Thermal Energy Storage Market by Technology (Sensible, Latent, and TCS), Storage Material (Water, Molten Salt, and PCM), Application (Power Generation, District Heating & Cooling, and Process Heating & Cooling), End-User, and Region - Global Forecast to 2022

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Date: 16-Mar-2017
No. of pages: 142
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“The thermal storage market is projected to grow at a CAGR of 11.0% from 2017 to 2022”

The thermal energy storage market is projected to reach USD 6.20 billion by 2022, growing at a CAGR of 11.0% from 2017 to 2022. Rising momentum of renewable energy generation (concentrated solar power), increasing demand for Thermal Energy Storage (TES) in HVAC for district heating &cooling, and process heating &cooling are expected to drive the TES market. On the other hand, high grid interconnection barriers and lack of technical expertise are the major restraints of the global thermal energy storage market.

“The sensible heat segment is expected to grow at the fastest CAGR from 2017 to 2022”

Sensible heat based thermal energy storage has maximum share in the total thermal energy storage market.The most widely commercially used storage material for sensible heat storage medium is water, which is economical to operate and has a number of residential and industrial applications. With regards to technology, the sensible heat segment is estimated to grow at the fastest CAGR during the forecast period. The market is driven by increasing demand for renewable power, such as Concentrating Solar Power (CSP) plants, in the Middle East & Africa. Latent heat storage of thermal energy held the second highest market size in the total thermal energy storage market by technology.

“The district heating and cooling segment is expected to grow at the fastest CAGR from 2017 to 2022”

Variations in electricity demand for district heating and cooling applications can be seen during the day. TES systems play a significant role in storing unused and waste energy to be used during deficit periods. This helps in exploiting the total energy over a period without the use of excess fossil fuels. They would reduce the district heating carbon footprint drastically. It is driven by technological advancement in the production of cost-effective storage material and growing demand for CSP systems.

“Middle East & Africa: The largest market for thermal energy storage”

The Middle East &Africa is expected to be the largest market for thermal energy storage, with South Africa being the biggest market in the region. It is estimated to dominate the global market during the forecast period, as they are best suited for CSP plants integrated with molten salt based thermal energy storage. Asia-Pacific, on the other hand, is expected to be the second fastest growing market for thermal energy storage. This is to meet its energy needs at affordable energy costs and minimum environmental damage, and adoption of renewable technology.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:


  • By Company Type: Tier 1- 60%, Tier 2- 27%, Tier 3- 13%

  • By Designation: C-Level- 35%, D-Level- 25%, Others- 40%

  • By Region: Asia-Pacific- 45%, Europe-30%, Americas- 15%,Middle East & Africa- 10%


Note: The tier of the companies has been defined on the basis of their total revenue, as of 2015: Tier 1 = >USD 501million, Tier 2 = From USD 251 million to USD 500 million, and Tier 3 =

The leading players in the thermal energy storage market include Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar (Spain), SolarReserve, LLC (U.S.), and Burns & McDonnell (U.S.) among others.

Research Coverage:

The report provides a picture on the thermal energy storage market across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments, such as system type, end-user, power rating, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help the market leaders or new entrants in this market by providing them the closest approximations of revenue numbers for the overall thermal energy storage market and the subsegments. This report will help stakeholders to better understand the competitor landscape &gain more insights to better position their businesses and make suitable got market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.

Why buy this report?


  • The report identifies and addresses key markets for thermal energy storage, which is useful for suppliers to review the growth in demand for the product.

  • The report helps solution providers to understand the pulse of the market and provide insights on drivers, restraints, and challenges.

  • The report will help key players to better understand the competition strategies and will further help in making strategic decisions.

Thermal Energy Storage Market by Technology (Sensible, Latent, and TCS), Storage Material (Water, Molten Salt, and PCM), Application (Power Generation, District Heating & Cooling, and Process Heating & Cooling), End-User, and Region - Global Forecast to 2022

Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Regional Scope
1.3.3 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Introduction
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions & Limitations
2.4.1 Assumptions

3 Executive Summary
3.1 Introduction
3.2 Historical Backdrop and Evolution
3.3 Current Scenario
3.4 Future Outlook
3.5 Conclusion

4 Premium Insights
4.1 Attractive Market Opportunities in the Middle East & Africa in Thermal Energy Storage
4.2 Thermal Energy Storage Market Share, By Technology, 2017–2022
4.3 Thermal Energy Storage Using Water is Expected to Grow at the Highest Growth Rate From 2017 to 2022
4.4 Thermal Energy Storage Market, By Application
4.5 Thermal Energy Storage Market: Storage Material Vis-A-Vis. Technology
4.6 Americas: the Largest Market in 2016

5 Market Overview
5.1 Introduction
5.2 Market Segmentation
5.2.1 By Technology
5.2.2 By Storage Material
5.2.3 By Application
5.2.4 By End-User
5.2.5 By Region
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Rising Impetus on Renewable Energy Generation Such as Concentrated Solar Power
5.3.1.2 Increasing Demand for Thermal Energy Storage Systems in Hvac
5.3.1.3 Government Incentives for Thermal Energy Storage Systems
5.3.2 Restraints
5.3.2.1 High Grid Interconnection Barriers
5.3.2.2 Lack of Technical Expertise
5.3.3 Opportunities
5.3.3.1 High Demand in Csp, Especially in the Middle East & African Region
5.3.4 Challenges
5.3.4.1 High Initial Set-Up Costs

6 Thermal Energy Storage Market, By Technology
6.1 Introduction
6.2 Sensible Heat Storage Technology
6.3 Latent Heat Storage Technology
6.4 Thermochemical Storage Technology

7 Thermal Energy Storage Market, By Storage Material
7.1 Introduction
7.2 Water
7.3 Molten Salt
7.4 Phase Change Material (PCM)
7.5 Others

8 Thermal Energy Storage Market, By Application
8.1 Introduction
8.2 Power Generation
8.3 District Heating & Cooling
8.4 Process Heating & Cooling

9 Thermal Energy Storage Market, By End-User
9.1 Introduction
9.2 Residential & Commercial
9.2.1 Utilities
9.3 Industrial

10 Thermal Energy Storage Market, By Region
10.1 Introduction
10.2 Asia-Pacific
10.2.1 By Storage Material
10.2.2 By Technology
10.2.3 By Application
10.2.4 By End-User
10.2.5 By Country
10.2.5.1 China
10.2.5.2 India
10.2.5.3 Australia
10.2.5.4 Rest of Asia-Pacific
10.3 Europe
10.3.1 By Storage Material
10.3.2 By Technology
10.3.3 By Application
10.3.4 By End-User
10.3.5 By Country
10.3.5.1 France
10.3.5.2 Germany
10.3.5.3 Spain
10.3.5.4 U.K.
10.3.5.5 Italy
10.3.5.6 Rest of Europe
10.4 Americas
10.4.1 By Storage Material
10.4.2 By Technology
10.4.3 By Application
10.4.4 By End-User
10.4.5 By Country
10.4.5.1 U.S.
10.4.5.2 Canada
10.4.5.3 Chile
10.4.5.4 Rest of Americas
10.5 Middle East & Africa
10.5.1 By Storage Material
10.5.2 By Technology
10.5.3 By Application
10.5.4 By End-User
10.5.5 By Country
10.5.5.1 South Africa
10.5.5.2 UAE
10.5.5.3 Morocco
10.5.5.4 Rest of Middle East & Africa

11 Competitive Landscape
11.1 Overview
11.2 Market Ranking
11.3 Competitive Situation & Trends
11.4 Thermal Energy Storage Market: MnM Dive Vendor Comparison

12 Company Profiles
12.1 Introduction
12.2 Abengoa Solar, S.A.
12.2.1 Products Offered
12.2.2 Developments, 2011–2014
12.3 Brightsource Energy, Inc.
12.3.1 Products Offered
12.3.2 Developments, 2013–2016
12.4 Solarreserve, LLC
12.4.1 Products Offered
12.4.2 Developments, 2010–2017
12.5 Baltimore Aircoil Company
12.5.1 Products Offered
12.5.2 Developments, (2010–2017)
12.6 Caldwell Energy
12.6.1 Products Offered
12.6.2 Developments, 2014–2016
12.7 Burns & Mcdonnell
12.7.1 Products Offered
12.7.2 Developments, 2010–2016
12.8 Calmac
12.8.1 Products Offered
12.8.2 Developments, 2013–2016
12.9 Cristopia Energy Systems
12.9.1 Products Offered
12.9.2 Developments, 2014–2016
12.10 Cryogel
12.10.1 Products Offered
12.10.2 Developments, 2010–2016
12.11 Dc Pro Engineering
12.11.1 Products Offered
12.11.2 Developments, 2008–2016
12.12 Dunham-Bush Holding Bhd.
12.12.1 Products Offered
12.12.2 Developments, 2009
12.13 Energy Storage Association
12.13.1 Products Offered
12.13.2 Developments, 2014–2016
12.14 Goss Engineering
12.14.1 Products Offered
12.14.2 Developments, 2008–2017
12.15 Ice Energy
12.15.1 Products Offered
12.15.2 Developments, 2014–2017
12.16 International District Energy Association
12.16.1 Developments, 2014–2016
12.17 Natgun Corporation (DN Tanks)
12.17.1 Products Offered
12.17.2 Developments, 2014–2016
12.18 Steffes Corporation
12.18.1 Products Offered
12.18.2 Developments, 2014–2016
12.19 Tas Energy Inc.
12.19.1 Products Offered
12.19.2 Developments, 2014–2016
12.20 Evapco, Inc.
12.20.1 Products Offered
12.21 Fafco (Icestor)
12.21.1 Products Offered
12.22 Icelings
12.22.1 Products Offered
12.23 Sunwell Technologies
12.23.1 Products Offered
12.24 Qcoefficient
12.24.1 Products Offered
12.25 Finetex EnE
12.25.1 Products Offered
12.26 Chicago Bridge & Iron Company
12.26.1 Products Offered

13 Appendix
13.1 Insights of Industry Experts
13.2 Discussion Guide
13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
13.4 Introducing RT: Real-Time Market Intelligence
13.5 Available Customizations
13.6 Related Reports
13.7 Author Details

List of Tables

Table 1 Thermal Energy Storage Market Size, By Type, 2015–2022 (USD Million)
Table 2 Sensible Heat: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 3 Global Sensible: Thermal Energy Storage Market Size, By Storage Material, 2015–2022 (USD Million)
Table 4 Latent Heat: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 5 Thermochemical Storage: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 6 Global Latent & Thermochemical: Thermal Energy Storage, By Storage Material, 2015–2022 (USD Million)
Table 7 Global Thermal Energy Storage Market Size, By Storage Material, 2015–2022 (USD Million)
Table 8 Water: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 9 Molten Salt: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 10 Phase Change Material: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 11 Others: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 12 Thermal Energy Storage Market Size, By Application, 2015–2022 (USD Million)
Table 13 Power Generation: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 14 District Heating & Cooling: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 15 Process Heating & Cooling: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 16 Thermal Energy Storage Market Size, By End-User, 2015–2022 (USD Million)
Table 17 Residential & Commercial: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 18 Utilities: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 19 Industrial: Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 20 Thermal Energy Storage Market Size, By Region, 2015–2022 (USD Million)
Table 21 Top 5 Countries: Thermal Energy Storage Market, 2015–2022 (USD Million)
Table 22 Sensible Thermal Energy Storage Market Size, By Top 5 Countries, 2015–2022 (USD Million)
Table 23 Asia-Pacific: Thermal Energy Storage Market Size, By Storage Material, 2015–2022 (USD Million)
Table 24 Asia-Pacific: Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 25 Asia-Pacific Thermal Energy Storage Market Size, By Application, 2015–2022 (USD Million)
Table 26 Asia-Pacific Thermal Energy Storage Market Size, By End-User, 2015–2022 (USD Million)
Table 27 Asia-Pacific Thermal Energy Storage Market Size, By Country, 2015–2022 (USD Million)
Table 28 China Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 29 Indian Thermal Energy Storage Market, By Technology, 2015–2022 (USD Million)
Table 30 Australian Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 31 Rest of Asia-Pacific Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 32 European Thermal Energy Storage Market Size, By Storage Material, 2015–2022 (USD Million)
Table 33 European Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 34 European Thermal Energy Storage Market Size, By Application, 2015–2022 (USD Million)
Table 35 European Thermal Energy Storage Market Size, By End-User, 2015–2022 (USD Million)
Table 36 European Thermal Energy Storage Market Size, By Country, 2015–2022 (USD Million)
Table 37 France Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 38 German Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 39 Spain Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 40 U.K. Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 41 Italian Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 42 Rest of Europe Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 43 Americas Thermal Energy Storage Market Size, By Storage Material, 2015–2022 (USD Million)
Table 44 Americas: Sensible Thermal Energy Storage Market Size, By Storage Material, 2015–2022 (USD Million)
Table 45 Americas Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 46 American Thermal Energy Storage Market Size, By Application, 2015–2022 (USD Million)
Table 47 American Thermal Energy Storage Market Size, By End-User, 2015–2022 (USD Million)
Table 48 American Thermal Energy Storage Market Size, By Country, 2015–2022 (USD Million)
Table 49 U.S. Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 50 Canadian Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 51 Chile Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 52 Rest of Americas Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 53 Middle East & African Thermal Energy Storage Market Size, By Storage Material, 2015–2022 (USD Million)
Table 54 Middle East & African Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 55 Middle East & African Thermal Energy Storage Market Size, By Application, 2015–2022 (USD Million)
Table 56 Middle East & African Thermal Energy Storage Market Size, By End-User, 2015–2022 (USD Million)
Table 57 Middle East & African Thermal Energy Storage Market Size, By Country, 2015–2022 (USD Million)
Table 58 South African Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 59 UAE Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 60 Morocco Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)
Table 61 Rest of Middle East & African Thermal Energy Storage Market Size, By Technology, 2015–2022 (USD Million)

List of Figures

Figure 1 Thermal Energy Storage Market: Research Design
Figure 2 Breakdown of Primary Interviews: By Company Type, Designation, & Region
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation Methodology
Figure 6 Americas Accounted for the Largest Market Share in the Thermal Energy Storage Market in 2016
Figure 7 Middle East & Africa Projected to Lead the Thermal Energy Storage Market From 2017 to 2022
Figure 8 Sensible Heat Segment is Expected to Dominate the Thermal Energy Storage Market By 2022
Figure 9 District Heating & Cooling Segment is Expected to Dominate the Thermal Energy Storage Market, 2017–2022
Figure 10 Residential & Commercial End-User Segment is Expected to Lead the Thermal Energy Storage Market, 2017–2022
Figure 11 Company Development Comparison, 2014–2017
Figure 12 Attractive Market Opportunities in the Thermal Energy Storage Market During the Forecast Period
Figure 13 Sensible Heat Storage Segment Dominates the Thermal Energy Storage Market During the Forecast Period
Figure 14 Molten Salt Segment is Expected to Dominate the Thermal Energy Storage Market Till 2022
Figure 15 District Heating & Cooling is the Largest End-User Segment in the Thermal Energy Storage Market, 2017–2022
Figure 16 Latent Heat Thermal Energy Storage Segment Held the Largest Market Share in 2016
Figure 17 Middle East & Africa is Projected to Grow at the Highest Growth Rate From 2017 to 2022
Figure 18 Thermal Energy Storage Market Segmentation
Figure 19 Rising Impetus on Renewable Energy Generation is the Major Driver for the Thermal Energy Storage Market
Figure 20 Global Annual CSP Capacity Additions (Mw), 2014–2021
Figure 21 The Sensible Heat Segment is Expected to Dominate the Thermal Energy Storage Market By 2022
Figure 22 Molten Salt Segment is Expected to Dominate the Thermal Energy Storage Market By 2022
Figure 23 The District Heating & Cooling Segment is Expected to Dominate the Thermal Energy Storage Market By 2022
Figure 24 Residential & Commercial End-User Segment is Expected to Dominate the Thermal Energy Storage Market By 2022
Figure 25 Thermal Energy Storage Market Size, By Region (USD Million)
Figure 26 Regional Snapshot: Asia-Pacific Offered Attractive Market Opportunities in 2016
Figure 27 Regional Snapshot: Middle East & Africa Thermal Energy Storage Market
Figure 28 Companies Adopted Contracts & Agreements and Joint Ventures & Collaborations to Capture the Market
Figure 29 Market Ranking, 2016
Figure 30 Battle for Market Share: Contracts & Agreements Was the Key Strategy, 2010–2017
Figure 31 Market Evaluation Framework: Contracts & Agreements Fueled Growth From 2011 to 2016
Figure 32 Vendor Dive Matrix
Figure 33 Product Strategy Comparison
Figure 34 Business Strategy Comparison
Figure 35 Regional Presence of the Top Five Players

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