According to the research report, the global thermal energy storage market in 2019 was approximately USD 4,281.6 Million. The market is expected to grow at a CAGR of 10.4% and is anticipated to reach around USD 8558.34 Million by 2026.
Thermal energy storage is referred to as a technology that stocks thermal energy by cooling or heating a storage medium. Later on, the stored energy can be used for heating and cooling applications and while reducing the consumption of power. Generally, in buildings and industrial processes, thermal energy storage systems are used.
An increase in demand for thermal energy storage systems in HVAC, government incentive programs for thermal energy storage systems are significantly influencing the demand for thermal energy storage systems in recent years. However, the lack of technical expertise and high grid interconnection barriers are curbing market growth. Furthermore, thermal energy storage in combination with concentrating solar power (CSP) for storing electricity is gaining popularity as solar heat can be stored for the production of electricity, even in the absence of sunlight. Thereby, consecutive briefs on emerging technologies will accelerate the demand for the thermal energy storage market.
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The global thermal energy storage market has been segmented into technology, storage material, and end-users. The technology has been categorized into sensible heat storage, latent heat storage, and thermal heat storage. In 2019, latent heat storage is leading the market and sensible heat storage is followed by latent heat storage technology. The storage material has been classified into the water, molten salt, and phase change material (PCM), among others. Molten salt has accounted for the highest market share presently. The phase change material is expected to grow at the fastest rate during the forecast timeline as it is capable of releasing and storing large amounts of energy. The end-user has been fragmented into commercial and industrial, utilities, and residential. The residential segment is expected to grow at a faster rate than other application segment owing to its rising usage of thermal energy storage systems in HVACs.
North America dominated the global thermal energy storage market owing to the presence of a huge number of vendors coupled with numerous thermal projects that are under construction. For instance, in 2019, Azelio AB, a Europe-based renewable energy equipment manufacturer had entered into a partnership agreement with Biodico, a US-based renewable energy technology provider for developing thermal energy storage projects in Atascadero, California, US, by 2024. This project will help Biodico, to develop biofuel production centers, which will be powered by clean energy produced by renewable resources on-site to minimize greenhouse gas emissions, and Azelio will be able to supply approximately 9,000 units to meet the demand for electricity. Furthermore, growing awareness toward limiting carbon footprint paired with greater investments in solar energy in the European region will propel the installations of the thermal storage systems. Thereby, certain initiatives taken by regions will increase the global market share of thermal energy storage in the upcoming years.
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Top Market Players
Some of the essential players operating in the global thermal energy storage market, but not restricted to include Baltimore Aircoil International, Cryogel Thermal Energy Storage, Caldwell Energy Company, Dunham Bush, EVAPCO, Inc., CALMAC (Trane), Cristopia (CIAT UK), Araner, Nostromo, FVB Energy Inc., Ground Sun Ltd., Viking Cold Solutions, DN Tanks, Vogt Ice, and Sunwell among others.
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