In a recent market research report concerning the global thermal energy storage market Transparency Market Research zeroes in on the area of latent heat storage as the one with the most lucrative growth opportunities. The report states that the global market will exhibit an exponential 16.70% CAGR from 2014 through 2020 and rise to a valuation of US$1.8 bn by 2020, from US$0.6 bn in 2013.The report is titled “Thermal Energy Storage Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020” and is available for sale on the company’s website.
On the basis of technology, the market is segmented into sensible heat, thermochemical heat, and latent heat. Sensible heat technology, which is the most commonly used thermal energy storage technology, is projected to be the leading market segment over the report’s forecast period. However, the high energy density of latent heat technology has led to an increase in the focus on the technology. Thus, the segment of latent heat technology is projected to expand at a significant pace over the forecast period.
On the basis of end-users, the market has been segmented into utilities, commercial and industrial, and residential. The commercial and industrial sector dominated the market in 2013 owing to the exponential rise in the demand for an effective backup power supply. Nevertheless, the residential sector holds immense growth potential owing to the increased installation of renewable energy production mechanisms in households.
From a geographical standpoint, the market has been segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Europe held the dominant position in the global thermal energy storage market in 2013 in terms of the total installation capacity.
Some of the major companies operating in the global thermal energy storage market profiled in the report are TAS Energy, Steffes Corporation, Ice Lings, Goss Engineering, Inc., FAFCO Thermal Storage Systems, EVAPCO, Inc., Chicago Bridge & Iron Company (CB&I), CALMAC, Caldwell Energy, Burns & McDonnell, BrightSource Energy, Inc., Baltimore Aircoil Company, and Abengoa Solar, S.A.
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