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Thermal Energy Storage Market Growth Strategies and Key Player Analysis and Forecast

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Thermal Energy Storage Market Growth Strategies and Key Player Analysis and Forecast

February 19
01:08 2021
Thermal Energy Storage Market Growth Strategies and Key Player Analysis and Forecast

Thermal Energy Storage Market
The global thermal energy storage market is currently witnessing strong growth. IMARC Group expects the market to register a CAGR of 9.5% during 2020-2025.

According to IMARC Group latest report titled” Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market is currently witnessing strong growth. The global thermal energy storage market to exhibit moderate growth during the next five years.

Market Trends and Driver:

Thermal energy storage stands for a power storage solution that transfers and retains energy obtained from ice, cold air, water, etc. It is based on miscibility gap alloy technology (MGA) using molten salt and ice. The system stores hot or cold energy to power electrical systems installed in commercial and residential complexes. Thermal energy storage is also used for storing solar energy during summers, which can be later consumed in winters. As a result, the storage systems aid in reducing the high-power demand from the conventional grid systems.

Get a sample copy of this Report: https://www.imarcgroup.com/thermal-energy-storage-market/requestsample

The growing awareness towards energy conservation, coupled with the rising adoption of renewable energy sources, is catalyzing the demand for thermal energy storage. Moreover, the integration of concentrated solar power (CSP) with thermal energy storage system enhances grid flexibility and reduces efficiency losses. Thermal energy storage systems are widely employed in heating, ventilation, and air conditioning (HVAC) technology for large-scale heating and cooling. The rapid installation of these systems in green buildings is further fueling the market growth. Moreover, the implementation of favorable government initiatives to encourage sustainable infrastructural development is further anticipated to propel the thermal energy storage market.

Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players.

  • 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

Global Thermal Energy Storage Market Segmentation:

Our report has categorized the market based on Region, Storage Type, Technology, Material Type, Application and End-Use.

By Storage Type:

  • Sensible Heat Storage
  • Latent Heat Storage
  • Thermochemical Heat Storage

By Technology:

  • Molten Salt Technology
  • Electric Thermal Storage Heaters
  • Solar Energy Storage
  • Ice-Based Technology
  • Miscibility Gap Alloy Technology (MGA)
  • Others

 By Material Type:

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

 By Application:

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

 By End-Use:

  • Residential and Commercial Sector
  • Utility Industry
  • Other Industries

 By Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

 

View Full Report with TOC & List of Figure: https://www.imarcgroup.com/thermal-energy-storage-market

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Note: We are updating our research reports 2021-2026, if you need our research report with business model visit us.

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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