Report Ocean recently released a research report on the Thermal Energy Storage Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global thermal energy storage market size was US$3.7 billion in 2021. The global thermal energy storage market is forecast to grow to US$ 7.1 billion by 2030, registering a compound annual growth rate (CAGR) of 6.5% during the forecast period from 2022 to 2030.
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Thermal energy storage (TES) is among the most efficient and eco-friendly energy-saving solutions. This process is used to transfer energy without involving chemical conversion.
Factors Influencing the Market
The increasing demand for the decarbonization of the energy segment is driving the growth of the global thermal energy storage market. In addition, rising government initiatives to decrease carbon emissions in order the control climate change will benefit the global thermal energy storage market.
The beneficial factors of thermal energy storage in CSP plants, such as improved reliability, better efficiency, and low investment costs, will propel the growth of the global thermal energy storage market during the forecast period.
Thermal energy storage offers benefits, such as overcoming the intermittency of the solar resource. In addition, it also reduces the Levelized Cost of Energy (LCOE) through using power for extended periods. As a result of all these factors, the global thermal energy storage market will grow significantly.
Increasing demand for renewable energy sources and continuous power supply is forecast to benefit the global thermal energy storage market. Furthermore, high demand for thermal energy storage in ventilation and air conditioning (HVAC) will boost the market growth.
The shortage of skilled laborers may hamper the growth of the global thermal energy storage market.
Regional Analysis
North America will hold the highest share in the global thermal energy storage market during the study period. The region is witnessing high demand for thermal energy. In addition, growing awareness about the benefits of renewable energy over non-renewable is forecast to fuel the growth of the market.
In addition, the present energy storage technologies connected with United States’ grid are thermal storage, pumped-storage hydropower (PSH), batteries, compressed air energy storage (CAES), and flywheels. Thermal storage holds the highest share in the United States energy storage capacity. Furthermore, the growing population and urbanization will increase the demand for power generation. Thus, the regional market for thermal energy storage will witness favorable growth opportunities.
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COVID-19 Impact Analysis
Due to the disruptions created by the COVID-19 pandemic, the global thermal energy storage market witnessed several challenges. Due to the pandemic, the focus of governments shifted towards the healthcare segment. Moreover, lockdown restrictions also hampered the manufacturing activities, thereby negatively impacting the overall thermal energy storage market.
Market Segmentation
The global thermal energy storage market segmentation focuses on Application, Type, Technology, and Region.
By Application
- Residential
- Commercial & Industrial
- Utility
By Type
- Water
- Molten Salt
- Phase Change Material
By Technology
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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Competitors in the Market
- Abengoa Solar
- Burns & McDonnell
- SolarReserve
- BrightSource Energy
- Calmac, MAN Energy Solutions
- Baltimore Air Coil Technology
- Cristopia Energy
- Cryogel
- Caldwell Energy
- Dunham Bush
- Goss Engineering
- Steffes Corporation
- DN Tanks
- Other Prominent Players
Table of Content
Chapter 1: Global Thermal Energy Storage Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Thermal Energy Storage market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Thermal Energy Storage Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Thermal Energy Storage market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Thermal Energy Storage market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Thermal Energy Storage market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Thermal Energy Storage market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Thermal Energy Storage business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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