Report Description
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.
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.
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