According to IMARC Group latest report titled” Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market is currently witnessing strong growth. The global thermal energy storage market to exhibit moderate growth during the next five years.

Market Trends and Driver:

Thermal energy storage stands for a power storage solution that transfers and retains energy obtained from ice, cold air, water, etc. It is based on miscibility gap alloy technology (MGA) using molten salt and ice. The system stores hot or cold energy to power electrical systems installed in commercial and residential complexes. Thermal energy storage is also used for storing solar energy during summers, which can be later consumed in winters. As a result, the storage systems aid in reducing the high-power demand from the conventional grid systems.

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The growing awareness towards energy conservation, coupled with the rising adoption of renewable energy sources, is catalyzing the demand for thermal energy storage. Moreover, the integration of concentrated solar power (CSP) with thermal energy storage system enhances grid flexibility and reduces efficiency losses. Thermal energy storage systems are widely employed in heating, ventilation, and air conditioning (HVAC) technology for large-scale heating and cooling. The rapid installation of these systems in green buildings is further fueling the market growth. Moreover, the implementation of favorable government initiatives to encourage sustainable infrastructural development is further anticipated to propel the thermal energy storage market.

Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players.

Abengoa Solar S.A.
Baltimore Aircoil Company Inc.
Brightsource Energy Inc.
Burns & McDonnell Inc.
Chicago Bridge & Iron Company (McDermott International)
DC Pro Engineering
Fafco Inc.
Solarreserve LLC
Steffes Corporation
Terrafore Technologies LLC

Global Thermal Energy Storage Market Segmentation:

Our report has categorized the market based on Region, Storage Type, Technology, Material Type, Application and End-Use.

By Storage Type:

Sensible Heat Storage
Latent Heat Storage
Thermochemical Heat Storage

By Technology:

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

By Material Type:

Water
Molten Salt
Phase Change Materials (PCM)
Others

By Application:

Power Generation
District Heating and Cooling
Process Heating and Cooling

By End-Use:

Residential and Commercial Sector
Utility Industry
Other Industries
By Region:

North America
Asia Pacific
Europe
Latin America
Middle East and Africa

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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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