Thermal Energy Storage Market Analysis by Size, Share, Growth Opportunities and Trends 2021 – 2025

Posted on 2021-06-02 by researchinsights in Energy // 0 Comments

San Jose, California , USA, June 02, 2021 — /EPR Network/ —

The global Thermal Energy Storage Market was appreciated at US$ 3.20 billion in 2016 and will touch the value of US$ 12.50 billion by the completion of the year 2025. The storage of thermal energy is a machinery comprising the storing of energy by way of cooling or heating medium with the aim of the stored energy to be utilized at a later step for the purpose of generation of power. It also simplifies the balancing amidst the demand and supply of energy.

The thermal energy storage hinge on a lot of issues for example capacity of storage, utilization of temperature as per the requirements, duration of storage, available space, losses of heat, and supply. The important benefits of thermal energy storage are an upsurge in system dependability, decrease in the costs of generation and growth in the capacity of power generation.

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The most important issues motivating the development of the global thermal energy storage market are growing focus on the generation of renewable energy and growing government initiatives for the system of thermal power energy storage. Furthermore, the increasing demand for it in Heating, Ventilation, and Cooling (HVAC) will motivate the demand for it. Moreover, the greater demand for it in concentrated solar power (CSP) too offer a development opening for the global market for thermal energy storage.

What’s more, the global thermal energy storage industry is estimated to develop at a greater percentage for the duration of the forecast owing to the growing emphasis on the generation of renewable energy.

By way of growing generation of renewable energy, here is the greatest necessity to store this energy, because the generation of renewable energy rests on sun and wind. This requires storing of the generated renewable energy from sources for example hydrogen, thermal, and solar. This will increase the demand for the system of energy storage, comprising thermal energy storage.

Thermal Energy Storage Type Outlook (Revenue, USD Million, 2014 – 2025)

Sensible Heat Storage
Latent Heat Storage
Thermochemical Heat Storage

Thermal Energy 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

Thermal Energy Storage Application Outlook (Revenue, USD Million, 2014 – 2025)

Process Heating & Cooling
District Heating & Cooling
Power Generation
Ice storage air-conditioning
Others

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Some of the important companies for thermal energy storage market are Cristopia Energy Systems, Baltimore Air coil Company, Bright source Energy, Inc., FAFCO, Inc., Steffes Corporation, DN Tanks, Calmac, Solar reserve, LLC, Abengoa Solar, Burns & McDonnell, Ice Energy, Caledonian MacBrayne. Additional notable companies are Evapco, Inc., Chicago Bridge & Iron Company N.V. (CB&I), Caldwell Energy, Dunham-Bush Holding Bhd., Cryogel, TAS Energy, SENER Group, and Goss Engineering.

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