Theglobal marketfor thermal energy storage displays an extremely competitivebusiness landscape, states a new research report by Transparency MarketResearch (TMR). CALMAC, Chicago Bridge & Iron Co. (CB&I), EVAPCO Inc.,and Goss Engineering Inc. are some of the leading players in this market. TAS Energy, Ice Lings, Steffes Corporation, FAFCO Thermal StorageSystems, Burns & McDonnell, Caldwell Energy, BrightSource Energy Inc.,Baltimore Aircoil Co., and Abengoa Solar S.A. are some of other prominentparticipants in this market, reviewed in this research report.
Accordingto this research study, the global market for thermal energy storage was atUS$0.6 bn in 2013. Rising at a steady CAGR of 16.70% over the period from 2014to 2020, the market’s opportunity is anticipated to reach US$1.8 bn by the endof the period of the forecast. The utilities, commercial and industrial, andthe residential sectors have emerged as the key end users of thermal energystorage solutions across the world. Among these, the commercial and industrialsector has been registering a relatively higher demand for these solutions andis expected to continue doing so over the next few years, reports the marketstudy.
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AsiaPacific to Continue to Lead
In terms ofthe geography, the global market for thermal energy storage is led by NorthAmerica. The regional market generated a revenue of US$289.6 mn in 2015. Thisregional market, although expected to continue to lead in the near future, willslow down a bit due to its maturity. On the other hand, Asia Pacific willregister a significant growth pace over the next few years, thanks to thepresence of ample untapped opportunities. Other regions are also expected toreport a steady rise in their respective markets for energy storage in the nearfuture, states the research study.
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Rising Demand for Renewable Energyto Support Growth
“Thesignificant rise in the demand for renewable energy, on account of the growingconcerns over the surging fuel prices and the ill effects of greenhouse gasemissions, is boosting the growth of the global market for thermal energystorage,” says a TMR analyst. The rising demand for advanced energytechnologies, owing to depleting energy resources, is also supporting thegrowth of this market, remarkably. A constant rise in energy consumption islikely to fuel the demand for thermal energy storage in the years to come,reports the research study.
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