Thermal Energy Storage Market Is Expected To Reach USD 10.18 Billion By 2027 At A CAGR Of 13.6 Percent.
A report on the Thermal Energy Storage Market by Stellar Market Research offers a thorough analysis for the forecast period of 2021 to 2027.
Thermal Energy Storage Market Scope:
For market participants, the report offers in-depth market insights that include estimates of market size and trends, information on the historical and current state of the industry, and an explanation of complex market figures in simple terms. Every industry sector is examined in the report, with an emphasis on significant companies such market leaders, followers, and new entrants. The report contains in-depth PESTLE analyses for numerous countries. In terms of revenue, financial condition, portfolio, growth strategies, and regional presence, the report is a valuable resource for investors because it paints a clear picture of the competitive landscape of the key rivals in the Thermal Energy Storage market.
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Thermal Energy Storage Market Overview:
Ice, cold air, or water are all used in thermal energy storage systems to convey and store energy for later use. In order to store sensible, latent, and thermochemical heat, it makes use of molten salt, ice, and miscibility gap alloy technology. Some of these solutions are used to store hot or cold energy, while others are utilised to store solar energy in the summer and use it in the winter to power electrical systems in commercial and residential buildings. This reduces the overuse of conventional energy provided by grid networks.
Thermal Energy Storage Market Dynamics:
The decarbonisation of the energy sector and the lowering of carbon emissions are two of the most important objectives for governments, energy agencies, and utilities around the world. According to IRENA, accelerating the deployment of renewable energy, electrification, and increasing the energy efficiency of the electric grid can help accomplish over 90% of the energy-related CO2 emission reductions necessary to meet the Paris Climate goals by 2050.
Global installed capacity for renewable energy increased by 176 GW, or 7.4 percent, in 2019, over what it did in 2018, according to IRENA. The growth of generation has resumed following its long-term pattern as a result of a rebound in the hydropower industry. In 2019, solar power eclipsed biofuels to become the third-largest source of renewable electricity generation, a trend that is expected to continue. The production of solar and wind energy increased by 31% and 13%, respectively, in 2019. Since 2014, these two sources of energy have dominated the development of renewable energy, accounting for 73% of growth. Due to aggressive federal legislative initiatives, such as the Investment Tax Credit for solar power, and growing demand for clean energy from both the public and commercial sectors globally, solar energy has expanded at a rate of 49% annually.
The market for thermal energy storage will see growth restraints over the forecast period due to the initial investment and high maintenance costs.
Thermal Energy Storage Market Regional Analysis:
The North American region is expected to hold the major share of the Thermal Energy Storage market over the forecast period. The North American region is expected to hold the major volume of the Thermal Energy Storage market over the forecast period. North America is anticipated to dominate the global thermal energy storage market due to the region’s high energy storage capacity and expansion in the energy mix of thermal energy in the United States. In the United States as of 2020, there was around 183 projects with a combined capacity of 738 MW, making up over 31% of the entire energy storage capacity. The market expansion in the North American region is anticipated to be aided by the favourable outlook for the production of renewable energy as well as increased research and development efforts focused on energy storage technologies.
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Thermal Energy Storage Market Segmentation:
By Technology:
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage
By Type:
- Water
- Molten Salt
- Phase Change Material
By Application:
- Power Generation
- Heating & Cooling
By End User:
- Residential
- Commercial & Industrial
- Utility
Thermal Energy Storage Market Key Competitors:
- Abengoa Solar (Spain)
- Burns & McDonnell (United States)
- SolarReserve (United States)
- BrightSource Energy (United States)
- Calmac (United Kingdom)
- MAN Energy Solutions (Germany)
- Baltimore Air Coil Technology (United States)
- Cristopia Energy (India)
- Caldwell Energy (United States)
- Goss Engineering (United Kingdom)
- Steffes Corporation (United States)
- DN Tanks (United States)
- Turbine Air Systems (TAS) (United States)
- Evapco Inc. (United States)
- Fafco(United States)
- Sunwell Technologies (Canada)
- DC Pro Engineering (UAE)
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