Westford USA, Jan. 22, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest, industrial sector is a key driver of the thermal energy storage market, particularly in applications like concentrated solar power (CSP) plants and industrial heating and cooling. Energy-intensive industries are turning to thermal storage to manage their energy consumption effectively, reduce costs, and meet sustainability goals.
Browse in-depth TOC on the "Thermal Energy Storage Market"
- Pages - 157
- Tables - 149
- Figures – 78
As the world confronts climate change, governments are implementing stricter regulations and incentives for emissions reduction. Thermal energy storage plays a crucial role in reducing greenhouse gas emissions by optimizing energy use, thus contributing to sustainability objectives and driving market growth.
Prominent Players in the Thermal Energy Storage Market
- Abengoa Solar
- BrightSource Energy
- Burns & McDonnell
- CALMAC
- Cryogel Thermal Energy Storage
- DN Tanks
- EDF Renewables
- EnergyNest
- Evapco
- Goss Engineering
- Ice Energy
- Infinia Corporation
- Johnson Controls
- Kelvin Thermal Technologies
- NRG Energy
- Promethean Power Systems
- SolarReserve
- Steffes Corporation
- TESVOLT
- Viking Cold Solutions
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Dried Grapes Segment is Expected to Grow the Market Due to their Widespread Integration
Dried grapes have firmly established themselves as a beloved choice among dried nuts and fruits, capturing the share of the global thermal energy storage market. This preeminence is attributed to their widespread integration into a diverse array of health-conscious snacks, earning them a special place in the hearts of consumers.
Europe leads the thermal energy storage market due to stringent environmental regulations, robust renewable energy integration, and increasing focus on sustainability. Countries like Germany and Spain invest heavily in CSP and district heating systems, driving the adoption of thermal energy storage for efficient energy management and emission reduction.
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Sensible Heat Storage Segment is Expected to Dominate the Market Due to its Escalating Trend of Health-Conscious Snacking
Snacks segment emerges as a dynamic force within the thermal energy storage market experiencing the most rapid expansion and boasting the highest CAGR among its counterparts. This robust growth trajectory can be attributed to the escalating trend of health-conscious snacking, driven by the overarching desire to uphold holistic well-being.
Regional markets in the Asia Pacific is emerging as a fast-growing region in thermal energy storage, primarily driven by China and India's rapid industrialization and the expanding renewable energy sector. Government initiatives, such as India's National Solar Mission and China's clean energy targets, are fostering the deployment of thermal storage solutions, meeting energy demands sustainably.
A comprehensive analysis of the major players in the thermal energy storage market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Thermal Energy Storage Market
- In March 2023, E.ON and RWE Renewables partnered to develop a major energy storage project in Germany, aiming to harness surplus renewable energy and provide grid stability through battery storage.
- In May 2023, Northvolt, a Swedish battery manufacturer, raised $2.75 billion in funding to expand its production capacity and drive the development of sustainable lithium-ion batteries for electric vehicles and energy storage systems.
Key Questions Answered in Thermal Energy Storage Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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