Thermal Energy Storage Market Overview:

Thermal Energy Storage Market is projected to be worth USD 67,544.3 Million, registering a CAGR of 12.5% during the forecast period (2022 - 2030). Increasing government initiatives for thermal power energy storage system is expected to drive industry demand during forecast period.

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.

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.

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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.

Market Segmentation:

As per the Technology used:

• Latent heat storage
• Thermochemical storage
• Sensible heat storage

As per the material:

• Molten salts
• Phase change materials
• Water

As per the application:

• Decentralized heating and cooling
• Centralized heating and cooling
• Power generation

Regional Classification:

The regional analysis made on the market of Thermal Energy Storage System 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.

Industry News:

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.

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Key Players

• Caledonian MacBrayne (UK)
• DN Tanks (US)
• Ice Energy (US)
• Steffes Corporation (US)
• Burns & McDonnell (US)
• FAFCO Inc (US)
• Abengoa Solar (Spain)
• Brightsource Energy Inc. (US)
• Solarreserve LLC (US)
• Baltimore Aircoil Company (US)
• Calmac (UK)
• Cristopia Energy Systems (India)