Thermal Energy Storage Market: What Are The Main Factors That Contributing Towards Industry Growth and Forecast: 2022-2031?

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Shibuya Data Count

May 01, 2022, 07:19 EST

Shibuya-ku, Tokyo, Japan, Japan, May 01, 2022, 07:19 /Comserve / -- The Thermal energy storage market is expected to be around US$ 7.20 billion by 2025, at a CAGR of 11% from 2022-2031.

Thermal energy storage technology is used for storage and transferring energy such as heat energy, energy from cold or ice water or air. This is very different technology need in many areas. In this it stores or collect the thermal energy for later use in many areas such as in town, district or at multi user building or individual building. Thermal energy storage technologies help to decrease utilization of energy and raise energy supply by proficiently utilizing re-new able energy sources. Many of renewable energy sources will not exist all over day, so that time thermal energy storage technology will be the best solution for use. Thermal energy storage technologies are also used for moving peak energy which is used into off peak hours.

The Thermal energy storage market is expected to be around US$ 7.20 billion by 2025, at a CAGR of 11% from 2022-2031.

The major driving factors of thermal energy storage market are as follows:

Development in variable energy sources drives acceptance of thermal energy storage technologies
Deferral of distribution and transmission rise through the use of thermal energy storage technologies
Increasing need for access to reliable, efficient, cost competitive electricity propels increase in the market

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The restraints factors of thermal energy storage market are as follows:

High grid interconnection barriers and investment slow down development of the market

The thermal energy storage market is segmented on the lines of its technology, end user and type. Under technology segmentation it covers sensible heat, latent heat and thermo chemical storage. The thermal energy storage market is segmented on the lines of its end user like commercial, industrial and residential end user. Based on type segmentation it covers heat storage and solar power. The thermal energy storage market is geographic segmentation covers various regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each geography market is further segmented to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, India, Brazil, and GCC countries.

This report provides:

1) An overview of the global market for thermal energy storage and related technologies.
2) Analyses of global market trends, with data from 2016, estimates for 2017 and 2018, and projections of compound annual growth rates (CAGRs) through 2025.
3) Identifications of new market opportunities and targeted promotional plans for thermal energy storage
4) Discussion of research and development, and the demand for new products and new applications.
5) Comprehensive company profiles of major players in the industry.

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The scope of the report includes a detailed study of global and regional markets for various types of coatings with the reasons given for variations in the growth of the industry in certain regions.

The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global market. Key players profiled in the report include CALMAC, EVAPCO, Inc., Chicago Bridge & Iron Company (CB&I), and Goss Engineering, Inc. ,Abengoa Solar, S.A., Baltimore Aircoil Company, BrightSource Energy, Inc., Burns & McDonnell, Caldwell Energy, FAFCO Thermal Storage Systems, Ice Lings, Steffes Corporation, and TAS Energy.. Company profile includes assign such as company summary, financial summary,business strategy and planning, SWOT analysis and current developments.

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

For more information, please contact:

Lauren Brown

Shibuya Data Count
Tel: + 81 50 50509159

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