Cold Thermal Energy Storage Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cold Thermal Energy Storage Market
The cold thermal energy storage market size was valued at USD 227.9 million in 2020, and the market is now projected to grow from USD 244.7 million in 2021 to USD 616.6 million in 2028, exhibiting a CAGR of 14.1% during the forecast period of 2021-2028.
The pandemic has significantly influenced the number of new renewable power implementations. The development of renewable energy technologies in several markets was also impacted. The decline is represented by delays in construction activities due to supply chain disruption caused by the pandemic. The lockdown measures across all major economies, social-distancing guidelines for workers, and the subsequent financing challenges had hindered the market growth. Thus, the COVID-19 pandemic has hampered the cold thermal energy storage market growth.
The cold thermal energy storage market share globally has augmented because of the increasing efforts to decarbonizes the cooling sector for sustainable development. The exploitation of such systems reduces fossil fuel consumption and greenhouse gas emissions greatly. This could ultimately assist to mitigate the rising pollution risk. Air conditioning systems account for between 16-50% of electricity consumption in various regions worldwide. This system technology is more efficient than conventional decentralized AC systems. It can also decrease electricity use during peak demand through reduced power consumption.
The trend is amplified demand for reliable and efficient energy storage systems that is boosting the market growth. In the past few decades, a huge amount of daytime peak power all around the world has been shifted to off-peak hours with the use of such types of systems. These systems are capable of providing better cooling as compared to usual non-storage energy-producing methods because of significantly less energy input requirement. Noteworthy, technical developments have been made in energy storage technology, which has had an extensive and vivid blow on the lives of people, increasing demand for the product.
Comprehensive Analysis of Cold Thermal Energy Storage Market
The cold thermal energy storage market and power & energy industry is intensifying at an exponential rate due to its market segmentation. This market expansion effectively provides a thorough regional assessment considering the dominant supply and demand forces that impact the power & energy industry. These segmentations are methodically segregated by types of applications. The applications include building and industrial. The building involves building residential, commercial, and warehouse. The industrial type consists of meat processing, dairy, beverages, and others.
The North American region is conducive to the global cold thermal energy storage market, leading to a recall of USD 89.03 million because of continuous investments in research & development of energy storage and management solutions.
The top players in the market play a decisive role in the power & energy industry giving surety industrial prospectus growth and setting market values. These players include CALMAC (U.K.), Baltimore Aircoil Company (U.S.), Nostromo Energy (Israel), Vogt Ice LLC (U.S.), BeKa Heiz-und Kuhlmatten 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.), and Kilkenny Cooling Systems (Ireland), these market players provide a level-playing competitive landscape.
In August 2021, Empower announced that the company had signed a contract with Marsa Al Arab to deliver 3,700 refrigeration tons (RT) of district cooling energy service. It possesses several hotels and luxury villas besides restaurants, shops, conference and wedding centers and a yacht club.
Segmentation Table
Global Cold Thermal Energy Storage Market Scope
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
- Meat Processing
- Beverages
- Dairy
- Others
North America (By Application)
- U.S.
- Canada
- Germany
- Russia
- France
- Spain
- U.K.
- Italy
- Rest of Europe
- China
- Japan
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Brazil
- Mexico
- Rest of Latin America
- GCC
- South Africa
- Rest of the Middle East and Africa
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends
- 4.2. Ice Banks
- 4.2.1. Technology Overview
- 4.2.2. List of Key Manufacturers
- 4.3. Key Developments: Mergers, Acquisitions, Partnership, etc
- 4.4. Latest Technological Advancement
- 4.5. Regulatory Landscape
- 4.6. Porters Five Forces Analysis
- 5. Qualitative Analysis – Impact of COVID-19
- 5.1. Impact of COVID-19 on the Cold Thermal Energy Storage Market
- 5.2. Steps Taken by the Government to Overcome the Impact
- 5.3. Key Developments by Industry Players in Response to COVID-19
- 5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
- 6. Global Cold Thermal Energy Storage Market Analysis (USD Million), Insights and Forecast, 2017-2028
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Application
- 6.2.1. Buildings
- 6.2.1.1. Residential
- 6.2.1.2. Commercial
- 6.2.1.3. Warehouse
- 6.2.2. Industrial
- 6.2.2.1. Meat Processing
- 6.2.2.2. Dairy
- 6.2.2.3. Beverages
- 6.2.2.4. Others
- 6.3. Market Analysis, Insights and Forecast – By Region
- 6.3.1. North America
- 6.3.2. Europe
- 6.3.3. Asia Pacific
- 6.3.4. Latin America
- 6.3.5. Middle East & Africa
- 7. North America Cold Thermal Energy Storage Market Analysis (USD Million), Insights and Forecast, 2017-2028
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Application
- 7.2.1. Buildings
- 7.2.1.1. Residential
- 7.2.1.2. Commercial
- 7.2.1.3. Warehouse
- 7.2.2. Industrial
- 7.2.2.1. Meat Processing
- 7.2.2.2. Dairy
- 7.2.2.3. Beverages
- 7.2.2.4. Others
- 7.3. Market Analysis, Insights and Forecast – By Country
- 7.3.1. U.S.
- 7.3.2. Canada
- 8. Europe Cold Thermal Energy Storage Market Analysis (USD Million), Insights and Forecast, 2017-2028
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Application
- 8.2.1. Buildings
- 8.2.1.1. Residential
- 8.2.1.2. Commercial
- 8.2.1.3. Warehouse
- 8.2.2. Industrial
- 8.2.2.1. Meat Processing
- 8.2.2.2. Dairy
- 8.2.2.3. Beverages
- 8.2.2.4. Others
- 8.3. Market Analysis, Insights and Forecast – By Country
- 8.3.1. U.K
- 8.3.2. Germany
- 8.3.3. France
- 8.3.4. Italy
- 8.3.5. Spain
- 8.3.6. Russia
- 8.3.7. Rest of Europe
- 9. Asia Pacific Cold Thermal Energy Storage Market Analysis (USD Million), Insights and Forecast, 2017-2028
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Application
- 9.2.1. Buildings
- 9.2.1.1. Residential
- 9.2.1.2. Commercial
- 9.2.1.3. Warehouse
- 9.2.2. Industrial
- 9.2.2.1. Meat Processing
- 9.2.2.2. Dairy
- 9.2.2.3. Beverages
- 9.2.2.4. Others
- 9.3. Market Analysis, Insights and Forecast – By Country
- 9.3.1. China
- 9.3.2. India
- 9.3.3. Japan
- 9.3.4. Australia
- 9.3.5. Southeast Asia
- 9.3.6. Rest of Asia Pacific
- 10. Latin America Cold Thermal Energy Storage Market Analysis (USD Million), Insights and Forecast, 2017-2028
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Application
- 10.2.1. Buildings
- 10.2.1.1. Residential
- 10.2.1.2. Commercial
- 10.2.1.3. Warehouse
- 10.2.2. Industrial
- 10.2.2.1. Meat Processing
- 10.2.2.2. Dairy
- 10.2.2.3. Beverages
- 10.2.2.4. Others
- 10.3. Market Analysis, Insights and Forecast – By Country
- 10.3.1. Brazil
- 10.3.2. Mexico
- 10.3.3. Rest of Latin America
- 11. Middle East & Africa Electronic Load Market Analysis (USD Million), Insights and Forecast, 2017-2028
- 11.1. Key Findings / Summary
- 11.2. Market Analysis, Insights and Forecast – By Application
- 11.2.1. Buildings
- 11.2.1.1. Residential
- 11.2.1.2. Commercial
- 11.2.1.3. Warehouse
- 11.2.2. Industrial
- 11.2.2.1. Meat Processing
- 11.2.2.2. Dairy
- 11.2.2.3. Beverages
- 11.2.2.4. Others
- 11.3. Market Analysis, Insights and Forecast – By Country
- 11.3.1. GCC
- 11.3.2. South Africa
- 11.3.3. Rest of Middle East & Africa
- 12. Competitive Analysis
- 12.1. Company Market Share Analysis, 2020
- 12.2. Company Profile
- 12.2.1. CALMAC Technologies
- 12.2.1.1. Business Overview
- 12.2.1.2. Product & Service Offering
- 12.2.1.3. Overall Revenue
- 12.2.1.4. Recent Development
- 12.2.2. Baltimore Aircoil Company
- 12.2.2.1. Business Overview
- 12.2.2.2. Product & Service Offering
- 12.2.2.3. Overall Revenue
- 12.2.2.4. Recent Development
- 12.2.3. Vogt Ice, LLC
- 12.2.3.1. Business Overview
- 12.2.3.2. Product & Service Offering
- 12.2.3.3. Overall Revenue
- 12.2.3.4. Recent Development
- 12.2.4. Nostromo Energy
- 12.2.4.1. Business Overview
- 12.2.4.2. Product & Service Offering
- 12.2.4.3. Overall Revenue
- 12.2.4.4. Recent Development
- 12.2.5. BEKA Heiz- und Kühlmatten GmbH
- 12.2.5.1. Business Overview
- 12.2.5.2. Product & Service Offering
- 12.2.5.3. Overall Revenue
- 12.2.5.4. Recent Development
- 12.2.6. Trane
- 12.2.6.1. Business Overview
- 12.2.6.2. Product & Service Offering
- 12.2.6.3. Overall Revenue
- 12.2.6.4. Recent Development
- 12.2.7. Viking Cold Solutions, Inc.
- 12.2.7.1. Business Overview
- 12.2.7.2. Product & Service Offering
- 12.2.7.3. Overall Revenue
- 12.2.7.4. Recent Development
- 12.2.8. NETenergy
- 12.2.8.1. Business Overview
- 12.2.8.2. Product & Service Offering
- 12.2.8.3. Overall Revenue
- 12.2.8.4. Recent Development
- 12.2.9. EVAPCO, Inc.
- 12.2.9.1. Business Overview
- 12.2.9.2. Product & Service Offering
- 12.2.9.3. Overall Revenue
- 12.2.9.4. Recent Development
- 12.2.10. EnergiVault
- 12.2.10.1. Business Overview
- 12.2.10.2. Product & Service Offering
- 12.2.10.3. Overall Revenue
- 12.2.10.4. Recent Development
- 12.2.11. Omega Thermo Products
- 12.2.11.1. Business Overview
- 12.2.11.2. Product & Service Offering
- 12.2.11.3. Overall Revenue
- 12.2.11.4. Recent Development
- 12.2.12. Fullwood Packo
- 12.2.12.1. Business Overview
- 12.2.12.2. Product & Service Offering
- 12.2.12.3. Overall Revenue
- 12.2.12.4. Recent Development
- 12.2.13. Kilkenny Cooling Systems
- 12.2.13.1. Business Overview
- 12.2.13.2. Product & Service Offering
- 12.2.13.3. Overall Revenue
- 12.2.13.4. Recent Development
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