Press release
Thermal Energy Storage Market Industry Outlook, Analysis, Future Plans And Growth Factors
Unlocking the Power of Thermal Energy Storage: Pioneering a Sustainable Energy FutureIn the dynamic landscape of global energy evolution, Thermal Energy Storage (TES) stands as a beacon of innovation, poised to revolutionize the way we harness and utilize thermal energy. With the market witnessing exponential growth, propelled by a burgeoning demand for sustainable energy solutions, TES emerges as a game-changer, facilitating the seamless integration of renewable sources into our power grids.
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Thermal Energy Storage Market Valuation:
The Thermal Energy Storage Market size was valued at USD 284.92 Million in 2023 and the total Thermal Energy Storage revenue is expected to grow at a CAGR of 14.1% from 2024 to 2030, reaching nearly USD 628.69 Million by 2030
Thermal Energy Storage Market Dynamics
In the realm of power generation, TES technologies play a pivotal role, particularly in conjunction with Concentrating Solar Power (CSP) plants. By harnessing excess solar heat during peak sunlight hours and storing it for later use, TES ensures uninterrupted electricity supply, even during periods of reduced sunlight availability. This synergy between renewable energy and storage solutions marks a paradigm shift towards a greener, more reliable energy grid.
But the impact of TES extends far beyond power generation. In addressing the cooling needs of various industries, TES offers flexibility and efficiency, doubling global capacity by 2030. Technologies like phase-change materials revolutionize cold chain applications, ensuring optimal temperature control for production, storage, and transportation.
Thermal Energy Storage Market Segmentation
Thermal Energy Storage Market , by Technology
Sensible
Latent
TCS
Thermal Energy Storage Market , by Storage Material
Water
Molten salt
Phase Change Material (PCM)
Thermal Energy Storage Market , by Application
Power Generation
District Heating & Cooling
Process Heating & Cooling
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Thermal Energy Storage Market Key Players
Major Contributors in the Thermal Energy Storage Market in North America:
1. BrightSource Energy, Inc. - (United States)
2. Caldwell Energy Company - (United States)
3. Cryogel - (United States)
4. DN Tanks - (United States)
5. Evapco, Inc. - (United States)
6. Fafco, Inc. - (United States)
7. Goss Engineering, Inc. - (United States)
8. Ice Energy - (United States)
9. McDermott International, Inc. - (United States)
10. SolarReserve, LLC - (United States)
11. Steffes Corporation - (United States)
12. Terrafore Technologies LLC - (United States)
13. Tesla, Inc. - (United States)
Major Leading Player in the Thermal Energy Storage Market in Europe:
1. Abengoa Solar, S.A. - (Spain)
2. Linde plc - (United Kingdom)
3. Nestlé S.A. - (Switzerland)
4. SaltX Technology Holding AB - (Sweden)
5. Siemens AG - (Germany)
Major Prmoninant Players in the Thermal Energy Storage Market in Asia Pacific:
1. Dunham-Bush Holding Bhd - (Malaysia)
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Table of content for the Thermal Energy Storage Market includes:
Part 01: Executive Summary
Part 02: Scope of the Thermal Energy Storage Market Report
Part 03: Global Thermal Energy Storage Market Landscape
Part 04: Global Thermal Energy Storage Market Sizing
Part 05: Global Thermal Energy Storage Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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Regional Insights:
The global Thermal Energy Storage market encompasses regions like North America, Asia Pacific, Europe, Middle East and Africa, and South America. Each region plays a significant role in shaping the market. For instance, the North America Thermal Energy Storage Market is experiencing a rise in demand , driven by the adoption of electric and zero-emission vehicles for the non-tactical fleet of the U.S. military. The Asia Pacific region, on the other hand, is witnessing strong investments in Thermal Energy Storage to bolster military capabilities.
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