Press release
Thermal Energy Storage Market Size Projected to hit $51.3 billion by 2030 | Growing at a CAGR of 8.5%
The thermal energy storage market size was valued at $20.8 billion in 2020, and is estimated to reach $51.3 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.
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Thermal energy storage, also known as heat storage, is a highly efficient and simple method of transfer that does not involve any chemical conversion. It is an advanced energy technology for different thermal applications such as space heating and cooling & air conditioning.
The key players operating and profiled in the report include
BrightSource
Energy Inc.
Abengoa SA
Baltimore Aircoil Company
Terrafore Technologies LLC
Dunham-Bush Holding Bhd.
Caldwell Energy Company
Evapco Inc.
Goss Engineering
Steffes Corporation
MAN Energy Solutions
Turbine Air Systems
Sunwell Technologies
EnergyNest
DC Pro Engineering
LIME
DN Tanks
The thermal energy storage system market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as rise in demand for thermal energy storage, owing to surge in need for heating & cooling applications.
Rapid investment in the renewable energy sector in Europe and Asia-Pacific fuels the growth of the thermal energy storage market.
High cost associated with installation of thermal energy storage system and rise in use of other forms of storage including battery and pumped storage restrain the growth of the market globally.
Increase in investment on integration of thermal energy storage with solar power and rapid investment toward renewable energy sector is anticipated to provide potential opportunities in the upcoming years.
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In 2020, Europe dominated the global thermal energy storage market with more than 37.2% of the share, in terms of revenue, and is expected to grow at the fastest rate, registering a CAGR of 8.4% throughout the forecast period.
In addition, it is one of the most feasible eco-friendly solutions of energy saving, which store cold winter air for air conditioning during summer and stock solar energy for space heating during winter. It is widely used in numerous applications to maintain the supply and demand for energy.
In 2020, the molten salt segment anticipated to grow at a highest rate of 8.9% in terms of revenue during the thermal energy storage market forecast period.
Power generation is the rapidly growing application segment in the global thermal energy storage system market, and is expected to grow at a CAGR of 15.7% during 2021-2030.
In 2020, the sensible storage segment accounted for about 84.4% of the share in the global thermal energy storage market, and is expected to maintain its dominance till the end of the forecast period.
In 2020, the heating segment exhibited a market share of 59.8%, and is anticipated to grow at a rate of 1.6% in terms of revenue.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the thermal energy storage market analysis from 2020 to 2030 to identify the prevailing thermal energy storage market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the thermal energy storage market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Research Report Overview: https://www.alliedmarketresearch.com/thermal-energy-storage-market
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global thermal energy storage market trends, key players, market segments, application areas, and market growth strategies.
David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int'l: +1-503-894-6022Toll Free: +1-800-792-5285Fax: +1-800-792-5285help@alliedmarketresearch.com
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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 domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. 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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