Increasing demand for sustainable and renewable energy is likely to propel demand for the thermal energy storage market. Thermal energy storage (TES) is used to store thermal energy by heating or cooling a storage medium for later use. TES is mainly used in industrial and building processes.
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The key factors driving demand for the thermal energy storage market are growing industrialization, increasing prices of conventional energy and rising demand for backup power supplies. However, huge installation and maintenance costs of thermal energy storage systems are likely to hamper the thermal energy storage market over the forecast period.
The thermal energy storage market can be segmented into types, consumers, technologies and geographies. The market, on the basis of types, can be fragmented into solar power and heat storage. The consumers market can be divided into residential; commercial and industrial; and utilities. Commercial and industrial captured the largest share in 2013.
The thermal energy storage market, on the basis of technologies, can be fragmented into latent heat, sensible heat and thermo-chemicals. Latent heat and thermo-chemicals are used worldwide on account of their high energy storage density.
The thermal energy storage market can be divided into four major regions, including North America, Europe, Asia Pacific and ROW (rest of the world). Europe was the largest market in 2013 and is expected to lead over the coming years. This is due to rising adoption of renewable energy and emphasis on energy efficiency in the region.
North America is a matured market and is likely to witness steady growth. Asia Pacific is expected to witness significant growth. This is on account of increasing need for energy efficiency in the regions of China and India.
Thermal Energy Storage Market Report