Cold Thermal Energy Storage Market

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.

Market Dynamic

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 Application:

• Building
• Commercial
• Residential
• Warehouse
• Industrial
• Meat Processing
• Beverages
• Dairy
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a market share of 39.4% and yearly revenue of USD 89.03 million, North America will continue to dominate the cold thermal energy storage industry through 2032. This expansion can be attributable to ongoing expenditures on thermal energy storage and energy management research and development. The need for technology in the region is also driven by growing knowledge of the benefits of using renewable energy sources.
• Due to several factors, including fast-rising energy consumption, a growing urban population, the development of new infrastructure, and expanding demand for cooling systems, the Asia Pacific area is predicted to grow at a high CAGR throughout the projected period.

Competition Analysis

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:

• In August 2021, Marsa Al Arab, one of the most significant marine tourism and leisure destinations being developed on Jumeirah beaches in Dubai, will receive 3,700 refrigeration tonnes (RT) of district cooling energy from Empower, according to an announcement from Emirates Central Cooling Systems Corporation (Empower). By the end of 2021, the district cooling services’ first phase will begin, according to the business. Marsa Al Arab is a $6 billion (USD 1.63 billion) complex that consists of two artificial islands that are 4 million square feet in size and are positioned on either side of the Burj Al Arab hotel.
• In July 2021, the Italian company Eurocoil SPA, a top producer of heat exchangers for the European commercial and refrigeration sectors, was acquired by Baltimore Aircoil Company. By developing Eurocoil, Baltimore Aircoil will be able to produce more heat exchangers for use in its already-existing evaporative hybrid and adiabatic cooling products in the area.

A list of some of the key suppliers present in the market 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

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.