Cold Thermal Energy Storage Market to be Worth USD 616.6 Million by 2028; Need for Smarter, More Sustainable Energy Storage Solutions to Augment Market Growth: Fortune Business Insights™
Fortune Business Insights
7 min read
Companies covered in the Cold Thermal Energy Storage Market Research report are CALMAC(U.K.), Baltimore Aircoil Company (U.S.), Vogt Ice LLC (U.S.), Nostromo Energy (Israel), BeKa Heiz- und Kühlmatten GmbH (Germany), Trane (Ireland), Viking Cold Solutions, Inc. (U.S.), NETenergy (U.S.), EVAPCO, Inc. (U.S.), EnergiVault (U.K.), Omega Thermo Products (U.S.), Fullwood Packo Group (U.K.), Kilkenny Cooling Systems (Ireland).
Pune, India, Jan. 26, 2022 (GLOBE NEWSWIRE) -- The Cold Thermal Energy Storage Market size is expected to touch USD 616.6 million by 2028, exhibiting a CAGR of 14.1% during the forecast period. The market was valued at USD 227.9 million in 2020 and reached USD 244.7 million in 2021. Rising demand for sustainable energy and energy-efficient power storage solutions, rapid urbanization, commercialization, and industrial development may fuel market growth. Fortune Business Insights™ provides this information in an upcoming report titled, “Cold Thermal Energy Storage Market, 2021-2028.”
Cold thermal energy storage is a process wherein cold energy is provided to an object and removed as per the requirement. Rising demand for sustainable and energy-efficient power storage solutions is expected to boost the demand for thermal energy systems. It is used extensively in storage units such as refrigerators to store perishable items. Further, its adoption in warehouses, residential and commercial applications is expected to boost its sales. In addition, rapid urbanization, commercialization, and industrial developments may propel market development in the upcoming years.
COVID-19 Impact: Disruptions in Energy & Power Sector to Hamper Market Trends Slightly
The novel COVID-19 pandemic has had a devastative impact on nearly every industry vertical worldwide. Various industries, including the energy & power sector, experienced several disruptions due to stringent containment measures enforced by the respective governments. Additionally, due to nationwide lockdown restrictions in most countries, weakened demand from shopping malls, hotels, and other places was observed. Manufacturers also experienced numerous roadblocks owing to a temporary halt in production activities, increased production costs, and lower ROI. Due to these factors, the demand for cold thermal energy storage solutions has declined in several parts of the world.
Based on application, the market is bifurcated into buildings and industrial.
In terms of geography, the market is split into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa.
Report Coverage-
The cold thermal energy storage market research report provides in-depth granular and actionable data coverage. It focuses on major aspects such as key industry players, products, demanding technologies, and applications. The report offers comprehensive insights into the notable recent developments in the educational toys space. Additionally, it covers several direct and indirect factors that have contributed to the market growth in the past few years.
Drivers & Restraints-
Growing Need for Reliable and Efficient Energy Storage Systems to Aid Market Expansion
In recent years, a large volume of daytime peak power across the world has been shifted to off-peak hours using cold thermal power storage solutions. These solutions can provide better cooling than conventional non-storage technologies due to their significantly lower energy input. In countries where utilities charge higher power consumption rates during on-peak hours and low rates during off-peak durations, these systems have proven to be viable. Their high application potential in refrigeration and district cooling makes them viable for deployment in residential, commercial, and institutional buildings. The aforementioned factors are likely to drive the cold thermal energy storage market growth.
However, lack of awareness and high initial costs are likely to restrain market growth in the upcoming years.
North America to Lead Market Share Backed by Increasing Renewables Deployment
In 2020, North America generated revenue worth over USD 89.03 million. The region is anticipated to dominate the global market share over the projected period. Demand in this region is driven by the rising volume of R&D activities to bring innovative thermal energy storage and management solutions to the market. Heightened awareness towards renewable energy and growing renewables deployment will further amplify the regional demand.
Meanwhile, the market in Asia Pacific is projected to grow at a steady pace in the coming years. This growth can be attributed to several factors, including rapid population growth, rising energy demand, ongoing infrastructure development, and the consequently rising demand for cooling systems.
Middle East and Africa will hold a notable share in the market due to hot climatic conditions, increasing commercialization, and robust economic development.
Industry Developments-
July 2021– Baltimore Aircoil Company completed the acquisition of Italy’s Eurocoil SPA. The acquisition would help Baltimore Aircoil Company expand its manufacturing capacity in the region and augment the heat exchanger capabilities of its existing systems.
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