Press release
Global Thermal Energy Storage (TES) Market Insights and Forecast to 2028
The global Thermal Energy Storage (TES) market size is projected to reach US$ 6019.7 million by 2028, from US$ 3817.1 million in 2021, at a CAGR of 6.3% during 2022-2028. Key drivers of the thermal energy storage market include the shift to renewable energy sources such as solar power which requires the need for energy storage. The increasing demand for electricity, energy efficiency, and use of thermal energy storage in HVAC will drive the growth of the thermal energy storage market.High setup costs and complicated storage systems will hinder the growth of the market during the forecast period.
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Thermal Energy Storage Market Trends
Renewable power generation
Solar power utilization is crucial for reducing CO2 emissions and for environmental protection. However solar energy is an intermittent resource. The demand for continuous power backup is rising. Thermal storage systems allow for efficient, scalable, and cheaper dispatching of solar power production round the clock. Mirrors are used for converting sunlight into thermal power through heat exchangers. They are then transferred into a heated fluid which is stored for later use. Energy loss is minimum which further adds to the benefits. This in turn will drive the demand for the thermal energy storage market during the review period.
HVAC systems
Thermal energy storage has the capacity to meet peak electricity demand for heating and cooling air conditioning in large buildings. They balance out the peak demand and conserve energy. It uses cheaper electric power and waste industrial heat to generate ample loads of off-peak energy. The storage system switches back and forth with day and night energy demands thereby leading to enhanced flexibility and cooler air temperature inside the building. Hence the widescale application in several urban building infrastructures will surge the growth of the thermal energy storage market in the coming years.
Huge installation costs
Thermal storage suffers from a host of disadvantages. The complex bottom piping system along with the complicated filling process adds to the problem. More ground space is required for installation. There is a lack of uniformity and the possibility of overflow. The additional inventory costs are high. These factors will impact the thermal energy storage market negatively during the forecasted period.
Thermal Energy Storage Market Share Analysis
Based on type, the sensible heat regenerative segment will witness significant growth in the thermal energy storage market share due to its widespread application in HVAC systems and the need for solar power generation.
Based on application, the industrial segment will provide lucrative opportunities for growth in the thermal energy storage market share due to the rapid proliferation of urban infrastructure and adoption of HVAC systems in industrial buildings.
Based on region, Europe is expected to maintain the lead in the thermal energy storage market share owing to the rapid implementation of thermal storage systems for water cooling, heating, and air conditioning purposes.
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Thermal Energy Storage Market By Type
Latent Heat Storage
Thermochemical Mode
Sensible Heat Regenerative
Thermal Energy Storage Market By Application
Residential
Industrial
Thermal Energy Storage Market By Region
North America
United States
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of Middle East & Africa
SIMILAR REPORT
https://reports.valuates.com/market-reports/QYRE-Auto-22M12721/global-molten-salt-solar-energy-thermal-storage-and-concentrated-solar-power-csp-sales
https://reports.valuates.com/market-reports/QYRE-Auto-8Y6335/global-thermal-energy-storage-technology
https://reports.valuates.com/market-reports/QYRE-Auto-26P6015/global-advanced-energy-storage
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