Cold Thermal Energy Storage Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Cold Thermal Energy Storage Market grew at a CAGR of 10.4% between 2017-2021 and is estimated to be US$ 210.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 13.4% and is expected to reach a valuation of US$ 740.3Mn by 2032 end.
Providing cold energy to an object and removing it when needed is known as cold thermal energy storage. The market for thermal energy systems is anticipated to increase since there is a growing need for environmentally friendly and cost-effective power storage solutions. It is widely utilized to store perishable commodities in storage facilities like freezers. Additionally, its use in homes, businesses, and warehouses is anticipated to increase its sales. Additionally, quickening commercial, industrial, and urbanization activities could fuel market expansion in the years to come.
ChemView Consulting has analyzed that a move away from fossil fuels is made possible by cold thermal energy storage, which reduces primary energy use by about 30 to 50 percent. The installation of such systems drastically reduces the consumption of fossil fuels and greenhouse gas emissions, which may eventually assist in reducing the threat of rising pollution. Around the world, between 16 and 50 percent of electricity is consumed by air conditioning (AC) systems, particularly in hot, muggy nations close to the equator.
The beverage application segment accounts for a substantial portion of this market. The beverage sector depends heavily on cooling because it is required for pre-cooling bottled cans. During the forecast period, the new ice bank machines—which feature cold TES technology for direct and indirect beverage cooling—are projected to enjoy strong appeal among beverage businesses. Cold TES systems are utilized as refrigerated chambers in the meat processing sector and may chill, freeze, and store perishable products.
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Segments Covered in Report
- Meat Processing
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Cold Thermal Energy Storage Market
- Based on the application, the beverage application segment accounts for a substantial portion of this market. The beverage sector depends heavily on cooling because it is required for pre-cooling bottled cans. During the forecast period, the new ice bank machines—which feature cold TES technology for direct and indirect beverage cooling—are projected to enjoy strong appeal among beverage businesses. Cold TES systems are utilized as refrigerated chambers in the meat processing sector and may chill, freeze, and store perishable products.
- Based on the region, with a market share of 39.4% and yearly revenue of USD 89.03 million, North America will continue to dominate the cold thermal energy storage industry through 2032. This expansion can be attributable to ongoing expenditures on thermal energy storage and energy management research and development. The need for technology in the region is also driven by growing knowledge of the benefits of using renewable energy sources.
Key companies covered in the market study are CALMAC, Baltimore Aircoil Company, Vogt Ice LLC, Nostromo Energy, BeKa Heiz- und Kühlmatten GmbH, Trane, Viking Cold Solutions, Inc., NETenergy, EVAPCO, Inc., EnergiVault, Omega Thermo Products, Fullwood Packo Group, Kilkenny Cooling Systems
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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