Market Overview
Energy storage systems are mainly used for storing the energy that can be used later or during peak hours to meet the demands. As the demands of energy from renewable sources is increasing thermal energy production and storage are facing a surge in demands to save the non-renewable energy sources and reduce pollution. These systems store energy in cold or hot forms and are among the most intelligent energy storage systems. Also, the rise in government emphasis on cleaner energy sources has provided a major boost to this market. Other renewable sources are irregular, which has increased the number of thermal power production facilities and has increased the demands for thermal energy storage systems.
The rise in solar, sun, and thermal energy production has created heavy demands for storage systems. These systems have various advantages like low power production costs and an increase in power generation capacities, which has increased the adoption of energy storage systems. Apart from the uses and features, the global Thermal Energy Storage Market is facing severe challenges against the lack of trained professionals for handling the systems and high costs included for system installations, which are hindering the market growth.
This report comprises details about competitive landscapes, changes, drivers & restraints, and other prime aspects of local and global market analysis to better understand market trends. The global thermal energy storage market is anticipated to show around a 12 % annual growth rate during the survey.
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Key Players
The key players operating in the global Thermal Energy Storage market are Caledonian MacBrayne (UK), DN Tanks (US), Ice Energy (US), Steffes Corporation (US), Burns & McDonnell (US), FAFCO, Inc (US), Abengoa Solar (Spain), Brightsource Energy, Inc. (US), Solarreserve, LLC (US), Baltimore Aircoil Company (US), Calmac (UK), and Cristopia Energy Systems (India).
Market Segmentation
The global thermal energy storage market is segmented into several categories mentioned below:
Based on technology, the global thermal energy storage market is segmented into latent heat storage, sensible heat storage, and thermochemical storage technologies.
The global thermal energy storage market is divided into water, phase change material, water, and others based on the types.
The global thermal energy storage market is divided among residential, utility, commercial, and others based on end-users.
Regional Analysis
Thermal energy storage has gained global adoption worldwide due to demands for better safety procedures and a rapidly expanding aviation industry. For the global thermal energy storage market Asia Pacific, North America, Europe, and the rest of the world are the major regions observed. Currently, the North American region is leading the market due to a rise in demand for renewable energy sources, key market players, huge energy production & storage capacities, and other factors. On the other hand, the Asia Pacific region is anticipated to register the highest growth rates due to increasing government initiatives for renewable energy production, rising awareness, population growth, and increasing power demands.
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