Thermal Energy Storage Market

Some of the key players Operating in the Thermal Energy Storage Market are Ice Energy (U.S.), Calmac (U.S.)

The global thermal energy storage market is projected to grow at a CAGR of 11.0% from 2016 to 2022. The Middle East & African region is estimated to be the largest market, followed by Asia-Pacific. The trend is expected to continue till 2022. The growth of the thermal energy storage market is driven by 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 thermal energy storage market is dominated by a few global players. Some of the key players operating in the thermal energy storage market are 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.

Key strategies adopted by players in the thermal energy storage market include contracts & agreements, expansions & investments, mergers & acquisitions, joint ventures & collaborations, and new product launches. Contracts & agreements was the most commonly used strategy, constituting 47% of the total developments from 2013 to 2017. Industry players also widely adopted the strategy of expansions & investments during the same period.

Abengoa Solar, S.A is a subsidiary of Abengoa S.A. (Spain) which designs, builds, and operates Concentrated Solar Power (CSP), Photovoltaic (PV) and hybrid (PV + CSP) power plants. The company is one of the leading players in thermal energy storage system installations. Abengoa Solar introduced dispatch ability on production of solar energy to satisfy the need of energy demand. Europe’s first CSP 11 MW PS10 solar power plant was built by Abengoa Solar that uses solar power tower technology for electricity generation and has 30 minutes storage capability. World’s second solar power tower PS20, of 20 MW has one hour thermal energy storage system. South Africa’s first concentrated solar plant Kaxu Solar 100 MW was constructed by Abengoa Solar, with 2.5 hours molten salt storage. Abengoa Solar also focuses in R&D for development of CSP technology. The company has its own research center in Sanlucar la Mayor, Seville, Spain for the development of photovoltaic technology and heat storage using molten salts and new materials. In February 2016, Abengoa Solar was awarded a contract by South Africa’s Department of Energy to build the 50 MW Khi Solar One plant. This is the first solar thermal power plant in Africa. This plant has a thermal storage capacity of two hours. Abengoa owns a 51% stake in the project, while Industrial Development Corporation (South Africa) owns a 29% stake, and Khi Community Trust (South Africa) owns the remaining 20% stake.

Burns & McDonnell provides engineering, construction, and architecture services. It also provides various services such as commissioning, operation & maintenance, quality control, architecture, aviation, business consulting, electrical transmission, environmental studies, information technology, power generation, manufacturing, and project management. It offers these services to various industries such as aviation, commercial, retail & institutional, environmental, government, military & municipal, manufacturing & industrial, oil & gas, power sector, transportation, and water. Burns & McDonnell has its offices covering entire United States such as Georgia, Texas, North Dakota, Colorado, Canada, Qatar, and India along with projects in U.A.E. & Southeast Asia. In September 2016, Burns & McDonnell acquired the industrial contractor Azco, Inc. (U.S.). The two companies worked together on multiple projects and recently made a combustion turbine generator for the Empire Riverton power plant in Riverton, Kansas.

Related Reports:

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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Report Code
EP 5089
RI Published ON
3/17/2017
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