"Actionable Insights to Fuel Your Growth"

Cold Thermal Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Application (Buildings {Residential, Commercial, Warehouse}, Industrial {Meat Processing, Dairy, Beverages, and Others}) and Regional Forecasts, 2021-2028

Last Updated: November 18, 2024 | Format: PDF | Report ID: FBI106279

 

KEY MARKET INSIGHTS

The global cold thermal energy storage market size was valued at USD 227.9 million in 2020. The global market is projected to grow from USD 244.7 million in 2021 to USD 616.6 million in 2028 at a CAGR of 14.1% during the forecast period. The global impact of COVID-19 has been staggering and unmatched, with the cold thermal energy market observing a negative demand across the regions during pandemic. Based on our analysis, the global market projected a slow growth of 6.6% in 2020 when compared to the average year-on-year growth during 2017-2019. The growth in CAGR is attributable to this market's demand and growth returning to pre-pandemic levels once the pandemic is over.


Remarkable developments in energy storage systems and the subsequently declining environmental impact from utilizing these systems is driving the demand for these systems worldwide. These systems store up thermal energy by heating or cooling a storage medium known as phase change material (PCM). The stored energy can be used at a later time for heating and cooling applications, providing better reliability, increased overall efficiency, and reduced investment and running costs. The shift towards sustainable solutions accelerated by the negative environmental impact caused due to depleting fossil fuel resources will boost the technology adoption in the forthcoming years.


Blockades in Energy Industry has Harmed Market Growth amid COVID-19


The pandemic caused by the spread of the novel coronavirus globally has impacted the industry worldwide. International Energy Agency (IEA) stated that the COVID-19 has significantly impacted the growth in power generation from renewable energy sources. IEA estimated that the number of new renewable power installation worldwide is set to fall in 2020 due to pandemic. Furthermore, the shutdown of manufacturing facilities worldwide is also responsible for declining market growth.


LATEST TRENDS


Request a Free sample to learn more about this report.


Increased Demand for Reliable and Efficient Energy Storage Systems to Augment  Market Growth


During the past few decades, a vast amount of daytime peak power around the world has been shifted to off-peak hours with the use of these kind of systems. Notable technological developments have been made in energy storage technology, which has had an extensive and vivid impact on the lives of humankind. With significantly less energy input, cold thermal energy storage systems are capable of providing better cooling as compared to traditional non-storage energy-producing methods. In regions where utilities charge higher power consumption rates during the day i.e., on-peak hours, and low rates for off-peak hours during the night, these systems have proven to be economical.


Increasing Emphasis on Utilization of Renewable Energy Resources Will Favor Market


The growing need to conserve the earth's resources and be environmentally sustainable has given rise to the demand for cold thermal energy storage systems. In May 2019, IEA reported that electricity demand for cooling tripled to reach nearly 2000 terawatt-hours (TWh) between 1990 and 2018. Consequently, energy-efficient technologies have gained importance in recent years to achieve sustainable energy targets. Extensive research and development (R&D) activities are being conducted in new areas, such as the utilization of hydrofluro-olefins (HFO) refrigerants in ice storage machines that have a lower global warming potential and zero ozone depletion potential compared to their HFC (hydrofluorocarbons) counterparts. The aforementioned factors along with innovative government policies to promote sustainable technologies will fuel the demand for thermal energy in the near future.


DRIVING FACTORS


Increasing Efforts to Decarbonize Cooling Sector for Sustainable Development is Supporting Growth


Cold thermal energy storage allows for a transition away from fossil fuel, resulting in around 30-50% reduction in primary energy consumption. The deployment of such systems reduces fossil fuel consumption and greenhouse gas emissions considerably, which could eventually help mitigate the rising pollution threat. Air conditioning (AC) systems account for between 16-50% of electricity consumption in many regions worldwide, especially in hot and humid countries near the equator. Cold thermal energy storage technology is more efficient than traditional decentralized air conditioning systems and can reduce electricity use during peak demand through reduced power consumption. Consequently, increasing investments in such technologies will propel the market forward in the forthcoming years.


Growing Adoption of Energy Efficient Technologies Led by Encouraging Government Initiatives Will Drive Market


According to the International Renewable Energy Agency's (IREA) Renewable Capacity Statistics 2021, the cooling loads required by industrial and commercial sectors would see an increase in electricity share of final energy from 20% in 2017 to 49% by 2050. Relying solely on power generators may stretch the existing resources and increase the overall cost. The availability of low-cost and reliable renewable electricity is opening the door to integrating the renewable energy sector with the buildings and industry sectors for a cross-sector decarburization strategy.


For example, electricity demand for building space cooling can be moved to lower-cost periods by charging up cold thermal storage systems during off-peak times and then discharging when required. This factor enables reduced grid congestion, higher renewable energy penetration, and lowers costs. Numerous state and/or federal governments have introduced energy efficiency standards and financial support plans to support the transition towards greener systems. The above-mentioned factors will augment the growth of cold thermal energy storage industry over 2021-2028.


RESTRAINING FACTORS


Lack of Awareness and High Initial Investment is Hindering Global Cold Thermal Energy Storage Market


Cold thermal energy storage systems are suitable for large commercial spaces such as hospitals, offices, educational institutes, and others. They are not feasible for smaller capacities, especially for residential buildings, as it is challenging to overcome the scale of high economies involved. High initial investments are required to install heating and cooling systems for centralized cooling systems, which is only possible through government subsidies and local channel compliance. Furthermore, a significant market restrain is the lack of awareness about cold TES technology, its applications and benefits such as cost savings. Besides these factors, the lack of integrated infrastructure and land-use planning could also restrict the technology adoption to some extent. Inadequate knowledge and capacity to execute projects and a lack of agreed methodology to recognize energy-saving and environmental benefits are also significant hurdles affecting the cold thermal energy storage market growth.                


SEGMENTATION


By Application Analysis


To know how our report can help streamline your business, Speak to Analyst


Wide Application in Commercial Spaces to Drive Market Share for Commercial Segment


By application, the market is segmented into buildings and industrial.


Cold thermal energy storage application is segmented into building and industrial applications. The building application segment is further split into commercial, residential, and warehouses. Similarly, the industrial application segment is split into meat processing, dairy, beverages, and others. The commercial segment will acquire a significant market share over 2021-2028 with expanding applications in the commercial sector. These systems are primarily used in private and public sectors, including offices, shops, government, institutions, airports, and organizations. The warehouse segment will also account for a notable market share due to wide use in refrigeration applications in the food processing sector. In residential applications, the use of these systems is limited due to the lack of commercial availability of economic cold storage systems for small residential capacities.


Beverage and meat processing application segment account for a sizable share in this market. Cooling is an essential part of the beverage industry as it is necessary for the pre-cooling of bottled cans. The new ice bank machines, which incorporate cold TES technology for direct and indirect cooling of beverages, are likely to gain robust popularity among beverage manufacturers during the forecast period. In the meat processing industry, cold TES systems are used as refrigerated chambers and can chill, freeze, and store any perishable product.


In the dairy industry, cold thermal storage systems are used as ice builders with a vast range of potential applications, from fermentation vessels in breweries to heat exchangers in bakeries and farms and large milk cooling systems. The others application segment, which includes medical, biotechnology, military, and other niche applications, will record steady growth between 2021 and 2028.


REGIONAL INSIGHTS


North America Cold Thermal Energy Storage Market Value, 2020 (USD Million)

To get more information on the regional analysis of this market, Request a Free sample


North America to Hold Market Share due to Continuous Investments In Research & Development


The market has been evaluated across five major regions, including North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.


North America generated USD 89.03 million in terms of annual revenue in 2020 and will lead cold thermal energy storage market share through 2028. This growth can be attributed to continuous investments in research & development of thermal energy storage and energy management solutions. Growing awareness towards utilizing renewable energy systems also drives the regional technology demand.


The Asia Pacific region is anticipated to grow at a healthy CAGR over the forecast period owing to various factors such as rapidly increasing energy demand, a surging urban population, establishment of new infrastructure and increasing need for cooling systems. Furthermore, stringent emission reduction regulations, the adoption of energy-efficient systems, and increasing renewable energy installations are key factors propelling this market. The Middle East & Africa region is one of the fastest-growing regions due to high temperatures, rising commercialization, and economic growth.


KEY INDUSTRY PLAYERS


Market Players to Boost R&D Investments and Focus on Expanding Customer Reach


The global cold thermal energy storage market is considerably fragmented, with different key players operating at the national, regional, and global levels. The industry participants are significantly focusing on developing high-performance thermal storage with enhanced operational characteristics to fortify their global foothold. Considering all the scenarios, EVAPCO, Inc., Baltimore Aircoil Company, and Omega Thermo Products held significant market share in the global market due to their better-performing storage devices and established supply chain. They are expected to remain the market leaders in the upcoming years.


LIST OF KEY MARKET PLAYERS PROFILED:



  • 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)


KEY INDUSTRY DEVELOPMENTS:



  • August 2021 - Emirates Central Cooling Systems Corporation (Empower) announced that the company had secured a contract to supply 3,700 refrigeration tons (RT) of district cooling energy for Marsa Al Arab, one of the most significant marine tourism and leisure destinations being developed on Jumeirah beaches, Dubai. According to the company, the first phase of the district cooling services will start by the end of the year 2021. An AED6-billion (USD 1.63 billion) development, Marsa Al Arab comprises two artificial islands situated on both sides of Burj Al Arab hotel and spread across a total area of 4 million sq. ft.

  • July 2021 - Baltimore Aircoil Company announced the acquisition of Italy-based company Eurocoil SPA, a leading manufacturer of heat exchangers serving the European commercial and refrigeration industries. The addition of Eurocoil increases Baltimore Aircoil’s manufacturing capacity in the region while adding additional heat exchanger capabilities used for BAC’s existing evaporative hybrid and adiabatic cooling products.


REPORT COVERAGE


An Infographic Representation of Cold Thermal Energy Storage Market

To get information on various segments, share your queries with us



The market research report highlights leading regions worldwide to better understand the ongoing market trends. Furthermore, the report provides insights into the latest industry trends and analyzes technologies being deployed globally. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the industry.


Report Scope & Segmentation













































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year  



  2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD million)



Segmentation



By Application and By Region



Segmentation



By Application



  • Buildings





    • Commercial

    • Residential

    • Warehouse





  • Industrial





    • Meat Processing

    • Beverages

    • Dairy

    • Others





By Region



  • North America (By Application)

    • U.S.

    • Canada



  • Europe (By Application)

    • Germany

    • Russia

    • France

    • Spain

    • U.K.

    • Italy

    • Rest of Europe



  • Asia Pacific (By Application)

    • China

    • Japan

    • India

    • Australia

    • Southeast Asia

    • Rest of Asia Pacific



  • Latin America (By Application)

    • Brazil

    • Mexico

    • Rest of Latin America



  • The Middle East and Africa (By Application)

    • GCC

    • South Africa

    • Rest of the Middle East and Africa








Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 227.9 million in 2020 and is projected to reach USD 616.6 million by 2028.

In 2020, the North American market value stood at USD 89.03 million.

The market is likely to grow at a CAGR of 14.1% over the forecast period 2021-2028.

The commercial segment is anticipated to dominate this market during the forecast period.

The growing efforts to decarbonize the cooling sector for sustainable development is a key factor driving the market.

EVAPCO, Inc., Baltimore Aircoil Company, and Omega Thermo Products are some of the key participants in this market.

North America dominated the market share in 2020.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2017-2028
  • 2020
  • 2017-2019
  • 171
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X