Press release
Thermal Energy Storage Market Report by Manufacturers, Types, Technology and Forecast to 2023
The inclination toward using renewable sources of energy, high demand for uninterrupted power supply, and an upsurge in demand for thermal energy storage in HVAC for district heating & cooling are the major drivers of the global thermal energy storage market.The global thermal energy storage market was valued at $3,988 million in 2016 and is estimated to reach $8,862 million by 2023, registering a CAGR of 10.9% from 2017 to 2023. In 2016, the sensible heat storage segment accounted for more than half share of the total market.
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The sensible heat storage segment dominated the global market in 2016, in terms of both value & volume, and is expected to dominate the market during the forecast period. Sensible heat storage is most commonly used method for heat & cold storage, owing to its low heat losses. It is used in residential & commercial sectors, owing to its cost benefits.
Key Findings of the Thermal Energy Storage Market:
• In 2016, North America dominated the global market, with around half share in the overall market.
• The latent heat storage segment is estimated to grow at the highest CAGR of 11.5% from 2017 to 2023.
• In 2016, the water segment accounted for more than onethird share in global market.
• The phase change material (PCM) segment is estimated to grow at the highest CAGR of 11.4% during the forecast period.
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The key companies profiled in the report include Calmac, Abengoa Solar, Caldwell Energy, Baltimore Aircoil Company Inc., Chicago Bridge & Iron Company, BrightSource Energy Inc., DC Pro Engineering LLC., Burns & McDonnell, Evapco Inc., and DN Tanks.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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