Wilmington, Delaware, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Ice Thermal Energy Storage Market by System (Simple and Detailed), by Ice Storage Type (Ice on Coil Internal and Ice on Coil External), Application (Residential, Commercial and Industrial): Global Opportunity Analysis and Industry Forecast, 2024-2030". According to the report, the ice thermal energy storage market was valued at $192.5 billion in 2023, and is estimated to reach $442.9 billion by 2030, growing at a CAGR of 12.6% from 2024 to 2030.
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Prime determinants of growth
Advancements in thermal storage technology have significantly enhanced the efficiency and applicability of ice thermal energy storage systems. Innovations in materials, control systems, and thermal management techniques have led to systems that are more compact, reliable, and cost-effective. These advancements have addressed previous limitations such as energy loss during storage and inefficient thermal transfer processes. Improved system designs now offer better scalability, allowing ice thermal energy storage to be deployed in a wider range of applications such as commercial buildings to industrial facilities. All these factors are expected to drive the demand for the ice thermal energy storage market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2030 |
| Base Year | 2023 |
| Market Size in 2023 | $192.5 billion |
| Market Size in 2033 | $442.9 billion |
| CAGR | 12.6% |
| No. of Pages in Report | 340 |
| Segments Covered | System, Ice Storage Type, Application, and Region. |
| Drivers |
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| Opportunity |
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| Restraint |
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The simple segment is expected to experience the fastest growth throughout the forecast period.
By system, the simple segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Simple systems are preferred due to their cost-effectiveness, ease of installation, and lower maintenance requirements compared to detailed systems. Simple systems are commonly used in commercial buildings and smaller industrial applications.
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The ice on coil internal segment is expected to experience the fastest growth throughout the forecast period.
By ice storage type, the ice on coil internal segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. This type of system is popular due to its higher efficiency, reliability, and better integration with existing HVAC systems. Ice on coil internal storage systems stores a significant amount of cooling energy and is widely used in large commercial and industrial applications.
The commercial segment is expected to experience the fastest growth throughout the forecast period.
Based on the application, commercial segment held the highest market share in 2023 and is estimated to dominate during the forecast period. The commercial segment includes applications in office buildings, shopping malls, hospitals, educational institutions, and other large facilities with high cooling demands. The need to manage peak electricity loads, improve energy efficiency, and reduce energy costs in these settings drives the widespread adoption of ice thermal energy storage systems in the commercial sector.
Asia-Pacific is expected to experience fastest growth throughout the forecast period
Based on region, Asia-Pacific was the fastest growing region in terms of revenue in 2023. Asia-Pacific countries such as China, India, and Southeast Asian nations, are fueling the demand for electricity. As countries in the Asia-Pacific invest in solar and wind power to diversify their energy mix and reduce dependence on fossil fuels, the need for energy storage solutions to balance supply and demand becomes critical. Ice TES systems can complement renewable energy sources by storing excess energy generated during periods of low demand and using it for cooling during peak demand times, thus enhancing grid stability and reliability.
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Leading Market Players: -
- BrightSource Energy
- ICE ENERGY SOLUTIONS PVT LTD
- Thermofin
- Thermal Energy International Inc.
- Terrafore Technologies LLC
- EVAPCO, Inc.
- Enphase Energy.
- Viking Cold Solutions, Inc.
- HTS
- IMEC Electro Mechanical Engineering
- Waaree Energies Ltd.
- Brenmiller Energy Ltd
The report provides a detailed analysis of these key players in the global ice thermal energy storage market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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