Thermal Energy Storage Market is Anticipated to Grow at an Impressive CAGR During 2022-2028
Stratview Research has recently published a report on the Thermal Energy Storage Market. This strategically evaluated report provides a detailed overview that presents today's market scenario and future possibilities, as well as market intelligence and information, for a 5-year period from 2022 to 2028.
Thermal Energy Storage Market Analysis:
Stratview Research’s report discusses the segment-wise current market condition. Also, it offers an estimation of future growth opportunities. As per the estimation, the Thermal Energy Storage Market is estimated to grow from USD 269.06 million in 2022 to USD 608.27 million in 2028 at an impressive CAGR of 14.56% during the forecast period.
Some of the companies drive the market growth:
· 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.
The Foam Glass Market is segmented by–
- 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), and
- by Region (North America, Europe, Asia-Pacific, and Rest of the World).
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Segments Analysis
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.
By Region
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.
About Stratview Research
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