According to IMARC Group latest report titled” Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market is currently witnessing strong growth. The global thermal energy storage market to exhibit moderate growth during the next five years.
Market Trends and Driver:
Thermal energy storage stands for a power storage solution that transfers and retains energy obtained from ice, cold air, water, etc. It is based on miscibility gap alloy technology (MGA) using molten salt and ice. The system stores hot or cold energy to power electrical systems installed in commercial and residential complexes. Thermal energy storage is also used for storing solar energy during summers, which can be later consumed in winters. As a result, the storage systems aid in reducing the high-power demand from the conventional grid systems.
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The growing awareness towards energy conservation, coupled with the rising adoption of renewable energy sources, is catalyzing the demand for thermal energy storage. Moreover, the integration of concentrated solar power (CSP) with thermal energy storage system enhances grid flexibility and reduces efficiency losses. Thermal energy storage systems are widely employed in heating, ventilation, and air conditioning (HVAC) technology for large-scale heating and cooling. The rapid installation of these systems in green buildings is further fueling the market growth. Moreover, the implementation of favorable government initiatives to encourage sustainable infrastructural development is further anticipated to propel the thermal energy storage market.
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players.
- Abengoa Solar S.A.
- Baltimore Aircoil Company Inc.
- Brightsource Energy Inc.
- Burns & McDonnell Inc.
- Chicago Bridge & Iron Company (McDermott International)
- DC Pro Engineering
- Fafco Inc.
- Solarreserve LLC
- Steffes Corporation
- Terrafore Technologies LLC
Global Thermal Energy Storage Market Segmentation:
Our report has categorized the market based on Region, Storage Type, Technology, Material Type, Application and End-Use.
By Storage Type:
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Heat Storage
- Molten Salt Technology
- Electric Thermal Storage Heaters
- Solar Energy Storage
- Ice-Based Technology
- Miscibility Gap Alloy Technology (MGA)
By Material Type:
- Molten Salt
- Phase Change Materials (PCM)
- Power Generation
- District Heating and Cooling
- Process Heating and Cooling
- Residential and Commercial Sector
- Utility Industry
- Other Industries
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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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.
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