Global Thermal Energy Storage Industry was valued at USD 3.72 Billion for the year 2017. Thermal Energy Storage Industry is further expected to grow at a CAGR of 10.78% from 2019 to reach USD 8.44 Billion by the year 2025. Middle-East & Africa region holds the highest Industry share in 2017. The Middle-East & Africa region is also considered as the fastest growing Industry in the forecast period. UAE is the major Industry in 2017 at country level and it is also further anticipated to grow at a steady pace in the next 5 years.
Major market players in Thermal Energy Storage Industry are Brightsource Energy Inc., Caldwell Energy, Solarreserve LLC, Abengoa Solar S.A., Burns & Mcdonnell, Calmac, Cristopia Energy Systems, Cryogel, Dunham-Bush Holding Bhd., Goss Engineering, Evapco Inc., Steffes Corporation, and other 10 more companies information is provided in research report. Better global reach at an operational level is the main reason for holding this Industry share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
SWOT Analysis of Thermal Energy Storage Industry:
Rising demand for continuous power supply
High cost for the use of thermal energy storage system
The rise in the implementation of renewable technology
Lack of skilled personnel
The segmentation is done on the basis of Technology include Latent Heat Storage Technology, Thermo chemical Storage Technology, and Sensible Heat Storage Technology of which the Sensible Heat Storage segment is expected to hold the highest Industry share during the forecast period.
• Latent Heat Storage Technology
• Thermochemical Storage Technology
• Sensible Heat Storage Technology
• Process Heating & Cooling
• Power Generation
• District Heating & Cooling
By Storage Material
• Molten Salt
• Phase Change Material (PCM)
• Rest of Europe
• Rest of Asia-Pacific
• Latin America
• Middle East & Africa