Thermal Energy Storage Market Size, Competitive Landscape, Business Opportunities and Forecast

iCrowdNewswire   Mar 2, 2021  9:02 AM ET

According to the latest report by IMARC Group, titled “Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global thermal energy storage market is currently witnessing strong growth. Thermal energy storage refers to a system of storing energy for use at a later stage for power generation. It comprises latent, sensible and thermochemical heat storages that are based on molten salt, ice and miscibility gap alloy (MGA) technology. It is utilized for temporarily containing thermal energy in hot or cold forms, which is crucial for balancing the energy demand when the production of energy exceeds the demand. Their employment results in increasing the overall efficiency and improving the reliability of the system while minimizing carbon dioxide emissions. Consequently, these storage systems, often coupled with concentrating solar power (CSP), are widely utilized across the commercial and residential sectors.

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Global Thermal Energy Storage Market Trends:

The global market is primarily driven by the rising adoption of renewable energy sources for power generation. This is further facilitated by the increasing demand for uninterrupted power supply and the growing need for reliable power requirements across numerous industries. Thermal energy storage systems are also utilized in heating, ventilation and air conditioning (HVAC) applications for the large-scale district and process heating and cooling facilities. Along with this, the numerous government initiatives undertaken to promote renewable energy adoption and sustainable infrastructural development are creating a positive outlook for the market. The escalating demand for thermal energy storage in CSP is acting as another major growth-inducing factor. The increasing integration of these storage solutions with CSP is expected to provide grid flexibility while significantly reducing efficiency losses. Some of the other factors contributing to the market growth include the employment of these systems in green buildings for power generation and the extensive research and development (R&D) activities conducted by the key players. On account of the aforementioned factors, the market is projected to grow at a CAGR of 9.5% during 2020-2025.

Market Summary:

  • On the basis of the storage type, the market has been divided into sensible, latent and thermochemical heat storage devices.
  • Based on the technology, the market has been classified into molten salt technology, electric thermal storage heaters, solar energy storage, ice-based technology, miscibility gap alloy technology (MGA), and others.
  • On the basis of the material type, the market has been categorized into water, molten salt, phase change materials (PCM), and others.
  • Based on the application, the market has been segmented into power generation, district heating and cooling, and process heating and cooling.
  • On the basis of the end use, the market has been divided into residential and commercial sectors, utility industry, and other industries.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied with the detailed profiles of the key players operating in the market. Some of these players include Abengoa SA, Baltimore Aircoil Company, Inc., BrightSource Energy, Inc., Burns & McDonnell, Inc., Chicago Bridge & Iron Company (McDermott International), DC Pro Engineering, FAFCO, Inc., SolarReserve, LLC, Steffes, LLC, and Terrafore Technologies LLC.

View Full Report with TOC & List of Figure: https://www.imarcgroup.com/thermal-energy-storage-market

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Note: We are updating our research report 2021-2026. If you want to need latest primary and secondary data with Cost Module, Business Strategy, Distribution Channel, etc.. Click request free sample report. We deliver report with-in 24 hours.

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Keywords:    Thermal Energy Storage Market, Thermal Energy Storage Market Size, Thermal Energy Storage Market Share, Thermal Energy Storage Market Demand, Thermal Energy Storage Market Forecast, Thermal Energy Storage Market Trends

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