Report: Global thermal energy storage market to grow 16% by 2020

 Report: Global thermal energy storage market to grow 16% by 2020

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.

Subscribe to the Power Engineering enewsletter



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...