Thermal Energy Storage Market is Forecasted to Reach US$ 608.27 Million in 2028, Says Stratview Research

The global thermal energy storage market is projected to witness a growth rate of 14.56% annually from 2022 to 2028, with an anticipated size of US$ 608.27 million by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global thermal energy storage market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 608.27 million
Growth (CAGR): 14.56% during 2022-2028
Forecast Period: 2022-2028
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Thermal Energy Storage Market:

The global thermal energy storage market is segmented based on storage material type, technology type, application type, end-use type, and region.

Based on storage material type - The market is segmented as water, molten salt, PCM, and others. The molten salt segment holds more than 33% market share in 2021 and is expected to witness a significant growth rate in the market during the assessment period owing to its high storage capacity coupled with the ability to endorse stable and dispatchable power delivery. Moreover, high boiling point and heat capacity coupled with low vapor pressure are certain advantages provided by the material, which will boost the progress of molten salt in the market.

Based on technology type - The market is segmented as sensible heat, latent heat, and thermochemical. The sensible heat technology type holds more than 45% market share in 2021 and is expected to dominate the market owing to the growing demand for solar thermal systems along with its wide-scale usage in district heating and cooling systems. Sensible heat technology is also growing rapidly as it's distinctive in performing complete reversible charging and discharging operations for infinite times of cycles. In addition, the thermochemical segment grows at a CAGR of more than 13.6% during the assessment period.

Based on end-use type - The market is segmented as residential & commercial, industrial, and utility. The industrial segment holds more than 40% market share in 2021 and is estimated to account for the major share of the market during the assessment period on account of the increasing adoption of heating, ventilation, and air-conditioning (HVAC) systems using large quantities of hot water for economic operation.

Based on application type - The market is segmented into power generation, district heating & cooling, and process heating & cooling. The power generation segment is predicted to witness a higher growth rate during the assessment period. The increase in uninterrupted and affordable power supply from off-the-grid and remote areas is likely to rise the demand. Power-generating segment growth will be aided by the introduction of many government schemes addressing energy generation from solar power plants. When excess power is sold back to the grid under the feed-in tariff schemes, the supplier of renewable energy receives a retail electricity price for each unit produced. In addition, the district heating & cooling segment market share more than 35% in 2021.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is estimated to be the leading region in the market during the forecast period. This growth outlook is majorly attributed to the following-

• The growth of the region's market is driven by the US, where the majority of renewable-based power generation projects are present.
• Furthermore, increasing R&D activities for energy storage coupled with consumers' positive response for renewable-based power generation is stimulating the market demand.

Thermal Energy Storage Market Drivers:

Some of the key drivers listed in the report are given below.

• The growing adoption of renewable energy sources coupled with increasing demand for Concentrating Solar Power (CSP)
• The increasing requirement for improving energy efficiency will upscale the market.
• Increasing the government's support towards sustainable technology
• The surge in demand for energy-efficient and cost-competitive sources will stimulate the progress of the industr.

Top Companies in the Thermal Energy Storage Market:

Stratview Research has identified the following companies as the top market players.
• Abengoa Solar
• Baltimore Aircoil Company
• Bright Source Energy
• Burns & McDonnell
• Caldwell Energy Company
• Cryogel
• DN Tanks
• Evapco
• Fafco
• Goss Engineering
• Ice Energy
• Solar Reserve
• Steffes Corporation
• TAS Energy

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Thermal Energy Storage Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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About Us:
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.