According to this research study, the global market for thermal energy storage was at US$0.6 bn in 2013. Rising at a steady CAGR of 16.70% over the period from 2014 to 2020, the market’s opportunity is anticipated to reach US$1.8 bn by the end of the period of the forecast. The utilities, commercial and industrial, and the residential sectors have emerged as the key end users of thermal energy storage solutions across the world. Among these, the commercial and industrial sector has been registering a relatively higher demand for these solutions and is expected to continue doing so over the next few years, reports the market study.
Asia Pacific to Continue to Lead
In terms of the geography, the global market for thermal energy storage is led by North America. The regional market generated a revenue of US$289.6 mn in 2015. This regional market, although expected to continue to lead in the near future, will slow down a bit due to its maturity. On the other hand, Asia Pacific will register a significant growth pace over the next few years, thanks to the presence of ample untapped opportunities. Other regions are also expected to report a steady rise in their respective markets for energy storage in the near future, states the research study.
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Rising Demand for Renewable Energy to Support Growth
“The significant rise in the demand for renewable energy, on account of the growing concerns over the surging fuel prices and the ill effects of greenhouse gas emissions, is boosting the growth of the global market for thermal energy storage,” says a TMR analyst. The rising demand for advanced energy technologies, owing to depleting energy resources, is also supporting the growth of this market, remarkably. A constant rise in energy consumption is likely to fuel the demand for thermal energy storage in the years to come, reports the research study.
The review is based on a report by Transparency Market Research (TMR), titled “Thermal Energy Storage Market (Technology – Sensible Heat, Latent Heat, and Thermochemical; End User – Commercial and Industrial, Utilities, and Residential) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020.”
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