Press release
Thermal Energy Storage Market is Predicted to Expand at A CAGR Of 16.3% by 2031- TMR Study
Impact of COVID-19: Thermal Storage Paving the Way for Energy Efficiency
Amid the ongoing COVID-19 crisis, thermal storage emerges as a vital player in the realm of energy efficiency. It plays a crucial role in heat recovery from industrial processes at reasonable prices. Large-scale applications in electrical energy generation highlight the significance of thermal energy storage systems. Sensible heat technology is identified to lose market share due to limitations in storage capacity, emphasizing the need for awareness about its benefits, particularly in solar air receiver systems and HVAC applications.
๐๐๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก ๐ซ๐๐ฉ๐จ๐ซ๐ญ @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2101&utm_source=OpenPR_Ganesh&utm_medium=OpenPR
Regional Dynamics: North America Leads, Asia Pacific Exhibits Robust Growth
North America is poised to dominate the thermal energy storage market, holding a substantial revenue share. Although a mature market, ongoing advancements in solar thermal generation technologies and the rising demand for renewable energy sources fuel interest in thermal energy storage technologies. Asia Pacific, on the other hand, is expected to witness the most robust CAGR throughout the forecast period. The region's increasing industrialization and demand for renewable energy contribute to the market's growth.
Hybridization of TES and Solar Energy Gains Momentum During Crisis
The challenges posed by the COVID-19 crisis underscore the need for alternative energy sources. The hybridization of solar and thermal energy, particularly in concentrated solar power generation, emerges as a viable solution. Companies can leverage hybrid solutions to meet renewable energy targets, presenting revenue opportunities. Large-scale thermal storage becomes essential to achieve ambitious renewable energy goals, offering a backup during non-sunlight hours.
TES: A Gateway to Sustainable Future
Thermal Energy Storage (TES) systems offer significant contributions to achieving efficient and reliable energy storage. Integrating TES with renewable energy sources presents immense potential for low-energy design and sustainable development. Concentrated solar power combined with thermal energy storage overcomes solar resource intermittency, extending power generation beyond sunlight hours. TES ensures safe, reliable, and environmentally friendly operation, positioning it as a key driver for the market's growth.
Demand for Flexibility: Addressing Intermittency in Renewable Sources
Growing concerns about fuel prices and environmental impacts drive the demand for advanced energy technologies. While renewable energy sources like solar and wind are intermittent, thermal energy storage technology addresses this issue effectively. TES technologies have been instrumental in storing and shifting peak energy use into off-peak hours, catering to diverse applications from seasonal solar energy storage to HVAC systems.
Sensible Heat Technology Faces Challenges, Yet Holds Dominant Share
Sensible heat technology currently dominates the installed capacity of thermal energy storage. However, it is expected to witness a decline in market share by 2031 due to limitations in storage capacity and non-isothermal behavior during heat storage processes. While advancements in latent heat and thermochemical storage contribute to the decline, companies must raise awareness about sensible heat technology's advantages.
๐๐ฎ๐ฒ ๐ญ๐ก๐ข๐ฌ ๐๐ซ๐๐ฆ๐ข๐ฎ๐ฆ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ | ๐๐ฆ๐ฆ๐๐๐ข๐๐ญ๐ ๐๐๐ฅ๐ข๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐๐ญ - https://www.transparencymarketresearch.com/checkout.php?rep_id=2101<ype=S&utm_source=OpenPR_Ganesh&utm_medium=OpenPR
the global thermal energy storage market is on a trajectory of substantial growth, driven by technological advancements, regional demand, and the imperative need for sustainable energy solutions. As the world grapples with energy challenges, thermal energy storage emerges as a key player in shaping a resilient and environmentally conscious energy landscape.
๐๐๐จ๐ฎ๐ญ ๐๐ฌ ๐๐ซ๐๐ง๐ฌ๐ฉ๐๐ซ๐๐ง๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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