Thermal Energy Storage Market Expands Due to Surge in Use of Renewable Energy Globally, States TMR Study

• Increase in adoption of thermal energy storage (TES), owing to their dependable, safe, and environmental-friendly operations is estimated help the global thermal energy storage market to be valued at US$ 22.6 Bn by 2031
• Growth in number of R&D projects on energy storage systems is expected to help in market expansion during the forecast period

ALBANY, N.Y., April 5, 2022 /PRNewswire/ -- The global thermal energy storage market is estimated to register growth at a CAGR of 16.3% during the forecast period, 2021-2031, highlights a study by Transparency Market Research (TMR).

Due to the growing understanding of environment and global warming, there has been an increase in the inclination among global population toward the use of renewable energy. This factor is generating sizable business prospects in the global thermal energy storage market.

Major players operating in the global thermal energy storage market are increasing their focus on spreading awareness on different advantages of the sensible heat technologies together with their use in solar air receiver systems. In addition, they are also publicizing HVAC applications for buildings in order to diversify the application of sensible heat. These factors are favoring the growth of the thermal energy storage market.

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The thermal energy storage market in North America is projected to maintain its leading position in the upcoming years, owing to rise in use of renewable energy sources in the region. Moreover, the North America thermal energy storage market is prognosticated to be driven by constant advancements in solar thermal generation technologies in the region. While the regional market is comparatively mature, rise in installations of concentrated solar plants is likely to generate lucrative prospects in the North America thermal energy storage market during the forecast period.

Different businesses across the globe are experiencing negative impact of the COVID-19 pandemic. In this critical situations, several nations globally are growing efforts to fulfill their needs of the renewable energy. As a result, there has been a surge in the deployment of thermal storage systems. This, in turn, is estimated to generate prominent demand opportunities in the thermal energy storage market in the upcoming years.

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Thermal Energy Storage Market: Key Findings

• Rise in prices of fuel and increase in concerns on greenhouse gas emissions have resulted in a surge in the need for effective employment of renewable energy sources. Moreover, there has been an augmented demand for advanced energy technologies, owing to exhausting resources of energy across the globe. At the same time, the need for energy is increasing continuously. These factors are leading to inclination toward effective utilization of renewable energy sources. Thus, advanced energy technologies are being increasingly used in order to boost energy supply and decrease the consumption of energy, states TMR report on the thermal energy storage market.
• Thermal energy storage (TES) systems are gaining impetus across the globe due to different advantages they offer, including environment-friendly, safe, and dependable operations. Hence, rising adoption of these systems is expected to fuel the sales growth in the global thermal energy storage market during the forecast period. As a result, the market is prognosticated to gain the valuation of US$ 22.6 Bn by 2031.

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Thermal Energy Storage Market: Growth Boosters

• Increase in use of TES systems in the electrical energy generation field for large-scale applications is leading to revenue-generation opportunities in the global thermal energy storage market
• Rise in awareness about different advantages of TES, including their ability to assist in balancing energy demand and decreasing CO2 emissions, costs, and energy consumption is propelling the global thermal energy storage market

Thermal Energy Storage Market: Key Players

Some of the key players profiled in the report are:

• Evapco
• Calmac
• Goss Engineering Inc
• McDermott International Ltd
• Brenmiller Energy
• Trane Technologies Inc
• Azelio
• Siemens Gamesa Renewable Energy
• BrightSource Energy Inc.
• Abengoa Solar S.A.

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Thermal Energy Storage Market Segmentation

Technology 

• Sensible Heat
• Latent Heat
• Thermochemical Heat

End-user      

• Commercial and Industrial
• Utilities
• Residential

Region         

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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SOURCE Transparency Market Research