Thermal Energy Storage Market Research Report by IMARC Group.com 2020-2025

The global thermal energy storage market is currently witnessing strong growth. Looking forward, IMARC Group expects the market to register a CAGR of 9.5% during 2020-2025. Thermal energy storage (TES) is a technology that assists in storing thermal energy using a heating or cooling storage medium. It also aids in providing better reliability, reducing overall costs and minimizing carbon dioxide (CO2) emissions. Owing to these advantages, TES is widely utilized in concentrating solar power (CSP) plants for generating electrical power.

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The growing consumption of electricity and the rising frequency of power cuts have escalated the need for continuous power supply across the globe. This, along with the increasing demand for TES systems in heating, ventilation, and air conditioning (HVAC), is driving the TES market growth. Additionally, increasing environmental consciousness, coupled with the adoption of TES for power generation in green buildings, is strengthening the demand for these storage systems. Furthermore, governments of several countries are also encouraging the use of renewable and environment-friendly resources, which is projected to impel the market growth in the coming years.

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Breakup by Storage Type:

• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Heat Storage

Breakup by Technology:

• Molten Salt Technology
• Electric Thermal Storage Heaters
• Solar Energy Storage
• Ice-Based Technology
• Miscibility Gap Alloy Technology (MGA)
• Others

Breakup by Material Type:

• Water
• Molten Salt
• Phase Change Materials (PCM)
• Others

Breakup by Application:

• Power Generation
• District Heating and Cooling
• Process Heating and Cooling

Breakup by End-Use:

• Residential and Commercial Sector
• Utility Industry
• Other Industries

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

​Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Abengoa Solar S.A., Baltimore Aircoil Company Inc., Brightsource Energy Inc., Burns & McDonnell Inc., Chicago Bridge & Iron Company, DC Pro Engineering, Fafco Inc., Ice Energy Technologies Inc., Solarreserve LLC, Steffes Corporation, Terrafore Technologies LLC, etc.

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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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Created on Apr 23rd 2020 06:09. Viewed 291 times.

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