Press release
Thermal Energy Storage Market Demand, Growth, Report 2023-2028
Thermal Energy Storage Market
The global thermal energy storage market size reached US$ 6.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.5 Billion by 2028, exhibiting a growth rate (CAGR) of 10% during 2023-2028.
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Thermal energy storage (TES) is a technology that involves capturing and storing heat for later use. This process is crucial for managing energy demand and optimizing efficiency in various applications. TES systems store thermal energy during periods of low demand or when excess energy is available and release it when demand is high.
There are different types of TES, including sensible heat storage, latent heat storage, and thermochemical storage, each utilizing distinct materials and mechanisms. Common mediums for TES include molten salts, phase-change materials, and hot water. This technology finds applications in diverse fields, including renewable energy integration, HVAC systems, and industrial processes, providing a means to balance energy supply and demand while promoting sustainability and resource efficiency.
Market Trends:
The global market is majorly driven by the increasing demand for energy efficiency, sustainability, and the integration of renewable energy sources. In line with this, the expanding deployment of renewable energy, such as solar and wind power, is a significant driver. TES systems play a crucial role in addressing the intermittent nature of renewable energy by storing excess energy generated during peak times and releasing it when demand is high, contributing to grid stability and reliability. Furthermore, the rising focus on energy efficiency in various industries is propelling market growth. TES enables these sectors to optimize their energy consumption by storing thermal energy during off-peak hours and using it during periods of high demand.
This results in reduced energy costs and enhanced overall operational efficiency. Moreover, government initiatives and policies promoting sustainable energy practices are fueling the adoption of TES solutions. Incentives, subsidies, and mandates aimed at reducing carbon emissions and increasing the share of renewable energy sources in the energy mix drive investments in TES technologies. Additionally, advancements in TES technologies and materials contribute to market growth. Ongoing research and development efforts are leading to more efficient and cost-effective storage solutions, making TES increasingly attractive to a broader range of applications.
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Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players operating in the market.
• Abengoa Solar S.A.
• Baltimore Aircoil Company Inc.
• Brightsource Energy Inc.
• Burns & McDonnell Inc.
• Chicago Bridge & Iron Company (McDermott International)
• DC Pro Engineering
• Fafco Inc.
• Solarreserve LLC
• Steffes Corporation
• Terrafore Technologies LLC
Key Market Segmentation:
Our report has categorized the market based on region, storage type, technology, material type, application and end-use.
Breakup by Storage Type:
• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Heat Storage
Breakup by Technology:
• Molten Salt Technology
• Electric Thermal Storage Heaters
• Solar Energy Storage
• Ice-Based Technology
• Miscibility Gap Alloy Technology (MGA)
• Others
Breakup by Material Type:
• Water
• Molten Salt
• Phase Change Materials (PCM)
• Others
Breakup by Application:
• Power Generation
• District Heating and Cooling
• Process Heating and Cooling
Breakup by End-Use:
• Residential and Commercial Sector
• Utility Industry
• Other Industries
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, South Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa
Key Highlights of the Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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