The North America Thermal Energy Storage Market would witness market growth of 7.3% CAGR during the forecast period (2022-2028).
Continued growth for thermal energy storage (TES) systems in heating, ventilation and air conditioning (HVAC) and a shift in preference toward renewable energy sources, notably concentrated solar power, are two significant factors driving the market growth. The demand for thermal energy storage would be positively influenced by the growing need for improved energy efficiency, as well as ongoing energy utilization activities.
For example, the Canadian government introduced a cash incentive plan called the "Commercial Energy Preservation and Optimization Program" in September 2018, which offers USD 15,000 in rebates for commercial energy renovations.
Thermal energy storage systems are evaluated by the US Department of Energy for their stability, cost-effectiveness, durability, and compliance with environmental legislation and industry standards. The expansion of the US market would be assisted by a positive outlook for renewable-based power generation, along with increased research and development activities focused on energy storage systems. Due to high energy storage capability and an expansion in the energy mix of thermal energy, North America is one of the prominent regions in the thermal energy storage market, particularly in the United States. Packed-storage hydropower (PSH), batteries, thermal storage, compressed air energy storage (CAES), and flywheels are the current energy storage technologies linked with the US system.
Additionally, several R&D projects are underway around the world to improve the efficiency of traditional Thermal Energy Storage. The Argonne team, for example, is anticipated to create a pilot-scale prototype of their elevated latent heat thermal energy storage (LHTES) for the test with financing from the US Department of Energy's (DOE's) SunShot Initiative.
The US market dominated the North America Thermal Energy Storage Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7,523.5 million by 2028. The Canada market is estimated to grow at a CAGR of 9.8% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 8.8% during (2022 - 2028).
Based on Technology, the market is segmented into Sensible, Thermochemical, and Latent. Based on Storage Material, the market is segmented into Water, Molten Salt, Phase Change Material (pcm), and Others. Based on End-user, the market is segmented into Commercial & Industrial, Utilities, and Residential. Based on Application, the market is segmented into Heating, Power Generation, and Cooling. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Thermal Energy Storage Market is Estimated to reach $35.4 Billion by 2028, at a CAGR of 8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Baltimore Aircoil Company, Inc.(Amsted Industries), Steffes, LLC, Dunham Bush Limited (Yantai Moon Group Co Ltd) (Moon Environment Technology Co., Ltd.), Evapco, Inc., SR ENERGY (SolarReserve), Caldwell Energy Company, Abengoa, BrightSource Energy, Inc., Terrafore Technologies, LLC, and Goss, Inc.
By Technology
By Storage Material
By End-user
By Application
By Country
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