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Raipur, Nov. 25, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the thermal energy storage market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the thermal energy storage market is driven by a host of factors, some of which are noted below:
Growing adoption of renewable energy sources coupled with increasing demand for Concentrating Solar Power (CSP). The increasing requirement for improving energy efficiency will upscale the market. Increasing the government's support towards sustainable technology. Demand for energy-efficient and cost-competitive sources.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Thermal Energy Storage Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
By Storage Material Type (Water, Molten Salt, PCM, and Others), By Technology Type (Sensible Heat, Latent Heat, and Thermochemical), By Application Type (Power Generation, District Heating & Cooling, and Process Heating & Cooling), By End-Use Type (Residential & Commercial, Industrial, and Utility), By Region (North America, Europe, Asia-Pacific, and Rest of the World).
Thermal Energy Storage Market Insights
Market Trends by Storage Material Type
The market is segmented as water, molten salt, PCM, and others. The molten salt segment holds more than 33% market share in 2021 and is expected to witness a significant growth rate in the market during the assessment period owing to its high storage capacity coupled with the ability to endorse stable and dispatchable power delivery.
Moreover, high boiling point and heat capacity coupled with low vapor pressure are certain advantages provided by the material, which will boost the progress of molten salt in the market.
Market Trends by Technology Type
The market is segmented as sensible heat, latent heat, and thermochemical . The sensible heat technology type holds more than 45% market share in 2021 and is expected to dominate the market owing to the growing demand for solar thermal systems along with its wide-scale usage in district heating and cooling systems.
Sensible heat technology is also growing rapidly as it's distinctive of performing complete reversible charging and discharging operations for infinite times of cycles. In addition, the thermochemical segment grows at a CAGR of more than 13.6% during the assessment period.
Market Trends by End-Use Type
The market is segmented as residential & commercial, industrial, and utility. The industrial segment holds more than 40% market share in 2021 and is estimated to account for the major share of the market during the assessment period on account of the increasing adoption of heating, ventilation, and air-conditioning (HVAC) systems using large quantities of hot water for economic operation.
Market Trends by Application Type
The market is segmented as power generation, district heating & cooling, and process heating & cooling. The power generation segment is predicted to witness a higher growth rate during the assessment period.
The increase in uninterrupted and affordable power supply from off-the-grid and remote areas is likely to rise the demand. Power-generating segment growth will be aided by the introduction of many government schemes addressing energy generation from solar power plants. When excess power is sold back to the grid under the feed-in tariff schemes, the supplier of renewable energy receives a retail electricity price for each unit produced.
Which region offers the best opportunity and growth?
North America is estimated to be the leading region in the market during the forecast period. The growth of the region's market is driven by the US, where majority of renewable-based power generation projects are present.
Furthermore, increasing R&D activities for energy storage coupled with consumers' positive response for renewable-based power generation is stimulating the market demand.
COVID-19 Impact on the thermal energy storage market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players -
Ice Energy, Abengoa Solar, Solar Reserve, Baltimore Aircoil Company, TAS Energy, Steffes Corporation, Burns & McDonnell, DN Tanks, Caldwell Energy Company, Goss Engineering, Fafco, Bright Source Energy, Cryogel, Evapco.
What deliverables will you get in this report?
In-depth analysis of the thermal energy storage market. Detailed market segmentation. Competitive-landscape analysis. Historical, present, and future market size analysis. Industry trends, technologies, and advancements. Growth and operation strategies adopted by key players. Potential segments/regions offering promising growth. Geographical presence of the key players.
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About us –
Stratview Research is a global market research firm that offers reliable market reports, market entry strategies, strategic growth consulting, and more. The market experts compile high-quality market information to help users obtain granular level clarity on current business trends and expected future developments. Stratview Research also offers customisation of the reports. Reach out to the analysts to customize the given report according to your priority/requirement.
Stratview Research has also launched 'Composights', an online portal that offers free thought leadership reports, whitepapers, market report synopsis, and much more for Composites and allied industries, worth US$ 20,000 every year.
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