According to the latest report by IMARC Group, titled “Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global thermal energy storage market is currently witnessing strong growth. Thermal energy storage refers to a system of storing energy for use at a later stage for power generation. It comprises latent, sensible and thermochemical heat storages that are based on molten salt, ice and miscibility gap alloy (MGA) technology. It is utilized for temporarily containing thermal energy in hot or cold forms, which is crucial for balancing the energy demand when the production of energy exceeds the demand. Their employment results in increasing the overall efficiency and improving the reliability of the system while minimizing carbon dioxide emissions. Consequently, these storage systems, often coupled with concentrating solar power (CSP), are widely utilized across the commercial and residential sectors.
Get a sample copy of this Report: https://www.imarcgroup.com/thermal-energy-storage-market/requestsample
Global Thermal Energy Storage Market Trends:
The global market is primarily driven by the rising adoption of renewable energy sources for power generation. This is further facilitated by the increasing demand for uninterrupted power supply and the growing need for reliable power requirements across numerous industries. Thermal energy storage systems are also utilized in heating, ventilation and air conditioning (HVAC) applications for the large-scale district and process heating and cooling facilities. Along with this, the numerous government initiatives undertaken to promote renewable energy adoption and sustainable infrastructural development are creating a positive outlook for the market. The escalating demand for thermal energy storage in CSP is acting as another major growth-inducing factor. The increasing integration of these storage solutions with CSP is expected to provide grid flexibility while significantly reducing efficiency losses. Some of the other factors contributing to the market growth include the employment of these systems in green buildings for power generation and the extensive research and development (R&D) activities conducted by the key players. On account of the aforementioned factors, the market is projected to grow at a CAGR of 9.5% during 2020-2025.
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/thermal-energy-storage-market
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.
Note: We are updating our research report 2021-2026. If you want to need latest primary and secondary data with Cost Module, Business Strategy, Distribution Channel, etc.. Click request free sample report. We deliver report with-in 24 hours.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.