Thermal Energy Storage Market to Reach Valuation of USD 450.1 Million by 2028 – Growth in Demand for Energy Storage to Supplement Mounting Solar Energy Generation Drives the Market

In terms of revenue, the Global Thermal Energy Storage Market is expected to reach USD 450.1 Million by 2028, growing at a CAGR (Compound Annual Growth Rate) of 14.00% from 2022 to 2028.

The Thermal Energy Storage refers to energy storage in which numerous materials are used for storing the energy by way of an increase in its temperature and lose their energy when temperature decreases. Such storage systems reduce the demand for energy during peak hours and lower carbon dioxide emissions, decreasing end consumers' energy consumption, and thus increasing the market demand. Moreover, as the globe works toward a low-carbon future, there is also a rising demand for efficient energy storage solutions. TES systems are extensively used in thermal and solar power plants to provide dispatchable power even at night and to use heat in process industries.

Key Highlights from Report:

● Based on Technology, the market has been divided into Sensible Heat Storage, Latent Heat Storage, and Thermochemical Heat Storage. Among technologies, the Sensible Heat Storagesegment is anticipated to dominate the Thermal Energy Storage Market during the forecast period. This is due to increasing demand for Thermal Energy Storage from applications, which include power generation, heating, cooling, and others.

● The Molten Salt segment of the Storage Material segment accounted for the largest market share. This segment will likely flourish owing to the rising demand for power generation worldwide.

● Europe held a significant market share and is anticipated to be the most profitable market during the forecast period. This surge is because of the rapid development of this region's Thermal Energy Storage sector. In addition, the presence of a massive consumer base and the occurrence of top participants in this region will propel regional development in the future.

Market Dynamics:

The growth of the Global Thermal Energy Storage Market can be attributable to main factors such as the changing preference towards renewable energy generation, which include concentrated solar power, and the increasing demand for Thermal Energy Storage systems in HVAC. Additionally, the rise in government initiatives and technological advancement initiatives adopted by several vendors will likely fuel the market’s growth.

Also, the mounting demand for enhanced energy efficiency, along with the ongoing energy utilization efforts, will drive the development of this market in the coming years. Moreover, the presence of leading market players in emerging economies is projected further to boost the Thermal Energy Storage Market expansion.

Furthermore, the increasing environmental concerns relating to the growth in carbon emissions because of the use of conventional fuels for power generation led countries worldwide to go for cleaner and more efficient power sources. Also, many countries have given the drive to the development of clean energy technologies in the continuing goals of particular countries.

Europe Thermal Energy Storage Market is anticipated to witness significant market growth in terms of revenue in the forecast period. The region’s market development can be attributable to the incidence of vast users and the rapid expansion of the Thermal Energy Storage industry. Furthermore, the existence of developed economies such as the U.K., Germany, Italy, France, and Spain augments the demand for Thermal Energy Storage heating and cooling applications, which is expected to drive regional market development in the coming years.

The Global Thermal Energy Storage Market is Segmented as follows:

• Technology
  • Sensible Heat Storage
  • Latent Heat Storage
  • Thermochemical Storage
• Storage Material
  • Water
  • Molten Salts
  • Phase Change Materials
  • Other Storage Materials
• Applications
  • Power Generation
  • District Heating & Cooling
  • Process Heating & Cooling
• End Users
  • Utilities
  • Commercial
  • Industrial
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Abengoa Solar, Burns & McDonnell, SolarReserve, BrightSource Energy, Calmac, MAN Energy Solutions, Baltimore Air Coil Technology, Cristopia Energy, Cryogel, Caldwell Energy, Dunham Bush, Goss Engineering, Steffes Corporation, DN Tanks, Turbine Air Systems (TAS), Evapco Inc., Fafco, Sunwell Tehnologies, DC Pro Engineering, CB&I (McDermott), LIME

The Global Thermal Energy Storage Market Scope can be Tabulated as below: