The global thermal
energy storage market is expected to reach USD 12.50 billion by
2025, according to a new report by Grand View Research, Inc. Increasing demand
for access to efficient and cost competitive energy sources is expected to
favor market growth.
Thermal energy storage is considered to be the primary
renewable option for electricity generation. Heat stored by short term and
seasonal thermal energy storage systems are extremely helpful in balancing the
variations in renewable electricity production & distribution, in a cost
effective manner. It causes no adverse impact on the environment and is a
sustainable source of energy.
The renewable energy demand has increased from various
countries including, the U.S., South Africa, Saudi Arabia, Brazil, China, and
India. The governments of these countries are trying to derive solutions &
technologies to store the generated energy from renewable sources such as
tides, wind, biomass, and sun. The rising demand from these regions coupled
with the novel product development by industry participants is expected to
drive market growth over the forecast period.
A large number of energy storage equipment
manufacturers & service providers are involved in the adoption of various
strategies such as new product developments, partnerships, agreements, collaborations,
and joint ventures in order to increase market penetration and cater to the
changing technological requirements of different end-use applications in the
region.
Browse full research report on Thermal Energy Storage Market: https://www.grandviewresearch.com/industry-analysis/thermal-energy-storage-market
Further
key findings from the report suggest:
- In terms of technology, molten salt technology is expected to
follow an anticipated CAGR of 16.4% over the next eight years
- Molten salt technology is utilized to store the heat collected by
means of solar troughs and solar towers. The growing awareness regarding
the technology is expected to benefit the segment demand
- Asia Pacific is expected to witness the highest growth over the
forecast period. Rising demand from countries such as China and India and
government initiatives are expected to benefit the demand in the region
- The global thermal energy storage demand in power generation
application was USD 0.57 billion in 2016 and is anticipated to witness the
fastest growth over the next eight years
- The U.S. market was valued at USD 0.52 billion and is estimated to
reach USD 2.32 billion by 2025
- The Middle East & Africa region is anticipated to witness high
growth at a CAGR of 15.7% by 2025. The MEA region has a number of
concentrating solar power (CSP) projects which include thermal energy
storage installed in countries such as United Arab Emirates (UAE), Saudi
Arabia and Morocco
- Key players of the industry include Chicago Bridge & Iron
Company N.V. (CB&I), Abengoa Solar S.A., Ice Energy, Evapco, Inc., and
Dunham-Bush Holding Bhd. These major players are investing in R&D
activities to enhance their product portfolio and thus increase their
geographical presence
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/power-generation-and-storage
Grand
View Research has segmented the global thermal energy storage market on the
basis of type, technology, storage material, application, end-use, and region:
Type
Outlook (Revenue, USD Million, 2014 - 2025)
- Sensible Heat
Storage
- Latent Heat
Storage
- Thermochemical
Heat Storage
Technology
Outlook (Revenue, USD Million, 2014 - 2025)
- Molten Salt
Technology
- Electric
Thermal Storage Heaters
- Solar Energy
Storage
- Ice-based
Technology
- Miscibility
Gap Alloy Technology (MGA)
- Others
Storage
Material Outlook (Revenue, USD Million, 2014 - 2025)
- Molten Salt
- Phase Change
Material
- Water
- Others
Application
Outlook (Revenue, USD Million, 2014 - 2025)
- Process
Heating & Cooling
- District
Heating & Cooling
- Power
Generation
- Ice storage
air-conditioning
- Others
End-User
Outlook (Revenue, USD Million, 2014 - 2025)
- Industrial
- Utilities
- Residential
& Commercial
Regional
Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Mexio
- Europe
- UK
- Russia
- Asia Pacific
- China
- India
- Central &
South America
- Brazil
- Middle East
& Africa
- Saudi Arabia
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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