Thermal Energy Storage Market Valuation to Reach USD 374 Million by 2030 at 14.2% CAGR- Fatpos Global

Thermal Energy Storage Market to surpass USD 374 Mn by 2030 from USD 190 Mn in terms of value growing at a CAGR of 14.2% throughout the forecast period,2020-30.

PHILADELPHIA, UNITED STATES , February 17, 2022 /EINPresswire.com/ -- Fatpos Global has released a report titled “Thermal Energy Storage Market - Analysis of Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030” which is anticipated to reach USD 374 Million by 2030. According to a study by Fatpos Global, the market is anticipated to portray a CAGR of 14.2% between 2020 to 2030. The shifting preference towards the generation of renewable energy, including concentrated solar power, and the growing demand for HVAC thermal energy storage (TES) systems are key factors driving the growth of the industry. The rising need for improved energy efficiency, combined with ongoing efforts to use energy, would have a positive impact on the demand for thermal energy storage. Increasing government steps towards the implementation of sustainable technologies would help to achieve the carbon emission reduction goals developed and thus stimulate consumer demand. The market environment will be complemented by rising demand for energy-efficient and cost-competitive sources coupled with continuous and reliable power requirements across different industries.

“Factors such as growing impetus for renewable energy generation, such as concentrated solar power, increasing demand for thermal energy storage systems in heating, ventilation, and air conditioning (HVAC) application, government incentives for thermal energy storage systems, and advancements in material sciences are some of the major factors driving the demand for thermal energy storage market” said a lead analyst at Fatpos Global.

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• Brief Introduction to the research report.
• Table of Contents (Scope covered as a part of the study)
• Research methodology
• Key Player mentioned in the report
• Data presentation
• Market Taxonomy
• Size & Share Analysis
• Post COVID-19 Impact Analysis
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Thermal Energy Storage Market: Key Players
• BrightSource Energy Inc.
• SolarReserve LLC
• Abengoa SA
• Terrafore Technologies LLC
• Baltimore Aircoil Company
• Ice Energy
• Caldwell Energy
• Cryogel
• Steffes Corporation
• Trane Technologies plc

The demand for electricity has been on the rise with rapid urbanization around the world leading to the deployment of various forms of energy-generating utilities, including CSP plants. In addition, there has been a considerable increase in power consumption for district heating and cooling purposes. Because of the limited availability of independent cooling and heating systems for residential and commercial buildings, to meet their power requirements, these facilities are dependent on power utilities. Energy utilities are therefore increasingly setting up energy storage systems to meet the energy demand of these facilities, which in turn is driving the growth of the thermal energy storage market. The main factors driving market growth are the increasing installation rate of concentrated solar power (CSP) systems and the increasing demand for energy storage solutions for heating, ventilating and cooling (HVAC) applications. Renewable energy sources such as solar and wind power, are increasingly being adopted for self-consumption by the commercial and industrial (C&I) sector. But renewable energy is an intermittent source of power, and the C&I sector is failing to make full use of these resources.

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In the new report, Fatpos Global thrives to present an unbiased analysis of the Thermal Energy Storage Market that covers the historical demand data as well as the forecast figures for the period, i.e. 2019-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by Product Type as Sensible Heat Storage, Latent Heat Storage and Thermochemical Heat Storage, market is segmented by Technology into Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-based Technology and Miscibility Gap Alloy Technology; the market is segmented by Application into Process Heating & Cooling, District Heating & Cooling, Power Generation, Ice storage air-conditioning and Others; the market is segmented by End-user into Industrial, Utilities and Residential & Commercial. Geographically, the market is segmented into North America, Latin America, Europe, APAC and MENA.

Market Regions
• North America:(U.S. and Canada)
• Latin America: (Brazil, Mexico, Argentina, Rest of Latin America)
• Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe)
• Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
• Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa)

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Thermal Energy Storage Market Segments:

By Product Type:
• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Heat Storage
By Technology:
• Molten Salt Technology
• Electric Thermal Storage Heaters
• Solar Energy Storage
• Ice-based Technology
• Miscibility Gap Alloy Technology
By Application:
• Process Heating & Cooling
• District Heating & Cooling
• Power Generation
• Ice storage air-conditioning
• Others
By End-user:
• Industrial
• Utilities
• Residential & Commercial

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Fatpos Global is a consulting and research firm focused on market research, business services, and sourcing. We have trusted advisors to senior executives of leading enterprises, providers, and investors. Our firm helps clients improve operational and financial performance through a hands-on process that supports them in making well-informed decisions that deliver high-impact results and achieve sustained value. Our insight and guidance empower clients to improve organizational efficiency, effectiveness, agility, and responsiveness.

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Fatpos Global
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