Thermal Energy Storage Market to Reach $3.6 Billion Worldwide by 2020
Thermal Energy Storage Market to Reach $3.6 Billion Worldwide by 2020 January 8, 2013 An often unrecognized but important component of the developing market for energy storage systems, thermal energy storage (TES) is most often used to provide cooling capacity for commercial buildings. Today, TES systems are also increasingly seen as an effective means of shifting electricity use from daytime peak periods to less expensive periods of the day or at night, saving money and increasing overall system efficiency. According to a recent report from Pike Research, a part of Navigant’s Energy Practice, total revenue from worldwide sales of thermal energy storage will grow steadily over the remainder of this decade, reaching $3.6 billion by 2020. “Thermal energy storage has strong potential in markets such as the European Union, which have a heavy emphasis on energy efficiency initiatives and rising levels of renewable energy generation,” says research director Kerry-Ann Adamson. “Growth is also expected in the less regulated U.S. market, however, where industry representatives project as much as a quarter of a billion dollars of investment in TES, if pending legislation is passed by Congress.” TES has not traditionally been packaged and sold as a standalone appliance or service. Thus, thermal storage companies tend to offer their technologies as part of a larger project, for new construction of buildings, or as part of a major retrofit project that will replace or expand an existing cooling system. Being offered as part of a larger project is, in fact, a key aspect of the economics of TES installation, according to the report. Even its most ardent advocates recognize that the greatest value for installing a system comes as part of a new project design, or when investment is triggered by a major event that requires a comprehensive upgrade. The report, “Thermal Energy Storage”, analyzes the market for thermal energy storage, concentrating on five major applications that currently define the commercial marketplace for thermal storage: thermal storage for heating, ventilation and air conditioning in commercial buildings; district energy systems for cooling and, in some cases, heating; turbine inlet cooling to limit generation power losses; utility and grid support applications; and high-temperature storage at concentrated solar power generation facilities. In addition to comparing TES technologies and examining the drivers and barriers for the TES market, the study includes profiles of more than two dozen key industry players as well as forecasts for revenue and capacity through 2020. An Executive Summary of the report is available for free download on the Pike Research website.
Thermal Energy Storage Market to Reach $3.6 Billion Worldwide by 2020
January 8, 2013
[From http://www.pikeresearch.com/]
An often unrecognized but important component of the developing market for energy storage systems, thermal energy storage (TES) is most often used to provide cooling capacity for commercial buildings. Today, TES systems are also increasingly seen as an effective means of shifting electricity use from daytime peak periods to less expensive periods of the day or at night, saving money and increasing overall system efficiency. According to a recent report from Pike Research, a part of Navigant’s Energy Practice, total revenue from worldwide sales of thermal energy storage will grow steadily over the remainder of this decade, reaching $3.6 billion by 2020.
“Thermal energy storage has strong potential in markets such as the European Union, which have a heavy emphasis on energy efficiency initiatives and rising levels of renewable energy generation,” says research director Kerry-Ann Adamson. “Growth is also expected in the less regulated U.S. market, however, where industry representatives project as much as a quarter of a billion dollars of investment in TES, if pending legislation is passed by Congress.”
TES has not traditionally been packaged and sold as a standalone appliance or service. Thus, thermal storage companies tend to offer their technologies as part of a larger project, for new construction of buildings, or as part of a major retrofit project that will replace or expand an existing cooling system. Being offered as part of a larger project is, in fact, a key aspect of the economics of TES installation, according to the report. Even its most ardent advocates recognize that the greatest value for installing a system comes as part of a new project design, or when investment is triggered by a major event that requires a comprehensive upgrade.
The report, “Thermal Energy Storage”, analyzes the market for thermal energy storage, concentrating on five major applications that currently define the commercial marketplace for thermal storage: thermal storage for heating, ventilation and air conditioning in commercial buildings; district energy systems for cooling and, in some cases, heating; turbine inlet cooling to limit generation power losses; utility and grid support applications; and high-temperature storage at concentrated solar power generation facilities.
www.pikeresearch.com/research/thermal-energy-storage
In addition to comparing TES technologies and examining the drivers and barriers for the TES market, the study includes profiles of more than two dozen key industry players as well as forecasts for revenue and capacity through 2020. An Executive Summary of the report is available for free download on the Pike Research website.
Thermal Energy Storage
Thermal Storage for HVAC in Commercial Buildings, District Cooling and Heating, Utility and Grid Support Applications, and High-Temperature Storage at CSP Facilities
Thermal energy storage (TES) is an often unrecognized but important component of the developing market for energy storage systems. Most often used to provide cooling capacity for commercial buildings, TES systems are also increasingly seen as an effective means of shifting electricity use from daytime peak periods into less expensive periods of the day or at night, saving money and increasing overall system efficiency. Newer forms of TES, including molten salt storage, may be used with concentrated solar power generation facilities to store energy collected in daylight hours for later use.
Pike Research’s analysis finds that the annual U.S. market for incremental TES capacity totals $268 million, with 246 megawatts (MW) of new capacity installed in 2011 in five market segments: packaged air conditioning, chiller TES systems, district energy, residential heat TES, and commercial heat TES. The report forecasts that the TES market will expand at a compound annual growth rate of 13.5% through 2020, resulting in an $850 million annual domestic market and cumulative TES capacity of 4,500 MW. Globally, TES is expected to grow substantially through 2020, with worldwide revenues of $3.6 billion and added capacity of 3,824 MW in that year.
This Pike Research report analyzes the global market for thermal energy storage systems, concentrating on five major applications that currently define the commercial marketplace for thermal storage: thermal storage for heating, ventilation and air conditioning (HVAC) in commercial buildings; district energy systems for cooling and, in some cases, heating; turbine inlet cooling to limit generation power losses; utility and grid support applications; and high-temperature storage at concentrated solar power generation facilities. In addition to comparing TES technologies and examining the drivers and barriers for the TES market, the study includes profiles of more than two dozen key industry players as well as forecasts for revenue and capacity through 2020.