Global Cold Thermal Energy Storage Market report from Global Insight Services is the single authoritative source of intelligence on Cold Thermal Energy Storage Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Cold thermal energy storage (CTES) is a process where thermal energy is stored in the form of cold water or ice. This stored energy can then be used to provide cooling or heating when needed. The main advantage of CTES is that it can provide a more efficient and cost-effective way to store energy than other methods, such as using batteries.
Key Drivers
The key drivers of the Cold Thermal Energy Storage market are the need for energy storage, the development of new storage technologies, and the increasing use of renewable energy.
The need for energy storage is driven by the intermittency of renewable energy sources, such as wind and solar, and the need to have a reliable source of energy when demand is high. Storage can also provide grid stability and help to meet peak demand.
The development of new storage technologies is driven by the need for more efficient and cheaper storage solutions. The most promising new technologies include compressed air storage, molten salt storage, and flow batteries.
The increasing use of renewable energy is driven by the need to reduce greenhouse gas emissions. Renewables are often more expensive than fossil fuels, so storage can help to make them more economically viable.
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Key Trends
There are three key trends in cold thermal energy storage technology:
- The use of phase change materials (PCMs) to store large amounts of energy in a small volume. PCMs are materials that can store large amounts of energy in the form of latent heat. latent heat is the energy required to change the phase of a substance (i.e. from solid to liquid or vice versa).
- The use of advanced insulation materials to reduce heat losses. Advanced insulation materials have a lower thermal conductivity than traditional insulation materials, which means they can reduce heat losses.
- The use of novel refrigerants with low global warming potential (GWP) to minimize environmental impact. Novel refrigerants are being developed that have a low GWP. GWP is a measure of how much a given greenhouse gas contributes to global warming.
Restraints & Challenges
Cold thermal energy storage is the process of storing cold energy in the form of ice, snow, or chilled fluids, and using it to meet future energy needs.
However, the key restraints and challenges in cold thermal energy storage are its high initial investment cost and the need for a reliable and continuous source of cold energy.
Market Segments
The cold thermal energy storage market is segmented by industrial, end-user, and region. By industrial, the market is classified into meat processing, dairy, beverages, and others. Based on end-user, it is bifurcated into residential, commercial, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
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Key Players
The global cold thermal energy storage market includes players such as Calmac, Baltimore Aircoil Company, Vogt Ice LLC, Nostromo Energy, BeKa Heiz- und Kühlmatten GmbH, Trane, Viking Cold Solutions Inc., NETenergy, Evapco Inc., EnergiVault, and others.
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