Thermal Energy Storage Market to Witness a Pronounce Growth During 2020 – 2027: Grand View Research Inc.Posted by Sona Kulkarni on December 4th, 2023 Thermal Energy Storage Market Growth & Trends The global thermal energy storage market size is expected to reach USD 7.74 billion by 2027, expanding at a CAGR of 9.45% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising demand for cost competitive and efficient energy sources is likely to boost the market growth over the forecast period. The market is primarily driven by the use of thermal energy storage as a major renewable option for electricity generation. Heat stored by seasonal and short-term thermal energy storage systems helps balance the variations in the production and distribution of renewable electricity in a cost-effective manner. Moreover, it is a sustainable energy source and causes no adverse environmental impact. Growing adoption of renewable energy is expected to positively influence the market growth. Several thermal energy storage equipment manufacturers and service providers adopt strategies, such as collaborations, joint ventures, partnerships, agreements, and new product development, to cater to the changing technological requirements of different end users, thereby enhancing their foothold across the market. Major manufacturers include Evapco Inc.; Ice Energy; Caldwell Energy Company; and Abengoa Solar, S.A. The manufactured systems include ice thermal energy systems, heating terminals, heating pump chillers, heat exchangers, solar steam systems, air conditioning systems, heliostats, and parabolic trough collectors. The global market is characterized by high competition and market players are focusing on forward integration by establishing their presence in manufacturing as well as distribution. Distributors in the value chain include thermal energy storage stations and plants, combined heat power (CHP) plants, microgrids, and cogeneration power plants as well as district energy, district heating and cooling, and process cooling. Request a free sample copy or view report summary: Thermal Energy Storage Market Report Thermal Energy Storage Market Report Highlights
Access Press Release@ https://www.grandviewresearch.com/press-release/global-thermal-energy-storage-market Thermal Energy Storage Market Segmentation Grand View Research has segmented the global thermal energy storage market on basis of product type, technology, storage material, application, end user, and region: Thermal Energy Storage Product Type Outlook (Revenue, USD Million, 2016 - 2027)
Thermal Energy Storage Technology Outlook (Revenue, USD Million, 2016 - 2027)
Thermal Energy Storage Material Outlook (Revenue, USD Million, 2016 - 2027)
Thermal Energy Storage Application Outlook (Revenue, USD Million, 2016 - 2027)
Thermal Energy Storage End-user Outlook (Revenue, USD Million, 2016 - 2027)
Thermal Energy Storage Regional Outlook (Revenue, USD Million, 2016 - 2027)
List of Key Players of Thermal Energy Storage Market
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Like it? Share it!More by this author |