Global Thermal Energy Storage market is accounted for $164.34 million in 2019 and is expected to reach $593.03 million by 2027 growing at a CAGR of 17.4% during the forecast period. Rising demand for electricity during peak hours, increasing commercialization of Concentrated Solar Power (CSP) plants, and demand for heating & cooling applications for smart infrastructure are the major factors driving the market growth.
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By geography, Europe held largest market share during forecast period due to large number of thermal energy storage systems, which are utilized for space heating, water heating, district heating and cooling, and power generation.
Some of the key players profiled in the Thermal Energy Storage Market include Abengoa Solar, Baltimore Air coil Company, Bright source Energy, Inc., Burns & McDonnell, Caldwell Energy, Caledonian MacBrayne, Calmac,, Chicago Bridge & Iron Company N.V. (CB&I), Cristopia Energy Systems, Cryogel, Dunham-Bush Holding Bhd., Evapco, Inc., FAFCO, Inc., Goss Engineering, Ice Energy, SENER Group, Solar reserve, LLC,, Steffes Corporation, DN Tanks and TAS Energy.
Types Covered in Thermal Energy Storage Market
• Concentrated Solar Power (CSP)
• Pumped Hydroelectric Energy Storage (PHES)
Storage Materials Covered:
• Water
• Molten Salts
• Phase Change Materials
• Heat
• Ice
Technologies Covered:
• Electric Thermal Storage Heaters
• Miscibility Gap Alloy Technology
• Solar Energy Storage
• Other Technologies
Applications Covered:
• District Heating & Cooling
• Ice Storage Air-Conditioning
• Power Generation
• Process Heating & Cooling
Products Covered:
• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Storage
End Users Covered:
• Commercial
• Industrial
• Residential
• Utilities
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