Dublin, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The "Thermal Energy Storage Market Size and Forecasts 2020-2030, Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type, Storage Material, Application, and End User" report has been added to ResearchAndMarkets.com's offering.
The thermal energy storage market is projected to reach US$ 31,964.26 million by 2030 from US$ 13,608.68 million in 2022, with an estimated CAGR of 6.3% from 2022 to 2030. 
Thermal energy storage is a kind of energy storage. Thermal energy storage means heating or cooling a medium to leverage the energy when required later. Thermal energy storage can strike balanced energy consumption between day and night. Various technologies, such as sensible heat storage, latent heat storage, and thermochemical storage, can be used for thermal energy storage.
Sensible thermal energy storage is considered one of the feasible options to decrease energy consumption and lower CO2 emissions. They utilize water or rock for storing and distributing heat energy. Sensible thermal energy storage is most appropriate for residential buildings.
Latent heat storage systems accumulate energy without the medium alterations in temperature but rather rely on the modifying state of a medium. The phase change materials can store heat in their mass as latent heat. These materials are used in building and solar applications, accumulating and storing excess building heat. Thermochemical heat storage systems are based on chemical reactions.
Companies Mentioned
- Kelvin Energy Inc
- Baltimore Aircoil Company
- Burns & McDonnell Inc.
- Evapco, Inc.
- Goss Engineering
- Sunamp Ltd
- CALMAC
- Man Energy Solutions
- Steffes, LLC
- Abengoa S.A.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the thermal energy storage market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations such as specific country and segmental insight highlights crucial progressive industry trends in the thermal energy storage market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 178 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $19.57 Million |
| Forecasted Market Value (USD) by 2030 | $31.96 Million |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Executive Summary
3. Research Methodology
4. Thermal Energy Storage Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. Thermal Energy Storage Market - Key Industry Dynamics
5.1 Thermal Energy Storage Market - Key Industry Dynamics
5.2 Market Drivers
5.2.1 Rising share of renewables
5.2.2 Growing adoption in Concentrated Solar Plants
5.2.3 Increasing Applications of Thermal Energy Storage
5.2.4 Growing Focus on Building Robust Storage Infrastructure
5.3 Market Restraints
5.3.1 Lack of Technology Readiness Levels
5.3.2 Lack of Decarbonization Policies in Underdeveloped Economies
5.3.3 Uncertainties Associated with Future Energy System Development
5.4 Market Opportunities
5.4.1 Application of Thermal Energy Storage Technology in Defense Sector
5.4.2 Deployment of Thermal Energy Storage Technology for Electric Vehicles at Extreme Temperatures
5.5 Future Trends
5.5.1 Application of AI for Optimization and Control of Thermal Energy Storage Systems
5.6 Impact of Drivers and Restraints:
6. Thermal Energy Storage Market - Global Market Analysis
6.1 Thermal Energy Storage Market Revenue (US$ Million), 2022 - 2030
6.2 Thermal Energy Storage Market Forecast and Analysis
7. Thermal Energy Storage Market Analysis - Technology
7.1 Sensible Heat Storage
7.1.1 Overview
7.1.2 Sensible Heat Storage Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Latent Heat Storage
7.2.1 Overview
7.2.2 Latent Heat Storage Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Thermochemical Storage
7.3.1 Overview
7.3.2 Thermochemical Storage Market Revenue and Forecast to 2030 (US$ Million)
8. Thermal Energy Storage Market Analysis - Storage Material
8.1 Water
8.1.1 Overview
8.1.2 Water Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Molten Salt
8.2.1 Overview
8.2.2 Molten Salt Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Phase Change Material (PCM)
8.3.1 Overview
8.3.2 Phase Change Material Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Others
8.4.1 Overview
8.4.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
9. Thermal Energy Storage Market Analysis - Application
9.1 Power Generation
9.1.1 Overview
9.1.2 Power Generation Market Revenue, and Forecast to 2030 (US$ Million)
9.2 Process Heating and Cooling
9.2.1 Overview
9.2.2 Process Heating and Cooling Market Revenue, and Forecast to 2030 (US$ Million)
9.3 District Heating and Cooling
9.3.1 Overview
9.3.2 District Heating and Cooling Market Revenue, and Forecast to 2030 (US$ Million)
10. Thermal Energy Storage Market Analysis - End User
10.1 Utility
10.1.1 Overview
10.1.2 Utility Market Revenue, and Forecast to 2030 (US$ Million)
10.2 Nonutility
10.2.1 Overview
10.2.2 Nonutility Market Revenue, and Forecast to 2030 (US$ Million)
11. Thermal Energy Storage Market - Geographical Analysis
12. Thermal Energy Storage Market - Impact of COVID-19 Pandemic
13. Competitive Landscape
14. Industry Landscape
15. Company Profiles
16. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/ed596x
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