIS-A-VIS. TECHNOLOGY 34
4.6 AMERICAS: THE LARGEST MARKET IN 2016 35
5 MARKET OVERVIEW 36
5.1 INTRODUCTION 37
5.2 MARKET SEGMENTATION 37
5.2.1 BY TECHNOLOGY 37
5.2.2 BY STORAGE MATERIAL 38
5.2.3 BY APPLICATION 38
5.2.4 BY END-USER 38
5.2.5 BY REGION 39
5.3 MARKET DYNAMICS 40
5.3.1 DRIVERS 41
5.3.1.1 Rising impetus on renewable energy generation such as concentrated solar power 41
5.3.1.2 Increasing demand for thermal energy storage systems in HVAC 42
5.3.1.3 Government incentives for thermal energy storage systems 42
5.3.2 RESTRAINTS 43
5.3.2.1 High grid interconnection barriers 43
5.3.2.2 Lack of technical expertise 43
5.3.3 OPPORTUNITIES 44
5.3.3.1 High demand in CSP, especially in the Middle East & African region 44
5.3.4 CHALLENGES 45
5.3.4.1 High initial set-up costs 45
6 THERMAL ENERGY STORAGE MARKET, BY TECHNOLOGY 46
6.1 INTRODUCTION 47
6.2 SENSIBLE HEAT STORAGE TECHNOLOGY 48
6.3 LATENT HEAT STORAGE TECHNOLOGY 49
6.4 THERMOCHEMICAL STORAGE TECHNOLOGY 50
7 THERMAL ENERGY STORAGE MARKET, BY STORAGE MATERIAL 52
7.1 INTRODUCTION 53
7.2 WATER 54
7.3 MOLTEN SALT 55
7.4 PHASE CHANGE MATERIAL (PCM) 56
7.5 OTHERS 56
8 THERMAL ENERGY STORAGE MARKET, BY APPLICATION 58
8.1 INTRODUCTION 59
8.2 POWER GENERATION 60
8.3 DISTRICT HEATING & COOLING 61
8.4 PROCESS HEATING & COOLING 61
9 THERMAL ENERGY STORAGE MARKET, BY END-USER 63
9.1 INTRODUCTION 64
9.2 RESIDENTIAL & COMMERCIAL 65
9.2.1 UTILITIES 65
9.3 INDUSTRIAL 66
10 THERMAL ENERGY STORAGE MARKET, BY REGION 68
10.1 INTRODUCTION 69
10.2 ASIA-PACIFIC 70
10.2.1 BY STORAGE MATERIAL 72
10.2.2 BY TECHNOLOGY 72
10.2.3 BY APPLICATION 73
10.2.4 BY END-USER 73
10.2.5 BY COUNTRY 74
10.2.5.1 China 74
10.2.5.2 India 75
10.2.5.3 Australia 75
10.2.5.4 Rest of Asia-Pacific 76
10.3 EUROPE 76
10.3.1 BY STORAGE MATERIAL 77
10.3.2 BY TECHNOLOGY 77
10.3.3 BY APPLICATION 78
10.3.4 BY END-USER 78
10.3.5 BY COUNTRY 79
10.3.5.1 France 79
10.3.5.2 Germany 80
10.3.5.3 Spain 80
10.3.5.4 U.K. 81
10.3.5.5 Italy 81
10.3.5.6 Rest of Europe 82
10.4 AMERICAS 82
10.4.1 BY STORAGE MATERIAL 82
10.4.2 BY TECHNOLOGY 83
10.4.3 BY APPLICATION 84
10.4.4 BY END-USER 84
10.4.5 BY COUNTRY 85
10.4.5.1 U.S. 85
10.4.5.2 Canada 86
10.4.5.3 Chile 86
10.4.5.4 Rest of Americas 87
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10.5 MIDDLE EAST & AFRICA 87
10.5.1 BY STORAGE MATERIAL 89
10.5.2 BY TECHNOLOGY 89
10.5.3 BY APPLICATION 90
10.5.4 BY END-USER 90
10.5.5 BY COUNTRY 91
10.5.5.1 South Africa 91
10.5.5.2 UAE 92
10.5.5.3 Morocco 92
10.5.5.4 Rest of Middle East & Africa 93
11 COMPETITIVE LANDSCAPE 94
11.1 OVERVIEW 94
11.2 MARKET RANKING 95
11.3 COMPETITIVE SITUATION & TRENDS 95
11.4 THERMAL ENERGY STORAGE MARKET: MNM DIVE VENDOR COMPARISON 97
12 COMPANY PROFILES 100
(Overview, Products & Services, Strategies & Insights, Developments and MnM View)*
12.1 INTRODUCTION 100
12.2 ABENGOA SOLAR, S.A. 101
12.3 BRIGHTSOURCE ENERGY, INC. 104
12.4 SOLARRESERVE, LLC 105
12.5 BALTIMORE AIRCOIL COMPANY 107
12.6 CALDWELL ENERGY 109
12.7 BURNS & MCDONNELL 110
12.8 CALMAC 112
12.9 CRISTOPIA ENERGY SYSTEMS 114
12.10 CRYOGEL 115
12.11 DC PRO ENGINEERING 116
12.12 DUNHAM-BUSH HOLDING BHD. 117
12.13 ENERGY STORAGE ASSOCIATION 118
12.14 GOSS ENGINEERING 119
12.15 ICE ENERGY 120
12.16 INTERNATIONAL DISTRICT ENERGY ASSOCIATION 122
12.17 NATGUN CORPORATION (DN TANKS) 123
12.18 STEFFES CORPORATION 124
12.19 TAS ENERGY INC. 125
12.20 EVAPCO, INC. 126
12.21 FAFCO (ICESTOR) 127
12.22 ICELINGS 128
12.23 SUNWELL TECHNOLOGIES 129
12.24 QCOEFFICIENT 130
12.25 FINETEX ENE 131
12.26 CHICAGO BRIDGE & IRON COMPANY 132
*Details on Overview, Products & Services, Strategies & Insights, Developments and MnM View might not be captured in case of unlisted companies.
13 APPENDIX 133
13.1 INSIGHTS OF INDUSTRY EXPERTS 133
13.2 DISCUSSION GUIDE 134
13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 137
13.4 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE 139
13.5 AVAILABLE CUSTOMIZATIONS 141
13.6 RELATED REPORTS 141
13.7 AUTHOR DETAILS 142