Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Thermal Energy Storage Market size is expected to reach $35.4 billion by 2028, rising at a market growth of 8.0% CAGR during the forecast period.
The Sensible segment acquired maximum revenue share in the Global Thermal Energy Storage Market by Technology in 2021, thereby, achieving a market value of $14.6 billion by 2028. This is Due to an increase in the desire for thermal energy storage in applications such as heating, cooling, and power generation. Furthermore, key benefits of sensible heat storage, including high thermal diffusivity, thermal conductivity & density, wide availability, simple usage, and low price, are likely to propel market growth in the future years. The specific heat of a storage device, which is retained in storage tanks with good thermal insulation, is used to store thermal energy in the form of sensible heat. Furthermore, when it refers to economies of scale, a sensible storage technique is the most cost-effective.
The Molten Salt segment is showcasing a CAGR of 7.8% during (2022 - 2028). Molten salt storage solution has several major advantages, such as high flexibility, low price, and long-term preservation, all of which are projected to fuel the market in the coming years. Molten salts, which have greater boiling temperatures and higher volumetric heat capacities, are the most often utilized storage devices for thermal energy storage. The salt is poured into a steam generator, which heats water to spin a propeller, and produces electricity when energy is required.
The Commercial & Industrial segment is leading the Global Thermal Energy Storage Market by End-user in 2021, thereby, achieving a market value of $15.1 billion by 2028. Extra funding for infrastructure design and expansion would boost growth for HVAC systems, which would propel the industrial segment forward. Furthermore, the segment's expansion will be aided by the increasing use of these devices across a variety of businesses that utilize huge amounts of hot water for cost-cutting considerations.
The Power Generation segment has shown growth rate of 8.7% during (2022 - 2028). Thermal energy storage in concentrating solar power (CSP) facilities can help to mitigate the solar resource's intermittency while also lowering the levelized cost of energy (LCOE) by allowing power to be used for longer periods. Thermal energy storage systems can gather energy throughout the day and store it, allowing it to be delivered at a later time or assisting plant output during overcast weather. As a result, without burning fossil fuels, the functioning of a solar thermal power plant can be prolonged beyond periods of no solar radiation. Energy storage not only decreases supply and demand mismatches but also enhances the performance and dependability of power systems and aids in energy conservation.
The Europe market dominated the Global Thermal Energy Storage Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $12.7 billion by 2028. The North America market is estimated to witness a CAGR of 7.3% during (2022 - 2028). Additionally, The Asia Pacific market would exhibit a CAGR of 8.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Storage Material
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