BOULDER, Colo.--(BUSINESS WIRE)--An often unrecognized but important component of the developing market for energy storage systems, thermal energy storage (TES) is most often used to provide cooling capacity for commercial buildings. Today, TES systems are also increasingly seen as an effective means of shifting electricity use from daytime peak periods to less expensive periods of the day or at night, saving money and increasing overall system efficiency. According to a recent report from Pike Research, a part of Navigant’s Energy Practice, total revenue from worldwide sales of thermal energy storage will grow steadily over the remainder of this decade, reaching $3.6 billion by 2020.
“Thermal energy storage has strong potential in markets such as the European Union, which have a heavy emphasis on energy efficiency initiatives and rising levels of renewable energy generation”
“Thermal energy storage has strong potential in markets such as the European Union, which have a heavy emphasis on energy efficiency initiatives and rising levels of renewable energy generation,” says research director Kerry-Ann Adamson. “Growth is also expected in the less regulated U.S. market, however, where industry representatives project as much as a quarter of a billion dollars of investment in TES, if pending legislation is passed by Congress.”
TES has not traditionally been packaged and sold as a standalone appliance or service. Thus, thermal storage companies tend to offer their technologies as part of a larger project, for new construction of buildings, or as part of a major retrofit project that will replace or expand an existing cooling system. Being offered as part of a larger project is, in fact, a key aspect of the economics of TES installation, according to the report. Even its most ardent advocates recognize that the greatest value for installing a system comes as part of a new project design, or when investment is triggered by a major event that requires a comprehensive upgrade.
The report, “Thermal Energy Storage”, analyzes the market for thermal energy storage, concentrating on five major applications that currently define the commercial marketplace for thermal storage: thermal storage for heating, ventilation and air conditioning in commercial buildings; district energy systems for cooling and, in some cases, heating; turbine inlet cooling to limit generation power losses; utility and grid support applications; and high-temperature storage at concentrated solar power generation facilities. In addition to comparing TES technologies and examining the drivers and barriers for the TES market, the study includes profiles of more than two dozen key industry players as well as forecasts for revenue and capacity through 2020. An Executive Summary of the report is available for free download on the Pike Research website.
About Pike Research
Pike Research, which joined Navigant’s global Energy Practice on July 1, 2012, provides in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.
Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Thermal Energy Storage,” is a summary and reflects Pike Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.