Thermal Energy Storage Market Size, Growth Analysis 2031

 

Precision Business Insights has published a report on the global thermal energy storage market, estimating its value at USD 573.4 Million in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 11.3% over the forecast period 2025-2031. The report explores the market growth and potential opportunities in the market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

View the detailed report description here - https://www.precisionbusinessinsights.com/market-reports/thermal-energy-storage-market

Market Definition:

A technique called thermal energy storage (TES) helps balance the supply and demand for energy by storing heat or cold for later use. It increases system flexibility and efficiency by allowing energy produced at one time (such as solar heat during the day) to be used at another time (such as at night).

Drivers:

1)      Rising demand for renewable energy integration.

2)      Demand for peak electricity management.

The global thermal energy storage market segmentation:

1) By Product Type: Latent Heat Storage, Sensible Heat Storage, and Thermochemical Heat Storage.
2) By Technology: Electric Thermal Storage Heaters, Ice-based Technology, Miscibility Gap Alloy Technology, Molten Salt Technology, and Solar Energy Storage.
3) By Storage Material: Molten Salt, Phase Change Material, and Water.
4) By Application: District Heating & Cooling, Ice storage air-conditioning, Power Generation, Process Heating & Cooling, and Others.
5) By End User: Industrial, Residential & Commercial, and Utilities.

Regional Overview:
The report also examines the current concerns and their Future Effects on the thermal energy storage market by the region. The report covers all regions and countries, North America was the largest and Asia was the fastest-growing region in the thermal energy storage market. The market has been segmented into numerous primary regions and a detailed evaluation of primary countries.

·         North America (U.S., Canada)

·         Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

·         Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)

·         Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)

·         Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)

The competitive landscape is dominated by major players like Aalborg CSP A/S, Abengoa SA, Baltimore Aircoil Company, BrightSource Energy Inc., Burns & McDonnell, Caldwell Energy, Calmac, Cristopia Energy, Cryogel Thermal Energy Storage, DN Tanks, Dunham Bush, Evapco, Man Energy Solutions, SaltX Technology Holding AB, Steffes Corporation, Terrafore Technologies LLC, Trane Technologies plc, Turbine Air Systems (Tas)

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