Thermal Energy Storage Market – High Demand for Thermal Energy Storage in HVAC is expected to Lead the Market Growth – Growing at a CAGR (Compound Annual Growth Rate) 14.2% from 2022 to 2028

Thermal Energy Storage
  • Thermal Energy Storage Market

As stated in our extensive report; the Global Thermal Energy Storage Market accounted forUSD 203.1 Millionin 2021.

The adverse effects of greenhouse gas emissions and the growth in fuel prices have raised the need for Thermal Energy Storage worldwide, propelling the market expansion. Likewise, the constant elevation in energy consumption will supplement the future demand for Thermal Energy Storage.

Thermal Energy Storage is the kind of energy storage wherein different materials are utilized to store the energy by increasing its temperature and losing its energy when the temperature drops off. It is broadly used in solar and thermal power plants to provide dispatchable power even at night and consume heat in process industries.

Key factors influencing Thermal Energy Storage Market Growth

The growth of the Global Thermal Energy Storage Market can be attributable to the following:

i.Rising demand for Thermal Energy Storage systems for power backup, cooling, and heating applications is fuelling the market's growth.

ii. Changing preference toward renewable energy generation that comprises concentrated solar power and the higher demand forthermal energyin HVAC are driving the Thermal Energy Storage Market expansion across the globe.

iii. High demand for a safe and reliable energy source coupled with the adaptation of renewable energy to lessen the growing carbon emission is expected to boost the Thermal Energy Storage Market growth.

iv. Rapid demand for Thermal Energy Storage for heating, ventilation, and air conditioning will likely fuel the market development.

v. Governments, organizations, and universities globally are taking several steps to invest strongly in research and development to introduce innovative storage mediums that will have a low or zero impact on the environment. Also, this current research and development are focused on adopting the Thermal Energy Storage techniques to be implemented in building walls by utilizing the PCMs in air vents and plasters.

Europe market is Expected to Dominate the Global Market

Europeholds the largest share in theThermal Energy Storage Market and is projected to continue this trend in the coming years. The rapid development of this region's Thermal Energy Storage segment, the occurrence of a large consumer base, and the presence of key industry players are significant aspects that drive the market expansion in this region. In addition, emergent nations like the U.K., Germany, Italy, Spain, and France enhance the requirement for Thermal Energy Storage heating and cooling applications. This, in turn, will probably support the industry growth in this region during the forecast period.

Conclusion

As per our recent study, increasing demand for Thermal Energy Storage and the growth in government initiatives for Thermal Energy Storage systems will positively influence the worldwide market.

Some of the prominent players in the Global Thermal Energy Storage Marketinclude- 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 and others.