Market Research
Global Thermal Energy Storage Industry Research 2024-2032: A $15 Billion Market Fueled By Concentrated Solar Power Integration, Government Policies And R&D, & Sustainable Infrastructural Developments
By GlobeNewswire
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Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Global Thermal Energy Storage Market Report by Storage Type, Technology, Material Type, Application, End-Use, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global thermal energy storage market size reached US$ 6.9 Billion in 2023. Looking forward, the market is projected to reach US$ 15.0 Billion by 2032, exhibiting a growth rate (CAGR) of 9.01% during 2023-2032.
Increasing emphasis on the utilization of renewable energy resources across the globe is one of the key factors driving the growth of the market. The growing demand for thermal energy storage systems in heating, ventilation and air conditioning (HVAC) technology for large-scale heating and cooling is also providing a boost to the market growth.
Furthermore, concentrated solar power (CSP) is increasingly being integrated with the thermal energy storage systems to offer grid flexibility and minimize efficiency losses by generating electricity through dry cooling during lower ambient temperatures.
Additionally, increasing environmental consciousness, coupled with the growing adoption of thermal energy storage for power generation in green buildings, is acting as another growth-inducing factor. Other factors, including the implementation of favorable government policies to promote sustainable infrastructural development, along with extensive research and development (R&D) activities, are projected to drive the market further.
Key Questions Answered in This Report
- How big is the global thermal energy storage market?
- What is the expected growth rate of the global thermal energy storage market during 2024-2032?
- What are the key factors driving the global thermal energy storage market?
- What has been the impact of COVID-19 on the global thermal energy storage market?
- What is the breakup of the global thermal energy storage market based on the storage type?
- What is the breakup of the global thermal energy storage market based on the technology?
- What is the breakup of the global thermal energy storage market based on the material type?
- What is the breakup of the global thermal energy storage market based on the application?
- What is the breakup of the global thermal energy storage market based on the end-use?
- What are the key regions in the global thermal energy storage market?
- Who are the key players/companies in the global thermal energy storage market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 136 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $6.9 Billion |
| Forecasted Market Value (USD) by 2032 | $15 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
Companies Featured
- Abengoa Solar S.A.
- Baltimore Aircoil Company Inc.
- Brightsource Energy Inc.
- Burns & McDonnell Inc.
- Chicago Bridge & Iron Company (McDermott International)
- DC Pro Engineering
- Fafco Inc.
- Solarreserve LLC
- Steffes Corporation
- Terrafore Technologies LLC
Key Market Segmentation
Breakup by Storage Type:
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Heat Storage
Breakup by Technology:
- Molten Salt Technology
- Electric Thermal Storage Heaters
- Solar Energy Storage
- Ice-Based Technology
- Miscibility Gap Alloy Technology (MGA)
- Others
Breakup by Material Type:
- Water
- Molten Salt
- Phase Change Materials (PCM)
- Others
Breakup by Application:
- Power Generation
- District Heating and Cooling
- Process Heating and Cooling
Breakup by End-Use:
- Residential and Commercial Sector
- Utility Industry
- Other Industries
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/jlvjzw
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First published on Tue, May 7, 2024
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