Thermal Energy Storage Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Thermal Energy Storage Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : September, 2021 | Energy & Mining

Report Digest


Global Thermal Energy Storage Market: Overview 

Thermal energy storage systems consist of an insulating medium or combination of media that can hold on to captured heat for long periods. Thus, thermal energy systems are essentially thermal batteries that store energy in terms of temperature difference instead of potential difference. 

The rising awareness regarding the adverse effects of the use of greenhouse gases for energy generation has been one of the key drivers for the global thermal energy storage market in the recent past. While the use of renewable sources of energy has picked up steam in recent years, the renewable energy sector faces a considerable problem in the lack of consistent energy production from renewable energy sources. Thermal energy storage has been mooted as a solution in this regard and is likely to become a key part of the global renewable energy market in the coming years. 

Global Thermal Energy Storage Market: Key Trends 

The rising use of combined energy generation units, wherein energy is harnessed from two or more renewable sources simultaneously, is a prime driver for the global thermal energy storage market. Solar and wind energy generation can usually be conducted on the same site and often on the same device. However, both solar and wind energy suffer from the lack of a reliable energy storage mechanism, as both energy sources are available infrequently. A rising number of residential as well as commercial consumers, particularly in developed countries, have started to install combined energy generation systems on their own land, which is likely to drive the demand for thermal energy storage systems in the coming years. 

Utilities distributors are also playing an important role in the development of the global thermal energy storage market. While the use of smart grids will help distributors provide utilities uniformly, the installation of thermal energy storage can help further smoothen the process. 

On the other hand, despite the steady rise in the demand from the thermal energy storage market, the high cost of thermal energy storage technology is likely to hamper the growth of the market to some extent. Despite the rising demand for thermal energy storage technologies from the utilities sector, the thermal energy storage industry needs to achieve parity with other non-storage options. 

Global Thermal Energy Storage Market: Market Potential 

Due to the high costs of developing and installing thermal energy storage systems, the market needs government support to enable widespread adoption. Developed countries such as the U.S. are likely to be at the forefront, with Maryland becoming the first American state to incentivize the use of energy storage with tax credits. The bill was passed in April 2017 and could be the first step in establishing a well-maintained and efficient power storage and distribution infrastructure that takes into account the variety of energy sources used in a modern economy. 

Global Thermal Energy Storage Market: Geographical Dynamics 

The global thermal energy storage market is expected to be dominated by the Middle East and Africa (MEA) in the coming years, as the region receives abundant solar power and is also home to a power-intensive industrial sector. Europe and Asia Pacific could also play key roles in the growth of the global thermal energy storage market in the coming years due to the rising emphasis on solar power in both regions.

Global Thermal Energy Storage Market: Competitive Dynamics 

The report also discusses the competitive landscape of the global thermal energy storage market in detail by profiling the leading players operating in it. The key companies examined in the report include Ice Energy, Calmac, SolarReserve LLC, and Abengoa Solar.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

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Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?