The global thermal energy storage (TES) market is expected to grow at a compound annual growth rate (CAGR) of 16.7 percent between 2014 and 2020; reaching $1.8 billion (USD), up from $627.6 million in 2013, according to a new report conducted by Transparency Market Research.
The report, Thermal Energy Storage Market by Technology for Commercial and Industrial, Utilities and Residential End Use Applications- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020, finds that rising demand for sustained energy is the main factor driving the market.
Thermal energy technologies minimize energy consumption — resulting in an increase in energy — through the utilization of renewable sources. Solar thermal energy investments are expected to see a significant rise, further fueling the market. TES systems stock up energy for later use, employing water, ice-slush tanks, rock from the bedrock layer, aquifers, insulated lined pits and eutectic, and phase-changing materials (PCMs).
Asia Pacific, Europe, and North America are leading the TES market, according to the report; when it comes to capacity installations, Europe held the largest share in 2013. The North America market is also expected to witness a moderate growth rate in the years to come.
Additionally, the report details key participants in the global TES market including, CALMAC, EVAPCO, Chicago Bridge & Iron Co. (CB&I, NYSE: CBI), Goss Engineering, Abengoa Solar S.A., Baltimore Aircoil Co., Burns & McDonnell, Caldwell Energy, FAFCO Thermal Storage Systems, and TAS Energy.
To read the report, click here.
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