The thermal energy storage the market is expected to grow from an estimated $3.67 billion in 2017 to $6.20 billion by 2022, registering a compound annual growth rate (CAGR) of 11 per cent from 2017 to 2022.
The global market is witnessing a significant growth due to rising impetus on renewable energy generation such as concentrated solar power, increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems.
The sensible heat storage segment is expected to hold the largest share of the thermal energy storage market, by technology, during the forecast period, according to MarketsandMarkets, publishers of the report.
The sensible heat storage segment led the overall thermal energy storage market in 2016.
“Sensible heat storage of thermal energy has a number of residential and industrial applications. Underground storage of sensible heat in both liquid and solid storage medium is also used for typically large-scale applications such as district heating and cooling systems.,” the report said.
“Increased applications of sensible heat based thermal storage in the Middle East and Africa and Asia-Pacific is projected to drive the market during the forecast period.
“Molten salt is expected to hold the largest market share of the thermal energy storage market, by storage material, during the forecast period.
“Molten salts have high boiling points, low viscosity, low vapor pressure, and high volumetric heat capacities. A higher heat capacity corresponds to a smaller storage tank volume.
“Molten salt can function as a large-scale thermal storage method that would allow other energy sources, such as solar, to become more feasible by smoothing out the fluctuations in demand and weather. “