New York, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Thermal energy storage Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Thermal energy storage Market Research Report, Technology, Storage Material, End-Use and Region - Forecast till 2027” the market size is projected to be worth USD 11.21 billion by 2027, registering a CAGR of 13.25% during the forecast period (2021 - 2027), The market was valued at USD 5.18 billion in 2020.
The slowdown in operations in different industries including rail transport, healthcare, food and beverage, shipping, electronics, chemicals, metallurgy, and energy and power, has affected the deployment of thermal energy storage systems that store thermal energy by cooling or heating a storage medium. However, the shortage of expertise and human resources for the pandemic has hampered the operations of different thermal energy storage projects. The revenue generation furthermore for numerous manufacturing companies worldwide has declined for the reduced demand for manufactured goods. Manufacturing companies worldwide have shut down operations and facing various difficulties by manufacturing companies across the globe include limited workforce, inability to operate at 100% for social distancing norms, low revenue generation due to low sales, and supply chain disruptions. The fall in demand for manufactured goods and consumer electronics has impacted the demand for thermal energy storage systems directly. Economies however are planning in resuming business for increasing revenue generation gradually, the need for thermal energy storage systems is likely to resume its average growth rate by early 2021.
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Eminent players profiled in the global thermal energy storage industry report include DN Tanks (US), Caledonian MacBrayne (UK), Steffes Corporation (US), Ice Energy (US), FAFCO, Inc (US), Burns & McDonnell (US), Brightsource Energy, Inc. (US), Abengoa Solar (Spain), Baltimore Aircoil Company (US), Solarreserve, LLC (US), and Cristopia Energy Systems (India).
The thermal energy storage market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Browse In-depth Market Research Report (132 pages) on Thermal Energy Storage
Siemens and Malta have joined hands for developing scalable energy storage technology. The technology is charged thoroughly with electricity from any source and is stored as thermal energy that can be dispatched as electricity and heat on demand.
Towering Demand for Thermal Energy Storage to Boost Market Growth
The towering demand for thermal energy storage in ventilation, heating, and air conditioning (HVAC) for district heating and cooling will boost market growth over the forecast period.
Thermal Energy Storage in Combination with CSP to offer Robust Opportunities
The thermal energy storage in combination with CSP (concentrating solar power) to store electricity is gaining popularity as solar heat can be stored for the production of electricity in the absence of sunlight. Thus consecutive briefs on emerging technologies will offer robust opportunities for the market in the forecast period.
High Installation Cost to act as Market Restraint
The initial cost of installing thermal storage systems is generally higher as the design is vital for the effective operation of systems. This may impede the global thermal energy storage market share over the forecast period. Besides, the lack of awareness regarding storage technology and the need of highly skilled technicians for maintaining the system may also hamper market growth.
Need for Additional Labor to act as Market Challenge
The boundary conditions, needs, and maintenance of the thermal energy systems may impose additional labor. Water is the medium that is widely used in a thermal storage system that is corrosive. Thus regular maintenance is a must.
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The global thermal energy storage industry has been segmented based on end use, technology, and storage material.
By technology, the sensible heat storage segment will lead the market over the forecast period as it is the most longstanding, low-cost, and simple method.
By storage the water segment will dominate the market over the forecast period as it is the most common storage material.
By end use segment, utilities will spearhead the market over the forecast period.
North America to Precede Thermal Energy Storage Market
North America will precede the thermal energy storage market over the forecast period. High energy storage capacity, increase in penetration of thermal storage specifically in US, rapid penetration of renewable energy that has changed the energy landscape, the presence of several vendors, numerous thermal projects which are under construction, reduction in need for more extensive generation equipment, positive outlook towards renewable based power generation, increasing R&D activities aimed at energy storage systems in the US, high energy storage capacity, and developments in molten and thermal storage are adding to the global thermal energy storage market growth in the region.
Segmentation of Market covered in the research:
Information by Technology (Sensible Heat Storage, Latent Heat Storage, and Thermochemical Storage), by Storage Material (Water, Molten Salt, Phase Change Material, and Others), End-Use (Commercial & Industrial, Utilities, and Residential), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)
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