Global Thermal Energy Storage Market Hits its Stride with Emergent Applications

According to the U.S. Energy Information Administration (EIA), about 21% of all electricity generated across the world in 2011 was from renewable sources. The EIA reckons that this will rise to 25% by 2040. The increasing stress on scaling up the share of renewable energy in the power sector is also, in turn, resulting in a greater demand for efficiently storing that energy. This has turned the focus on alternative energy storage systems such as thermal energy storage, which adds a dash of reliability to the otherwise unpredictable supply of renewable energy sources such as wind and solar power.

Thermal energy storage technology has been in use since a decade now, but is now garnering more interest as it effectively helps shift the load from peak to off-peak hours. While growth has been steady in the market since the last few years, it is expected to gather pace in the next four years, says a report by Transparency Market Research. According to a report published by the market research firm, the global thermal energy storage market would have reached a valuation on US$1.8 bn by 2020. This is a massive leap from the market’s valuation of US$0.6 bn in 2013. The report further notes that the thermal energy storage market will have a compounded annual growth rate (CAGR) of 16.70% from 2014 through 2020.

Advantages of Thermal Energy Storage are Market’s Key Driver

The key advantage of thermal energy storage is the fact that it addresses the issue of intense strain on the grid, which again, occurs during the peak afternoon periods when cooling and air conditioning systems consume massive amounts of energy. It also allows for the intelligent use of nighttime power, which is less expensive than the power available during the peak period. This inherent advantage of thermal energy storage has led to its wider deployment. In California-based Wilson Creek Winery, for instance, the installation of thermal energy storage systems combined with efficient air conditioning led them to experience savings of US$27,000 a year. The thermal storage unit moved the cooling load from the peak period during the day to the off-peak period during the night.

Thermochemical and Latent Heat Storage Technologies Could Become as Popular as Sensible Heat Storage

Thus far, sensible heat storage has been the preferred type of thermal energy storage used across the world. It also contributes appreciable revenue to the global thermal energy storage market. This technology entails the storage of energy by heating the desired storage medium (typically water or rock). This stored heat is then converted into electricity that powers various devices when the need arises. Currently, sensible heat storage is among the most popular thermal energy storage techniques and is used in both commercial and industrial facilities.

That could change to some extent in the coming years because of the many advancements being made in thermochemical storage and latent heat storage technologies. Moreover, the latter also provide a higher density of energy storage than sensible heat storage.

However, a factor that could affect the growth of the global thermal energy storage market is the high upfront investment required for such systems and current problems concerning grid interconnection.

Research Press Release: http://www.transparencymarketresearch.com/pressrelease/thermal-energy-storage-market.htm

Thermal Energy Storage Market to Expand at 16.70% CAGR from 2014 to 2020, owing to Growing Adoption of Thermal Energy Storage Technologies

Thermal energy storage (TES) systems help store energy for future use, employing water, phase-changing materials, rock from the bedrock layer, insulated lined pits, and ice-slush tanks. The growing need for a sustained energy solution is expected to fuel the demand for thermal energy storage systems globally. Demand for energy can be effectively managed through the energy stored in the thermal energy storage systems. TES solutions are primarily implemented in districts, towns, and buildings. Heat pumps, heat generated by power plants, heat from waste, and peak shaving are some of the sources for thermal energy storage.

Recently, EnergyNest inaugurated its pilot project for a thermal energy storage system with the Masdar Institute in Abu Dhabi. The innovative thermal energy storage system will enable the storage of large quantities of energy at an unprecedented low cost. The technology offers huge potential in solving various global thermal energy storage challenges. The main feature of the new storage system is the concrete heatcrete, which has the capacity to store large quantities of energy over a long period of time with no performance degradation. The new storage system has the capacity to handle steam as a heat transfer fluid and thermal oil. Low investment and operating costs and the capacity to operate in a wide range of temperatures are the highlights of the new storage system, designed by EnergyNest. 

Browse Research Report: http://www.transparencymarketresearch.com/thermal-energy-storage-market.html

Europe to Add 1,307.0 MW Thermal Energy Storage Capacity by 2020

The introduction of high capacity thermal energy storage systems by the leading players is expected to propel the global thermal energy storage market in the years to come. Thermal energy storage systems can replace nearly 50% of the energy, which is traditionally sourced in any industry. TES systems optimize the overall efficiency of energy systems, reduce carbon emissions, and cut down the consumption of energy. The global thermal energy storage market is segmented on the basis of geography, end-use, and technology.

By geography, the global thermal energy storage market is divided into Europe, Asia Pacific, North America, and Rest of the World. In terms of storage capacity, Europe is expected to dominate the global thermal energy storage market in the years to come. Europe is predicted to add around 1,307.0 MW of thermal energy storage capacity during the period between 2013 and 2020.

Demand for Thermal Energy Storage to be Highest in Commercial and Industrial Sectors

By technology, the global thermal energy storage market is classified into latent heat, sensible heat, and thermochemical heat. The sensible heat storage segment is predicted to dominate the global thermal energy storage market in the years to come. Based on end-use, the global thermal energy storage market is classified into commercial and industrial, residential, and utilities. In terms of share, in 2013, the commercial and industrial segment dominated the global thermal energy storage market and is predicted to maintain its dominant position over the next few years.

Browse Press Release: http://www.transparencymarketresearch.com/pressrelease/thermal-energy-storage-market.htm

CALMAC, Chicago Bridge & Iron Company (CB&I), Goss Engineering, Inc., EVAPCO, Inc., Abengoa Solar, S.A., BrightSource Energy, Inc., Caldwell Energy, Ice Lings, TAS Energy, Baltimore Aircoil Company, Burns & McDonnell, FAFCO Thermal Storage Systems, and Steffes Corporation are some of the leading companies in the global thermal energy storage market.

How Thermal Energy Storage Can Benefit the Rising Power Consumption in the World

The global thermal energy storage market is growing at a CAGR of 16.7% from 2014 to 2020. The market was worth US$627.6 million in 2013 and this CAGR will propel it to US$1,818.8 million by 2020. In terms of capacity, the global thermal energy storage market is growing at a CAGR of 17.1% from 2014 to 2020. The capacity of 2,083.3MW in 2013 is expected to eventually reach 6,070.2MW in 2020.

Browse Full Market Research Report on Thermal Energy Storage Market: http://www.transparencymarketresearch.com/thermal-energy-storage-market.html

The primary growth driver of the global thermal energy storage market is the demand for cost-effective, efficiently produced, and reliable electricity. The market’s largest segment at present is the sensible heat technology thermal energy storage. The share of this segment, however, is set to reduce over time, mainly due to the rather low per unit storage capacity it offers. Sensible heat technology is slowly but surely being overtaken by thermochemical heat storage and latent heat storage technologies. Most experts believe the two segments have what it takes to remove sensible heat from its pole position.

Within all the end users of thermal energy storage, a majority share was held by the commercial and industrial segment in 2013. The segment is expected to continue its dominance till 2020 at the very least. The segment has been in the lead ever since the growth restraint of unavailability of products was brought under control in 2010.

Could Upfront Investments Hamper the Global Thermal Energy Storage Market?

The bottom line is that the requirement of a grid interconnection and a heavy requirement for upfront investment are the two factors that threaten to check the market. However, many countries that previously neglected the global thermal energy storage market are now beginning to understand the importance of the technology and are showing increased interest in terms of investments. Among the regional markets, Europe dominated – and will continue to dominate – the global thermal energy storage scene. Between 2013 and 2020, Europe is likely to add almost 1,3070MW capacity of thermal energy storage.

The top players in the global thermal energy storage market are TAS Energy, Steffes Corporation, Ice Lings, FAFCO Thermal Storage Systems, Caldwell Energy, Burns & McDonnell, BrightSource Energy, Inc., Baltimore Aircoil Company, and Abengoa Solar SA. Each company has a valuable innovation drive that will propel the global thermal energy storage market.

Ice Energy Breakthroughs to Pave the Way

Ice Energy has been making waves in the global thermal energy storage market recently. The distributor has paired up with NRG Energy Inc. to contain the energy demand situation in California. They have come up with a solution that will use energy storage peak load management solutions to reduce peak power consumption. They will be using 1,800 Ice Bear ice storage units to achieve this. The company is also planning to extend its award-winning Ice Bear energy solution towards reducing small residential peak energy consumption. They have bagged a five-year contract to provide 5MW thermal energy for behind-the-meter consumption. In other places, Promethean Power Systems is attempting to use thermal energy storage to help ease the power consumption in parts of rural India where milk is produced and processed.

Browse Press Release On Thermal Energy Storage Market: http://www.transparencymarketresearch.com/pressrelease/thermal-energy-storage-market.htm

With breakthroughs like these, the global thermal energy storage market is set to create a necessary safety net for the world’s power crisis. It is one of the safest and cleanest energy storage methods available today. Many countries are taking notice of this and are looking for ways to introduce the same into their power grids.