Thermal Energy Storage Market Overview, Size, Share, Trends, Demand, and Research Report 2024-2032

Thermal energy storage refers to a power storage system that is used for transferring and storing energy obtained from ice, cold air or water for later usage.

Thermal Energy Storage Market Overview, Size, Share, Trends, Demand, and Research Report 2024-2032

According to IMARC Group latest report titled “Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on thermal energy storage market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global thermal energy storage market size reached US$ 6.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 15.0 Billion by 2032, exhibiting a growth rate (CAGR) of 8.7% during 2024-2032.

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Thermal Energy Storage Market Overview:

Thermal Energy Storage (TES) is a technology that allows for the temporary storage of thermal energy for later use, bridging the gap between energy supply and demand. This technology is critical for enhancing the efficiency and reliability of energy systems, allowing for the storage of heat or cold to manage supply and demand fluctuations. TES systems can be classified into three main types: sensible heat, latent heat, and thermochemical storage, each employing different methods to store and release energy. The advantages of TES include improved energy management, increased utilization of renewable energy sources, reduction in energy costs, and decreased carbon emissions. By enabling more flexible energy systems, TES plays a pivotal role in transitioning towards sustainable energy practices, offering a solution to the intermittency of renewable energy sources such as solar and wind power.

Thermal Energy Storage Market Trends:

The global market is witnessing significant growth, driven by the escalating demand for renewable energy integration and the need for more efficient and reliable energy systems. Along with this, the increasing focus on reducing greenhouse gas emissions and transitioning to a more sustainable energy mix is propelling the adoption of TES systems. Advances in materials science and thermal storage technologies are leading to more efficient and cost-effective storage solutions, expanding their application range. In addition, the growing penetration of Concentrated Solar Power (CSP) plants, which rely heavily on TES for continuous power supply, is a key market driver.

Additionally, government policies and incentives promoting the adoption of clean energy technologies are further stimulating market growth. Apart from this, the expansion of smart grid infrastructures and the rising demand for heating and cooling applications in both residential and industrial sectors are also contributing to the positive outlook of the global market. As the world moves towards a more sustainable and energy-efficient future, the role of thermal energy storage is set to become increasingly important, offering significant opportunities for market expansion and innovation.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • 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

Thermal Energy Storage Market Segmentation:

Our report has categorized the market based on storage type, technology, material type, application and end-use.

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)
  • Others

Breakup by Material Type:

  • Water
  • Molten Salt
  • Phase Change Materials (PCM)
  • Others

Breakup by Application:

  • Power Generation
  • District Heating and Cooling
  • Process Heating and Cooling

Breakup by End-Use:

  • Residential and Commercial Sector
  • Utility Industry
  • Other Industries 

Breakup by Region:

  • North America (USA, Canada)
  • Europe (Germany, France, UK, Italy, Spain, Russia, others)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, others)
  • Middle East/Africa
  • Latin America (Brazil, Mexico, others)

Key Highlights of the Report:

  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

About US:

IMARC Group is a leading market research firm that provides management strategy and market research worldwide. We work with clients in every sector and geography to identify their most valuable opportunities, address their most important challenges and transform their businesses.

The IMARC Group's information offerings include key market trends, scientific, economic and technological developments for business leaders in pharmaceutical, industrial and high technology sectors. Market forecasts and industry analysis in biotechnology, advanced materials, pharmaceuticals, food and beverages, travel and tourism, nanotechnology and innovative processing methods are among the company's top areas of expertise.

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