Market Research Future published a research report on “Thermal Energy Storage Market Research Report – Global Forecast till 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2025.
Thermal Energy Storage Market -Overview
According to Market Research Future (MRFR), the global thermal energy storage market size is estimated to reach USD 7.70 billion, with 10.25% CAGR from 2019 to 2025 (forecast period). The report describes the opportunities, strengths, challenges, and future business risks and provides a rigorous summary of the market situation with the effect of COVID-19.
Thermal energy storage is a technology that includes energy storage by heating or cooling medium so that the energy stored can be used for power generation purposes at a later stage. It also promotes the equilibrium between energy supply and demand. The thermal energy storage depends on a variety of factors, such as storage duration, supply and utilization of temperature requirements, heat losses, and available space and storage capacity. The vital advantages of thermal energy storage are improved system reliability, increased power generation capacity, and lower generation costs.
Market Dynamics
Significant factors impelling the growth of the global market for thermal energy storage are increasingly focusing on renewable energy generation and growing government initiatives for the thermal energy storage system. In addition, the increasing demand for thermal energy storage in heating, ventilation, and cooling (HVAC) will boost demand for the market for thermal energy storage. In addition, the high demand for thermal energy storage in concentrated solar energy (CSP) also poses a growing opportunity for the global market for thermal energy storage.
In addition, the global Thermal Energy Storage Market is expected to expand at a high pace during the assessment period due to a growing emphasis on renewable energy generation. As renewable energy has a more significant foothold in the energy system, the need for energy storage has become a crucial part of renewable energy generation. As per the Energy Information Administration, US, fuel production decreased by 7% between 2015 and 2016. Renewable energy production, on the other hand, increased by almost 7% over the same period. However, as renewable energy generation grows, this energy needs to be stored as much as possible, as renewable energy generation relies on wind and sun. This need to store renewable energy generation from sources like solar, thermal, and hydrogen will fuel the market for energy storage systems, including thermal storage.
Competitive Analysis
The significant contenders working in the thermal energy storage market are Steffes Corporation (US), Calmac (UK), DN Tanks (US), Burns & McDonnell (US), FAFCO, Inc (US), Brightsource Energy, Inc. (US), Solarreserve, LLC (US), Caledonian MacBrayne (UK), Abengoa Solar (Spain), Baltimore Aircoil Company (US), Ice Energy (US), and Cristopia Energy Systems (India).
Segmental Analysis
The segmental insight of the thermal energy storage market has been conducted based on storage material, technology, region, and end-use. On the basis of technology, the thermal energy storage market consists of latent heat storage, sensible heat storage, thermochemical storage, among others. On the basis of storage material, the thermal energy storage market has been segmented into the molten salt, phase change material, water, and others. By the end-user basis, the thermal energy storage market is segmented into utilities, residential, and commercial & industrial. Based on the region, the thermal energy storage market is segmented into Europe, Africa, Asia-Pacific, Middle East, North America, and South America.
Detailed Regional Analysis
The regional examination of the thermal energy storage market consists of Europe, Africa, Asia-Pacific, Middle East, North America, and South America. The principal share in the thermal energy storage market is of the North American region. A number of energy storage schemes have been observed in the US in the previous few years, which would enhance the thermal energy storage market in the region. Due to programs by government authorities to try matching power generation between high load & low load hours and enormous investments on solar energy are pushing the European regional market. The reduced expenses of power generation, the existence of strategic market players, intensifying levels of renewable energy creation, technological expansion, and the robust emphasis on energy efficiency schemes are the other factors adding to the market development in this region. The regional market is expected in the Asia Pacific is predicted to develop significantly owing to factors like the escalating population in various regions and amplified energy usage.
Table Of Contents: Global Thermal Energy Storage Market
- Report Overview
- Market Trends and Competitive Landscapes
- Segmentation of Thermal Energy Storage Market by Type
- Segmentation of Thermal Energy Storage Market by End-Users
- Market Analysis by Major Regions
- Product Commodity of Market in Major Countries
- North America Thermal Energy Storage Landscapes Analysis
- Europe Thermal Energy Storage Landscapes Analysis
- Asia Pacific Thermal Energy Storage Landscapes Analysis
- Latin America, Middle East & Africa Thermal Energy Storage Landscapes Analysis
- Major Players Profile
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