The cold thermal energy storage market will be worth 616.6 USD
Pune, India, Jan. 26, 2022 (GLOBE NEWSWIRE) — The cold thermal energy storage market the size should touch $616.6 million by 2028, presenting a CAGR of 14.1% during the forecast period. The market was valued at $227.9 million in 2020 and reached $244.7 million in 2021. Growing demand for sustainable energy and energy efficient energy storage solutions, rapid urbanization, commercialization and industrial development could fuel the growth of the market. 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 in which cold energy is supplied to an object and removed as needed. Growing demand for durable and energy efficient energy storage solutions is expected to drive the demand for thermal power systems. It is widely used in storage units such as refrigerators to store perishables. Moreover, its adoption in warehouses, residential and commercial applications is expected to boost its sales. Additionally, rapid urbanization, commercialization, and industrial developments might propel the development of the market in the coming years.
Impact of COVID-19: Disruptions in the energy and power sector slightly hamper market trends
The novel COVID-19 pandemic has had a devastating impact on almost every industry vertical around the world. Various industries, including the energy and power sector, have experienced several disruptions due to the strict containment measures enforced by the respective governments. Additionally, due to nationwide lockdown restrictions in most countries, weakened demand from shopping malls, hotels and other locations has been observed. Manufacturers have also encountered many obstacles due to a temporary halt in production activities, an increase in production costs and a decline in return on investment. Due to these factors, the demand for cold thermal energy storage solutions has declined in several parts of the world.
To learn more about the short and long term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/cold-thermal-energy-storage-market-106279
Companies featured in this Marlet
- CALMAC (UK)
- Baltimore Aircoil Company (USA)
- Vogt Ice LLC (USA)
- Nostromo Energy (Israel)
- BeKa Heiz- und Kühlmatten GmbH (Germany)
- Trane (Ireland)
- Viking Cold Solutions, Inc. (USA)
- NETenergy (USA)
- EVAPCO, Inc. (USA)
- EnergiVault (UK)
- Omega Thermo products (USA)
- Fullwood Packo Group (UK)
- Kilkenny Cooling Systems (Ireland)
Report scope and segmentation
|Forecast period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||14.1%|
|2028 value projection||$616.6 million|
|Market size in 2021||$244.7 million|
|Historical data for||2017 to 2019|
|Number of pages||171|
|Segments Covered||Request, Region.|
|Growth engines||Growing need for reliable and efficient energy storage systems to drive market expansion|
|North America to dominate the market share due to increasing renewable energy deployment|
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Based on application, the market is divided into building and industrial.
Geographically, the market is divided into North America, Europe, Latin America, Asia-Pacific, Middle East and Africa.
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 a comprehensive overview of notable recent developments in the field of educational toys. Moreover, it covers several direct and indirect factors that have contributed to the growth of the market over the past few years.
Drivers and Constraints-
Growing need for reliable and efficient energy storage systems to drive 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 energy storage solutions. These solutions can provide better cooling than conventional technologies without storage due to their significantly lower power consumption. In countries where utilities charge higher energy consumption rates during peak hours and lower rates during off-peak periods, 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 growth of the cold thermal energy storage market.
However, lack of awareness and high upfront costs are likely to restrain the market growth in the coming years.
Quick buy – cold thermal energy storage market Research report: https://www.fortunebusinessinsights.com/enquiry/queries/cold-thermal-energy-storage-market-106279
North America to dominate the market share due to increasing renewable energy deployment
In 2020, North America generated revenues worth over $89.03 million. The region is expected to dominate the global market share over the projected period. Demand in this region is driven by the growing volume of R&D activities to bring innovative thermal energy storage and management solutions to market. Increased awareness of renewable energy and increasing deployment of renewable energy will further amplify regional demand.
Meanwhile, the Asia-Pacific market is expected to grow at a steady pace in the coming years. This growth can be attributed to several factors, including rapid population growth, increasing energy demand, continuous infrastructure development and, consequently, increasing demand for cooling systems.
The Middle East and Africa will hold a notable share of the market owing to warm climatic conditions, increasing commercialization and robust economic development.
- July 2021 – Baltimore Aircoil Company has completed the acquisition of Italian company Eurocoil SPA. The acquisition would help Baltimore Aircoil Company expand its manufacturing capacity in the region and increase the heat exchange capabilities of its existing systems.
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Main emerging trends
- Ice banks
- Technology Overview
- List of major manufacturers
- Main developments: mergers, acquisitions, partnerships, etc.
- Latest technological advancement
- Regulatory landscape
- Analysis of the five forces of carriers
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Cold Thermal Energy Storage Market
- Measures taken by the government to overcome the impact
- Key developments from industry players in response to COVID-19
- Potential Opportunities and Challenges Due to the COVID-19 Outbreak
- Global Cold Thermal Energy Storage Market Analysis (USD Million), Outlook and Forecast, 2017-2028
- Main results/summary
- Market Analysis, Outlook and Forecast – By Application
- meat processing
- Market Analysis, Outlook and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- North America Cold Thermal Energy Storage Market Analysis (USD Million), Outlook and Forecast, 2017-2028
- Main results/summary
- Market Analysis, Outlook and Forecast – By Application
- meat processing
- Market Analysis, Outlook and Forecast – by Country
Request customization of this report: https://www.fortunebusinessinsights.com/enquiry/customization/cold-thermal-energy-storage-market-106279
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