Market Overview

Global Thermal Energy Storage Market 2018-2022| Increasing Use in Smart Cities and Smart Buildings to Drive Growth| Technavio

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The global thermal energy storage market is expected to post a CAGR of
nearly 6% during the period 2018-2022, according to the latest
market research report by Technavio.

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Technavio has published a new market research report on the global thermal energy storage market fro ...

Technavio has published a new market research report on the global thermal energy storage market from 2018-2022. (Graphic: Business Wire)

A key factor driving the growth of this market is the increasing demand
for CSP. Thermal storage improves the system flexibility of solar plants
by extending the contribution of solar electricity generation to improve
their coincidence with the normal demand. Thermal energy storage
accomplishes this by reducing the constraints of ramping and minimum
generation levels in CSP plants. By using thermal energy storage in CSP
plants, power can be generated in adverse weather conditions as well
without any reduction in the operating efficiency.

This market research report on the global
thermal energy storage market 2018-2022
also provides an
analysis of the most important trends expected to impact the market
outlook during the forecast period. Technavio classifies an emerging
trend as a major factor that has the potential to significantly impact
the market and contribute to its growth or decline.

This report is available at a USD 1,000 discount for a limited time
only:
View
market snapshot before purchasing

In this report, Technavio highlights the increasing use of thermal
energy storage in smart cities and smart buildings as one of the key
emerging trends in the global thermal energy storage market:

Global thermal energy storage market:
Increasing use in smart cities and smart buildings

Thermal energy storage has become a reliable source of energy, resulting
in multiple installations in major cities of the world. As the concept
of smart cities is gaining popularity, the dependency on fuel-based
energy is expected to be eliminated. The smart city concept has multiple
technological barriers including that of energy distribution. The need
for peak load electricity distribution demand will result in the
adoption of thermal energy storage systems. Distributed energy storage
technologies using thermal energy storage is being used for utility
grids and distribution lines in smart cities.

"Energy consumption for building cooling accounts for almost
one-fifth of the overall energy consumption of commercial buildings.
Electric utility companies charge commercial buildings based on the
electricity consumption and additional demand to minimize the peak
energy consumption, resulting in high incurred costs. By deploying
thermal energy storage systems, the demand charges can be reduced
significantly from on-peak to off-peak rates by using cooling
technologies like PCM,"
says a senior analyst at Technavio for
research on energy storage.

Global thermal energy storage market:
Segmentation analysis

This market research report segments the global thermal energy storage
market by technology (MSES and PCM) and geographical regions (APAC,
EMEA, and the Americas).

The MSES segment held the largest market share in 2017, accounting for
nearly 90% of the market. This technology segment is expected to
dominate the global market throughout the forecast period.

EMEA led the market in 2017 with a market share of nearly 59%. The
region is expected to dominate the market through 2022, however, there
will be a decrease in its market share by nearly 5%.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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