The Asia Pacific Thermal Energy Storage Market would witness market growth of 8.6% CAGR during the forecast period (2022-2028).
Heat storage, also known as thermal energy storage, is an extremely efficient and straightforward technique of energy transfer that does not require any chemical conversion. It is a cutting-edge energy technology used in a variety of thermal applications, including space heating, cooling, and air conditioning. Additionally, it is one of the most practical eco-friendly energy-saving options, since it stores extremely cold air for the air conditioner in the summer and renewable power for space heating in the winter. It is frequently utilized in a variety of applications to sustain energy supply and demand.
Businesses and organizations have huge problems, both in regards to public healthcare and the economy, particularly amid the continuing coronavirus outbreak. Countries are struggling to reach their renewable energy ambitions in these difficult times. Corporations in the thermal energy storage industry are seeing revenue potential as a result of these trends.
Alternative methods of storage, such as large-scale thermal storage, should be deployed in vast numbers to meet these lofty goals. Focused solar power generation dominates these types of solutions, where enterprises and market leaders can combine solar and thermal energy with various storage technologies.
Urbanization and population expansion are accelerating in developing countries such as Japan, China, South Korea, India, Indonesia, and Malaysia. Many of these developing countries' electrical grids and basic infrastructural systems are unreliable. This feature is likely to encourage entities involved to invest in these countries, increasing the number of thermal energy storage and transmission network installations.
China's National Energy Administration announced in November 2018 that its solar target for 2020 could be increased up to at least 210 GW, with the ability to impact as high as 270 GW. China's annual capacity increases would be considerably impacted as a result of this. By the end of 2022, the Indian government aims to install 175 GW of renewable energy capacity, involving 60 GW of wind, 100 GW of solar, 10 GW of bio power, and 5 GW of small hydropower.
The China market dominated the Asia Pacific Thermal Energy Storage Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,727 million by 2028. The Japan market is experiencing a CAGR of 7.9% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 9.2% during (2022 - 2028).
Based on Technology, the market is segmented into Sensible, Thermochemical, and Latent. Based on Storage Material, the market is segmented into Water, Molten Salt, Phase Change Material (pcm), and Others. Based on End-user, the market is segmented into Commercial & Industrial, Utilities, and Residential. Based on Application, the market is segmented into Heating, Power Generation, and Cooling. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Thermal Energy Storage Market is Projected to reach USD 35.4 Billion by 2028, at a CAGR of 8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Baltimore Aircoil Company, Inc.(Amsted Industries), Steffes, LLC, Dunham Bush Limited (Yantai Moon Group Co Ltd) (Moon Environment Technology Co., Ltd.), Evapco, Inc., SR ENERGY (SolarReserve), Caldwell Energy Company, Abengoa, BrightSource Energy, Inc., Terrafore Technologies, LLC, and Goss, Inc.
Scope of the Study
Market Segments Covered in the Report:
By Technology
- Sensible
- Thermochemical
- Latent
By Storage Material
- Water
- Molten Salt
- Phase Change Material (pcm)
- Others
By End-user
- Commercial & Industrial
- Utilities
- Residential
By Application
- Heating
- Power Generation
- Cooling
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Baltimore Aircoil Company, Inc.(Amsted Industries)
- Steffes, LLC
- Dunham Bush Limited (Yantai Moon Group Co Ltd) (Moon Environment Technology Co., Ltd.)
- Evapco, Inc.
- SR ENERGY (SolarReserve)
- Caldwell Energy Company
- Abengoa
- BrightSource Energy, Inc.
- Terrafore Technologies, LLC
- Goss, Inc.
TABLE 1 Asia Pacific Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 2 Asia Pacific Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 3 Asia Pacific Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 4 Asia Pacific Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 5 Asia Pacific Sensible Market by Country, 2018 - 2021, USD Million
TABLE 6 Asia Pacific Sensible Market by Country, 2022 - 2028, USD Million
TABLE 7 Asia Pacific Thermochemical Market by Country, 2018 - 2021, USD Million
TABLE 8 Asia Pacific Thermochemical Market by Country, 2022 - 2028, USD Million
TABLE 9 Asia Pacific Latent Market by Country, 2018 - 2021, USD Million
TABLE 10 Asia Pacific Latent Market by Country, 2022 - 2028, USD Million
TABLE 11 Asia Pacific Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 12 Asia Pacific Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 13 Asia Pacific Water Market by Country, 2018 - 2021, USD Million
TABLE 14 Asia Pacific Water Market by Country, 2022 - 2028, USD Million
TABLE 15 Asia Pacific Molten Salt Market by Country, 2018 - 2021, USD Million
TABLE 16 Asia Pacific Molten Salt Market by Country, 2022 - 2028, USD Million
TABLE 17 Asia Pacific Phase Change Material (pcm) Market by Country, 2018 - 2021, USD Million
TABLE 18 Asia Pacific Phase Change Material (pcm) Market by Country, 2022 - 2028, USD Million
TABLE 19 Asia Pacific Others Market by Country, 2018 - 2021, USD Million
TABLE 20 Asia Pacific Others Market by Country, 2022 - 2028, USD Million
TABLE 21 Asia Pacific Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 22 Asia Pacific Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 23 Asia Pacific Commercial & Industrial Market by Country, 2018 - 2021, USD Million
TABLE 24 Asia Pacific Commercial & Industrial Market by Country, 2022 - 2028, USD Million
TABLE 25 Asia Pacific Utilities Market by Country, 2018 - 2021, USD Million
TABLE 26 Asia Pacific Utilities Market by Country, 2022 - 2028, USD Million
TABLE 27 Asia Pacific Residential Market by Country, 2018 - 2021, USD Million
TABLE 28 Asia Pacific Residential Market by Country, 2022 - 2028, USD Million
TABLE 29 Asia Pacific Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 30 Asia Pacific Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 31 Asia Pacific Heating Market by Country, 2018 - 2021, USD Million
TABLE 32 Asia Pacific Heating Market by Country, 2022 - 2028, USD Million
TABLE 33 Asia Pacific Power Generation Market by Country, 2018 - 2021, USD Million
TABLE 34 Asia Pacific Power Generation Market by Country, 2022 - 2028, USD Million
TABLE 35 Asia Pacific Cooling Market by Country, 2018 - 2021, USD Million
TABLE 36 Asia Pacific Cooling Market by Country, 2022 - 2028, USD Million
TABLE 37 Asia Pacific Thermal Energy Storage Market by Country, 2018 - 2021, USD Million
TABLE 38 Asia Pacific Thermal Energy Storage Market by Country, 2022 - 2028, USD Million
TABLE 39 China Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 40 China Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 41 China Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 42 China Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 43 China Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 44 China Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 45 China Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 46 China Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 47 China Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 48 China Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 49 Japan Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 50 Japan Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 51 Japan Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 52 Japan Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 53 Japan Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 54 Japan Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 55 Japan Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 56 Japan Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 57 Japan Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 58 Japan Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 59 India Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 60 India Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 61 India Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 62 India Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 63 India Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 64 India Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 65 India Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 66 India Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 67 India Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 68 India Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 69 South Korea Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 70 South Korea Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 71 South Korea Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 72 South Korea Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 73 South Korea Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 74 South Korea Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 75 South Korea Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 76 South Korea Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 77 South Korea Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 78 South Korea Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 79 Singapore Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 80 Singapore Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 81 Singapore Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 82 Singapore Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 83 Singapore Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 84 Singapore Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 85 Singapore Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 86 Singapore Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 87 Singapore Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 88 Singapore Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 89 Malaysia Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 90 Malaysia Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 91 Malaysia Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 92 Malaysia Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 93 Malaysia Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 94 Malaysia Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 95 Malaysia Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 96 Malaysia Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 97 Malaysia Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 98 Malaysia Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 99 Rest of Asia Pacific Thermal Energy Storage Market, 2018 - 2021, USD Million
TABLE 100 Rest of Asia Pacific Thermal Energy Storage Market, 2022 - 2028, USD Million
TABLE 101 Rest of Asia Pacific Thermal Energy Storage Market by Technology, 2018 - 2021, USD Million
TABLE 102 Rest of Asia Pacific Thermal Energy Storage Market by Technology, 2022 - 2028, USD Million
TABLE 103 Rest of Asia Pacific Thermal Energy Storage Market by Storage Material, 2018 - 2021, USD Million
TABLE 104 Rest of Asia Pacific Thermal Energy Storage Market by Storage Material, 2022 - 2028, USD Million
TABLE 105 Rest of Asia Pacific Thermal Energy Storage Market by End-user, 2018 - 2021, USD Million
TABLE 106 Rest of Asia Pacific Thermal Energy Storage Market by End-user, 2022 - 2028, USD Million
TABLE 107 Rest of Asia Pacific Thermal Energy Storage Market by Application, 2018 - 2021, USD Million
TABLE 108 Rest of Asia Pacific Thermal Energy Storage Market by Application, 2022 - 2028, USD Million
TABLE 109 Key Information – Baltimore Aircoil Company, Inc.
TABLE 110 Key Information – Steffes, LLC
TABLE 111 Key Information – Dunham-Bush Limited
TABLE 112 Key Information – Evapco, Inc.
TABLE 113 Key Information – SR ENERGY
TABLE 114 Key Information – Caldwell Energy Company
TABLE 115 Key Information – Abengoa
TABLE 116 Key Information – New BrightSource, Ltd.
TABLE 117 Key Information – Terrafore Technologies, LLC
TABLE 118 Key Information – Goss, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 Recent strategies and developments: Baltimore Aircoil Company, Inc.
FIG 3 Recent strategies and developments: Steffes Corp.