Cold Thermal Energy Storage Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Cold Thermal Energy Storage Market grew at a CAGR of 10.4% between 2017-2021 and is estimated to be US$ 210.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 13.4% and is expected to reach a valuation of US$ 740.3Mn by 2032 end.
Global demand for these systems is driven by remarkable advancements in energy storage technology and the decreasing environmental effect of using these systems. By heating or cooling a storage medium known as phase transition material, these devices accumulate thermal energy (PCM). Better reliability, greater overall efficiency, and lower investment and operating costs are all provided by the capacity to utilize the stored power for heating and cooling purposes at a later time.
In the upcoming years, technological adoption will be boosted by the transition towards sustainable solutions, which is being hastened by the adverse environmental effects brought on by the depletion of fossil fuel resources.
INCREASING EFFORTS TO DECARBONIZE THE COOLING SECTOR FOR SUSTAINABLE DEVELOPMENT IS SUPPORTING GROWTH
A move away from fossil fuels is made possible by cold thermal energy storage, which reduces primary energy use by about 30 to 50 percent. The installation of such systems drastically reduces the consumption of fossil fuels and greenhouse gas emissions, which may eventually assist in reducing the threat of rising pollution. Around the world, between 16 and 50 percent of electricity is consumed by air conditioning (AC) systems, particularly in hot, muggy nations close to the equator.
The use of electricity during peak demand can be decreased thanks to cold thermal energy storage technology, which is more effective than conventional decentralized air conditioning systems and uses less power. As a result, rising investments in these technologies will advance the market in the years to come.
LACK OF AWARENESS AND HIGH INITIAL INVESTMENT ARE HINDERING THE GLOBAL COLD THERMAL ENERGY STORAGE MARKET
Systems for storing cold thermal energy are appropriate for use in large commercial buildings, including offices, hospitals, and schools. Since it is difficult to overcome the scale of high economics, they are not practical for smaller capacities, especially residential buildings. Installation of heating and cooling systems for centralized cooling systems necessitates large initial investments, which is only made possible by government aid and local channel compliance.
Another important market restraint is the lack of knowledge regarding cold TES technology, its applications, and its advantages, including cost reduction. In addition to these constraints, a lack of integrated infrastructure and land-use planning may also, to some extent, limit the use of technology. Inadequate project execution skills and understanding, as well as a lack of a recognized methodology for energy-saving and environmental benefits, are also significant hurdles affecting the growth of the cold thermal energy storage market.
INCREASED DEMAND FOR RELIABLE AND EFFICIENT ENERGY STORAGE SYSTEMS TO AUGMENT MARKET GROWTH
With the help of these kinds of devices, a significant percentage of daytime peak electricity has been diverted to off-peak hours throughout the world over the past few decades. Energy storage technology has seen notable technological advancements, which have had a significant and noticeable impact on people’s lives. Compared to conventional non-storage energy-producing methods, cold thermal energy storage systems can produce cooling with a substantial reduction in energy input.
These systems are cost-effective in areas where utilities charge higher rates for power use during the day or on-peak hours and lower prices for off-peak hours during the night.
Market Segments Covered in Report
By Region and Country:
Which application is the most preferred?
The beverage application segment accounts for a substantial portion of this market. The beverage sector depends heavily on cooling because it is required for pre-cooling bottled cans. During the forecast period, the new ice bank machines—which feature cold TES technology for direct and indirect beverage cooling—are projected to enjoy strong appeal among beverage businesses. Cold TES systems are utilized as refrigerated chambers in the meat processing sector and may chill, freeze, and store perishable products.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The global cold thermal energy storage market is highly fragmented, with various important players active on a local, regional, and international scale. The industry’s players are putting a lot of effort into creating high-performance thermal storage with improved operational features to strengthen their position globally.
The recent developments in the Global Cold Thermal Energy Storage Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Application and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 13.4%.
Increasing efforts to decarbonize the cooling sector for sustainable development is supporting growth.
Major global Cold Thermal Energy Storage Market players are CALMAC, Baltimore Aircoil Company, Vogt Ice LLC, Nostromo Energy, BeKa Heiz- und Kühlmatten GmbH, Trane, Viking Cold Solutions, Inc., NETenergy, EVAPCO, Inc., EnergiVault, Omega Thermo Products, Fullwood Packo Group, Kilkenny Cooling Systems.
Lack of awareness and the high initial investment is hindering the global cold thermal energy storage market.
North America is expected to account for the largest market revenue share in the Global Cold Thermal Energy Storage market.
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