Thermal Energy Storage Market worth US$8.466 billion by 2025
Knowledge Sourcing Intelligence launches the publication of a new report on “Thermal Energy Storage Market – Forecasts from 2019 to 2025” to their giving.
The prime factor driving the growth of the global thermal energy storage market is the rising levels of energy output leading to a growing demand for energy storage.
As per the report, the Thermal Energy Storage Market is projected to grow at a CAGR of 12.38% to reach US$8.466 billion by 2025, from US$4.204 billion in 2019.
Thermal energy storage (TES) is a technique that allows thermal energy to be transferred and stored, as well as energy from ice, cold air, or water. This approach is incorporated into modern technologies that work in tandem with renewable energy sources like solar and hydro. The market is primarily driven by the fact that, as fossil resources become increasingly scarce and have a detrimental impact on the environment, demand for renewable and more sustainable resources has grown substantially. Thermal energy storage has a slew of benefits, including increased overall efficiency and increased dependability. Thermal energy storage also shows to be economically advantageous, since it requires less investment and has lower operating expenses. This is a significant element driving the industry.
Based on type, the global thermal energy storage is fragmented into molten salt, chilled water, heat, ice and others. The molten salt segment will account to the largest share owing to the great technological efficiency of the category, as well as its use in numerous solar energy projects, might be linked to its rise. The heat gathered by solar troughs and solar towers is stored in molten salt. This technique collects heat and converts it to superheated steam, which is used to power steam turbines.
Based on application, the global thermal energy storage market is segmented into power generation and heating and cooling among which the power generation segment will uphold the largest market share owing to the rising demand for reliable and cost-effective power supply from off-grid and rural locations. The implementation of numerous government initiatives for solar power plant energy generation would enhance the expansion of the power generation segment. Under the feed-in tariff arrangement, the renewable power generating supplier receives the retail energy price for each unit generated and the excess power sold back to the grid.
By technology, the global thermal energy storage market is segmented into sensible heat storage, latent heat storage and thermochemical heat storage. During the forecast period, sensible heat storage will provide the most revenue. This can be ascribed to increased demand for solar thermal systems, as well as its application in large-scale HVAC systems. A major element of the technology that will increase product penetration is the provision of reversible charging and discharging for an unlimited number of cycles.
Based on geography, the global phase change memory market is segmented into the South American region, North American region, the Middle East and African region, the European region, and the Asia Pacific region. Europe has the highest revenue share and is expected to continue to do so during the projection period. Thermal energy storage systems, which are used for space heating, water heating, district heating and cooling, and power production, are abundant in the region. Because of the huge number of operating TES projects across the country, as well as the presence of significant players like as Abengoa Solar, Spain is the greatest contributor to regional market growth.
As a part of the report, the major players operating in the iris recognition market, that have been covered are BrightSource Energy Inc., Aalborg CSP A/S, Abengoa SA, Baltimore Aircoil Company, Burns & McDonnell, SaltX Technology Holding AB, Caldwell Energy Company, Terrafore Technologies LLC, Trane Technologies plc and CRISTOPIA Energy Systems.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-thermal-energy-storage-market
This analytics report segments the thermal energy storage market on the following basis
- By Type
- Molten salt
- Chilled Water
- By Application
- Power Generation
- Heating & Cooling
- By Technology
- Sensible Heat storage
- Latent Heat storage
- Thermochemical heat storage
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
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