Thermal Energy Storage Market Research Report and Growth Analysis 2022a by Technology (Sensible Heat Storage, Latent Heat Storage, and Thermochemical Storage), by Storage Material (Water, Molten Salt, Phase Change Material, and Others), End-Use (Commercial & Industrial, Utilities, and Residential), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)-Forecast till 2030
The market research that has been made on thermal energy storage shows a potential growth of USD 11.21 billion with a CAGR of 17% during the forecast timeline which is till 2030.
There are many government initiatives that have increased over the past few years for the thermal energy storage system. It is one of the reasons why the demand for such market has increased in the forecast timeline. The thermal energy storage system can be installed as per the user’s need. The flexibility has been gaining more attention from the end users. There is a centralized system that is used in mass industrial plants to heat and cool networks It can be blended well with power plants and heat to use as much energy storage as possible.
Top Players Listed
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The decentralized thermal energy storage solution is optimized for commercial and domestic purposes and can also be used to heat the space and boil water or condition the air. There has been a significant rise in the overall population and economic growth. The increased energy sources have also been another reason for the market growth. Renewable energy sources fail to maintain pace with the increased population. Natural energy sources are used for industrial purposes but there has still been using of burning fossil fuels seems to have increased over a few years. The right social awareness is one key driving factor for the market for thermal energy storage.
This type of storage system offers many advantages to cool and heat networks. It thus lessens the demand for thermal during the prime time, it has the ability to raise the system efficiency along with the ability to store the energy for the time being which another reason for the market growth is.
Post Covid-19 outbreak, there has been quite an impact on different industrial areas and also the global economy. There has been a steep fall in the market of thermal energy storage as the players are not able to get the raw materials. The end product delivery was quite a challenge because of the lockdown. The countries also focused mostly on the primary industries and the fall in the electricity and power sector demand. The IEA states the fall of the renewable electricity capacity has been noticed with the 13% in 2020. This can be the first downstep in the industrial sector post-2000.
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The regional analysis made on the market of thermal energy storage shows that European countries have set a good standard to use renewable energy sources. They have managed to earn nearly 32% of the energy efficiency with the energy-efficient system.
There is an efficient minor technique that has been constructed and designed to get a better solar energy concentration at the molten salt power tower top.
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Porter’s Five Forces Analysis
5.5.1 Threat Of New Entrants
5.5.2 Bargaining Power Of Buyers
5.5.3 Bargaining Power Of Suppliers
5.5.4 Threat Of Substitutes
5.5.5 Intensity Of Rivalry
5.6 Value Chain/Supply Chain Analysis
6 Global Thermal Energy Storage Market, By Technology
6.2 Sensible Heat Storage
6.2.1 Market Estimates & Forecast, 2020–2027
6.2.2 Market Estimates & Forecast, By Region, 2020–2027
6.3 Latent Heat Storage
6.3.1 Market Estimates & Forecast, 2020–2027
6.3.2 Market Estimates & Forecast, By Region, 2020–2027
6.4 Thermochemical Storage
6.4.1 Market Estimates & Forecast, 2020–2027
6.4.2 Market Estimates & Forecast, By Region, 2020–2027
7 Global Thermal Energy Storage Market, By Storage Material
7.2.1 Market Estimates & Forecast, 2020–2027
7.2.2 Market Estimates & Forecast, By Region, 2020–2027
7.3 Molten Salt
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