Thermal Energy Storage Market is expected to promise high growth owing to increasing demand rising demand for advanced energy technology in the recent years. Increasing demand from End-Use industries / Applications including industrial, commercial, residential, utility is expected to drive the growth of thermal energy storage market. This market has witnessed number of key developments by major companies including Baltimore Aircoil Company, DC PRO Engineering, Ice Energy, DN Tanks, SolarReserve, BrightSource Energy, and Caldwell Energy Company with focus on organic as well as inorganic growth strategies.  Developing regions including Asia Pacific and Middle East have been among the high potential markets with high growth in some of the key economies. A thermal energy storage system is a process to store energy for later use. Thermal energy storage is a technology that stores thermal energy by heating or cooling a storage medium so that the stored energy can be used at a later time for heating and cooling applications and power generation. The thermal energy storage system is used in buildings and industrial processes. The advantages of an energy storage system are better economics and reliability, the decline in investments and running costs, less environmental pollution, etc. Various types of storage materials include molten salt, water, phase change material, and others are used for thermal energy storage systems.

The growing demand for thermal energy storage systems for the industrial application is one of the key factors driving the thermal energy storage system market.

Key Factors Impacting Market Growth:

• Lower pollution levels in the environment
• Increasing demand for storage energy
• Rising demand for advanced energy technology

Regional Outlook:

The regional outlook for thermal energy storage market provides detailed information for markets including North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World. North America and Western Europe are estimated to be key regions for thermal energy storage market during the forecast period. Being one of the industrialized regions, the energy & power sector is key to the operations of various industries in this region. This is one of the important factors governing the growth of thermal energy storage market in these regions. Some of the major countries covered in this region include US, Germany, UK, France, Italy, Canada, and so on. 

Asia Pacific is estimated one of the fastest growing regions for thermal energy storage market during the forecast period. Some of the fastest growing economies and increasing demand for energy & power to cater high population & industries is expected to drive the demand in this region. China and India are projected to register major demand during the forecast period. Middle East that includes UAE, Saudi Arabia, Iran, Qatar, and others promises high market potential during the forecast period. Rest of the World including South America and Africa are emerging regions in terms of market demand during the forecast period.

Companies Covered: Baltimore Aircoil Company, DC PRO Engineering, Ice Energy, DN Tanks, SolarReserve, BrightSource Energy, and Caldwell Energy Company…

Market Segmentation:

By Technology:

• Thermochemical
• Sensible Heat
• Latent Heat

By Application:

• District Heating & Cooling
• Process Heating & cooling
• Power Generation

By Storage Material:

• Molten Salt
• Water
• Phase Change Material
• Others

By End-User:

• Industrial
• Commercial
• Residential
• Utility

By Region:

• North America
  • By Country (US, Canada, Mexico)
  • By Technology
  • By Application
  • By Storage Material
  • By End-User
• Western Europe
  • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
  • By Technology
  • By Application
  • By Storage Material
  • By End-User
• Eastern Europe
  • By Country (Russia, Turkey, Rest of Eastern Europe)
  • By Technology
  • By Application
  • By Storage Material
  • By End-User
• Asia Pacific
  • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
  • By Technology
  • By Application
  • By Storage Material
  • By End-User
• Middle East
  • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
  • By Technology
  • By Application
  • By Storage Material
  • By End-User
• Rest of the World
  • By Region (South America, Africa)
  • By Technology
  • By Application
  • By Storage Material
  • By End-User

Reasons To Buy This Report:

• Market size estimation of the global thermal energy storage market on regional and global basis
• Unique research design for market size estimation and forecast
• Profiling of major companies operating in the market with key developments
• Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

• By Segment
• By Sub-segment
• By Region/Country

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