Global Thermal Energy Storage market PPT(2022- 2027) : Global Trends, Scope, Demand&Forecast

Global Thermal Energy Storage Market Research Report and Forecast 2022-2027

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Report Description and Highlights

Report Description

Global Thermal Energy Storage Market Outlook 2027: According to the latest report by IMARC Group, titled " Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 ," the global thermal energy storage market reached US$ 5.6 Billion in 2021.

Thermal energy storage refers to a system of storing energy for use at a later stage for power generation. It comprises latent, sensible and thermochemical heat storages that are based on molten salt, ice and miscibility gap alloy (MGA) technology. It is utilized for temporarily containing thermal energy in hot or cold forms, which is crucial for balancing the energy demand when the production of energy exceeds the demand.

Their employment results in increasing the overall efficiency and improving the reliability of the system while minimizing carbon dioxide emissions. Consequently, these storage systems, often coupled with concentrating solar power (CSP), are widely utilized across the commercial and residential sectors.

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Report Description and Highlights

Report Description

Global Thermal Energy Storage Market Trends: The global market is primarily driven by the rising adoption of renewable energy sources for power generation. This is further facilitated by the increasing demand for uninterrupted power supply and the growing need for reliable power requirements across numerous industries.

Thermal energy storage systems are also utilized in heating, ventilation and air conditioning (HVAC) applications for the large-scale district and process heating and cooling facilities. Along with this, the numerous government initiatives undertaken to promote renewable energy adoption and sustainable infrastructural development are creating a positive outlook for the market. The escalating demand for thermal energy storage in CSP is acting as another major growth-inducing factor.

The increasing integration of these storage solutions with CSP is expected to provide grid flexibility while significantly reducing efficiency losses. Some of the other factors contributing to the market growth include the employment of these systems in green buildings for power generation and the extensive research and development (R&D) activities conducted by the key players.

Report Description and Highlights Report Description Market Summary: 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) Breakup by Material Type: • Water • Molten Salt • Phase Change Materials (PCM)

Report Description and Highlights Report Description Breakup by Application: • Power Generation • District Heating and Cooling • Process Heating and Cooling Breakup by End-Use: • Residential and Commercial Sector • Utility Industry Breakup by Region: • North America • Asia Pacific • Europe • Middle East and Africa • Latin America

Looking forward, IMARC Group expects the market to reach US$ 10.5 Billion by 2027, exhibiting at a CAGR of 10.4% during 2022-2027.

Report Description and Highlights Report Description Competitive Landscape With Key players: • 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 View Report TOC, Figures and Tables: https://www.imarcgroup.com/thermal-energy-storage-market

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Report Description and Highlights

Report Description

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