Global Thermal Energy Storage Market Size, Trends & Analysis - Forecasts to 2026 By Type of Technology (Sensible Heat Storage, Latent Heat Storage, and Thermochemical Storage), By Type of Storage Material (Water, Molten Salts, Phase Change Materials, and Other Storage Materials), By Type of Application (Power Generation, District Heating & Cooling, and Process Heating & Cooling), By Type of End-User (Utilities, Commercial, and Industrial), By Type of Region (NA [North America], Europe, APAC [Asia Pacific], MEA [the Middle East & Africa], and CSA [Central & South America]), End-User Landscape, Vendor Landscape, Company Market Share Analysis & Competitor Analysis
Thermal Energy Storage Market Insights
The thermal energy storage market will register a high CAGR through the outlook term (2020-2026). Thermal energy storage can be designated as the storage of thermal energy for the eventual resolution. This process is an efficient and speedier approach for energy transmission without a chemical reformation. The outline includes hot and cold storage form for more salutary utilization of energy. It is extensively applicable to renewable energy power plants. During the COVID-19, there has been a drastic drop in the CO2 emissions by industries due to global lockdown concerning safety concerns. This shift has proffered optimism to embrace modern energy storage solutions by regulatory bodies to combat climate change bolstering the balance between the ecosystem. Swift industrialization, ministry actions for better energy consumption, and an increment in pollutants are the primary stokers of the market.
Thermal Energy Storage Market: By Type of Technology
The market segmentation based on technology can be seen as sensible heat storage, latent heat storage, and thermochemical storage. Sensible heat storage is expected to register a magnanimous growth in the forthcoming years. This storage method serves the idea of consecutive charging and discharging for endless circles in the energy system. The speedy embracing of renewable source energy generation, inflammation of greenhouse gas emanations by industries, and driving the global market.
Thermal Energy Storage Market: By Type of Storage Material
Based on storage material, the categories of the market are water, molten salts, phase change materials, and others. The market that is calculated to sail high between the forecast period is molten salts. The storage material to recognize an improbable expansion is molten salts. Molten salts maintain the pumping of salt in the generator concerning boiling water, further spinning the turbine resulting in the generation of electricity, where marketing demand for thermal energy in HVAC systems, necessitates for large quantity heat capacity, and adaption of technology in energy generation are some of the considerations influencing the market growth.
Thermal Energy Storage Market: By Type of Application
Power generation, district heating & cooling, and process heating & cooling are the applications of the thermal energy storage market. Power generation is approximated to an astonishing inclination amongst other applications. The thrusters of the global market are the acclamation of CSP for thermal energy storage, higher boiling point, and government initiatives for energy conservation.
Thermal Energy Storage Market: By Type of End-User
Based on End-user, the bifurcations of the market are utilities, commercial, and industrial where in which, the utility segment is estimated to offer the high growth. Accretion in urban population, constant power supply for consistent operation in industries, and ballooning eminence for frozen foods and beverages are some of the sailors of the market.
Thermal Energy Storage Market: By Region
CSA (Central & South America), NA (North America), APAC (Asia-Pacific), MEA (the Middle East & Africa), and Europe are the zones based on the continental analysis. North America is making a significant benefaction in the preceding years. But Europe is set to double its enrichment towards CAGR in the forecast period. The drivers accentuating the growth of the market are Climate change, demand for cost-effective storage solutions, and advancement in utility industries.
Thermal Energy Storage Market Share and Competitor Analysis
The principal competitors in the global thermal energy storage market are Abengoa Solar S.A., Burns & McDonnell, Cryogel, SolarReserve Inc., Calmac, BrightSource Energy Inc., Baltimore Air Coil Technology Inc., DN Tanks Inc., Cristopia Energy Systems, Dunham Bush Ltd., Goss Engineering Inc., MAN Energy Solutions Steffes Corporation, Turbine Air Systems Energy Inc., Evapco Inc., FAFCO Inc., Sunwell Tehnologies Inc., Caldwell Energy, DCPro Engineering L.L.C., Chicago Bridge & Iron Company, LIME, and multiple companies among others.
Please note: This is not an exhaustive list of companies profiled in the report.
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The Global Thermal Energy Storage Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Thermal Energy Storage Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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