Thermal Storage Market To Witness Growth As Energy Demand Surges Worldwide

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Global thermal storage market has grown tremendously on account of the rising world population and corresponding demand for energy. Thermal storages provide a sustainable alternative to non-renewable energy resources’ usage. Temporary hoarding of heat facilitated by thermal storages is anticipated to remain a key driving factor for the global market expansion. Global energy usage is predominantly shifting towards renewable energy sources on account of rising energy costs, depletion of fossil fuels and growing importance of environmental protection and conservation. These dynamics are further expected to encourage the global thermal storages market growth.

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As per technology, thermal storages can be categorized into sensible, thermochemical and latent heat storages. Sensible heat predominantly emerged as the largest segment until 2014; however it is forecasted to lose market share over the forecast period on account of limited storage capacity per volume. Thermochemical and latent storages are projected to acquire larger market share throughout the forecast period on account of higher energy density. Thermal storages end-use markets can be further classified into utilities, commercial, industrial and residential segments. Commercial and industrial segments have dominated the market as a result of rising demand for backup power solutions and increasing energy prices.

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Geographically, Europe is expected to lead the thermal storage market in terms of capacity installation owing to strong regional emphasis on energy efficiency coupled with rising demand for renewable energy resources. Huge investments have been made towards development of sustainable energy resources in Europe, especially in the UK. North America as a mature market is expected to achieve moderate market growth during the forecasted period. Furthermore, rising need for sustainable and efficient development towards future is expected to drive the growth in Asia Pacific regions. Countries in Middle East & Africa such as Algeria, Jordan, Morocco, Egypt and Tunisia have also set guidelines to achieve green energy targets in order to reduce dependence on conventional energy resources. This trend is expected to further strengthen ME&A market growth over the forecast period.

Key players in the market include CALMAC, Strata-Therm, Chicago Bridge & Iron Company (CB&I), Goss Engineering Inc., EVAPCO Inc., Baltimore Aircoil Co., Abengoa Solar, BrightSource Energy, Inc., Caldwell Energy, Burns & McDonnell, Steffes Corporation, Ice Lings, and TAS Energy.

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