New York, NY, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Thermal Energy Storage Market By Technology (Sensible Heat Storage, Latent Heat Storage, and Thermal Heat Storage); By Storage Material (Water, Molten Salt, Phase Change Material (PCM), and Others); By End Users (Commercial and Industrial, Utilities, and Residential): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
“According to the research study, the global Thermal Energy Storage Market was estimated at USD 4,281.6 Million in 2019 and is expected to reach USD 8558.34 Million by 2026. The global Thermal Energy Storage Market is expected to grow at a compound annual growth rate (CAGR) of 10.4% from 2019 to 2027”.
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.
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• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
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(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)
Key Questions Answered in this Report
1) What was the impact of COVID-19 on the Thermal Energy Storage Market?
2) What is the market size, share of the Thermal Energy Storage Market?
3) Who are the top market players in Thermal Energy Storage Market?
4) What will be the future market of the Thermal Energy Storage Market?
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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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.
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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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 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.
Growing construction sector revenues, from both publicly and privately funded projects across the globe and the emergence of energy-efficient solutions, are the major factors that are boosting the demand for thermal energy storage systems in the market. Moreover, the refrigeration and supply of cooling systems have become important across food &beverages, and pharmaceuticals markets to prevent spoilage of food and medicines. Henceforth, a substantial increase in demand for HVAC systems has fueled the sales of thermal energy storage systems. However, technology barriers and lack of technical expertise are expected to hinder the market growth over the forecast years. Furthermore, rising momentum on renewable energy generation such as concentrated solar power is anticipated to proliferate the growth of the thermal energy storage market in upcoming years.
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The thermal energy storage market research report delivers an acute valuation and taxonomy of the thermal energy storage industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
Browse the full “Thermal Energy Storage Market By Technology (Sensible Heat Storage, Latent Heat Storage, and Thermal Heat Storage); By Storage Material (Water, Molten Salt, Phase Change Material (PCM), and Others); By End Users (Commercial and Industrial, Utilities, and Residential): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/thermal-energy-storage-market-by-technology-sensible-heat
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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This report segments the global thermal energy storage market as follows:
Global Thermal Energy Storage Market: By Technology Segmentation Analysis
- Sensible Heat Storage
- Latent Heat Storage
- Thermal Heat Storage
Global Thermal Energy Storage Market: By Storage Material Segmentation Analysis
- Water
- Molten Salt
- Phase Change Material (PCM)
- Others
Global Thermal Energy Storage Market: By End Users Segmentation Analysis
- Commercial and Industrial
- Utilities
- Residential
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