Global Thermal Energy Storage Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Thermal Energy Storage Market Overview:

“The global Thermal Energy Storage Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global thermal energy storage market report has been segmented on the basis of type, technology, application, end user, and region.

This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market.

In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.

Thermal energy storage systems store energy in form of hot or cold substances that can be used when requirement of energy occurs. Energy demand varies from day to night and season to season.

Thermal energy storage helps to balance energy requirements as it stores energy by melting, healing, cooling, and solidifying the material, when the process is reversed thermal energy is available for use.

Thermal energy storage is renewable energy source that helps to reduce electricity consumption in residential, as well as commercial complexes. Rising demand for renewable and clean energy sources among individuals is a major factor driving growth of the global thermal energy storage market.

Additionally, government support for clean energy sources, coupled with increasing adoption of technological solution for energy storage are also factor anticipated to propel growth of the target market. Increasing demand for electric power in various countries, owing to growing requirement for electricity and increasing urbanization are factors fueling growth of the global market.

Growing use of thermal energy storages for solar energy and photovoltaic cells are factors expected to boost growth of the global thermal energy storage market in the near future.

However, lack of technical expertise and less availability of thermal energy storage plants in emerging economies are factors that may hamper growth of the global thermal energy storage market. Additionally, high installation cost is a factor expected to restrain growth of the global market.

Nevertheless, increasing preference for solar energy and renewable energy, as well as rising awareness regarding energy storages among consumers can create high revenue opportunities for players in the target market.

Market in North America accounts for major market share in terms of revenue. Owing to presence of key players in this region. Growing awareness regarding benefits of renewable energy sources among consumers is a factor driving growth of the target market in North America.

Middle East and Africa market is anticipated to witness fastest growth in terms of revenue in the global market over the forecast period, owing to high solar resources in this region.

Global Thermal Energy Storage Market Segmentation:

By type:

• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Energy Storage (TCES)

By technology:

• Solar Energy Storage
• Ice-based Technology
• Molten Salt Technology
• Miscibility Gap Alloy Technology (MGA)
• Others (Cryogenic Energy Storage, Hot Silicon Technology, etc.)

By application:

• Energy Generation
• Process Heating and Cooling
• District Heating and Cooling
• Ice Storage Air-Conditioning

By End User:

• Industrial
• Residential and Commercial
• Utilities

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa