© Copyright Our Wall
Market overview
The Thermal
Energy Storage Market is expected to register USD 67.22 billion
by 2030 with a CAGR of 12.50%, and the market is valued at USD 26.2 billion in
2022. The thermal energy storage system is used to store energy for future use.
Thermal energy storage is also called heat storage. It is an efficient method
to transfer energy without chemical conversion. It is an eco-friendly and
feasible energy-saving solution. The system reduces energy conservation, carbon
dioxide emission and many others.
The system's effectiveness depends
on the type of material used in solar plants, combined heat and power plants,
thermal power plants etc. the market is driven by many industries acquiring
renewable energy sources for future use. Pandemic affected the Thermal
Energy Storage Market negatively to lessen the limit of the virus
spread; the government took several steps like quarantine, zero movement, and
others. The market was unable to get raw materials and manufacturers. The
production was stopped. proper social information by the government and
awareness by the people of the different countries are driving factors for the
market.
The flexibility in usage and
improvement in the rate of construction of buildings are forming new growth
opportunities for the market. The initial installat6ion cost and complex design
and operation can challenge the market growth and drawback the market from
going forward.
Market segmentation
The market is segmented into
technology, application and materials. Based on the technology, the market is
classified into Sensible heat storage, Latent heat storage, Thermochemical
storage. The material is fragmented into molten salts, phase change materials,
water and others. by the segment application, the thermal energy
storage market is bifurcated into centralized heating and cooling,
power generation and decentralized heating and cooling. Sensible heat thermal
is expected to register high growth. The sensible heat thermal storage is
achieved by heating the storage medium that increases its energy content but
not without changing the state in the accumulation time. All the segments
contribute to the market growth and push the market forward.
Regional analysis
The Thermal
Energy Storage Technologies market has been divided into
Europe, North America, Asia Pacific, Middle East, Africa, and Latin America.
North America holds the largest growth rate due to its high energy storage
capacity. Thermal energy storage is used to provide cooling capacity to
commercial buildings. The Asia Pacific will experience the second-highest
growth due to the rising population, high energy use and strict usage of
renewable energy.
The European region is inclined to
the green environment and uses green energy. They are inclining towards the
thermal energy which propels the Thermal Energy Storage Market. Market players
of several regions are interested in investing in the market and contributing
to the growth. The market is availing further growth in the forecast period.
Industry news
The thermal energy startup Antora
energy raised US$50 million from a bunch of investment firms in which bill
gates firm was also included to accelerate the development of its heat-based
carbon block energy storage system.
Related Reports
Battery Management System Market size
global offshore drilling rigs market
The Wall