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Thermal Energy Storage Market is Expected to Garner $8,862 Million, Globally, by 2023 | Allied Market Research

Thermal Energy Storage

Thermal Energy Storage Market

The inclination toward using renewable sources of energy, high demand for uninterrupted power supply, and upsurge in demand for thermal energy storage in HVAC

PORTLAND, OR, UNITED STATES, October 13, 2020 /EINPresswire.com/ -- Thermal energy storage, also known as heat storage, is a highly efficient and simple method of transfer that does not involve any chemical conversion. It is an advanced energy technology for different thermal applications such as space heating and cooling & air conditioning.

According to a new report published by Allied Market Research, titled, Thermal Energy Storage Market by Technology, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global thermal energy storage market was valued at $3,988 million in 2016, and is estimated to reach $8,862 million by 2023, registering a CAGR of 10.9% from 2017 to 2023. In 2016, the sensible heat storage segment accounted for more than half share of the total market.

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The sensible heat storage segment dominated the global market in 2016, in terms of both value & volume, and is expected to dominate the market during the forecast period. Sensible heat storage is the most commonly used method for heat & cold storage, owing to its low heat losses.

Lack of awareness with respect to storage technology, the additional cost associated with the use of thermal energy storage systems, and the need for highly skilled technicians to maintain the system restrain the market growth during the forecast period.

In 2016, North America dominated the global market, owing to the high energy storage capacity and increase in penetration of thermal storage particularly in the U.S. In addition, rapid penetration of renewable energy has changed the energy landscape thus boost the thermal energy storage in this region. The U.S. dominated the North America thermal energy storage market in 2016, followed by Canada. Europe is the second leading geographical segment, which is expected to register a CAGR of 11.3% from 2017 to 2023.

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Key Findings of the Thermal Energy Storage Market:
• In 2016, North America dominated the global market, with around half share in the overall market.
• The latent heat storage segment is estimated to grow at the highest CAGR of 11.5% from 2017 to 2023.
• In 2016, the water segment accounted for more than one-third share in the global market.
• The phase change material (PCM) segment is estimated to grow at the highest CAGR of 11.4% during the forecast period.
• In 2016, the utility segment accounted for more than half share in the total market.

The key companies profiled in the report include Calmac, Abengoa Solar, Caldwell Energy, Baltimore Aircoil Company Inc., Chicago Bridge & Iron Company, BrightSource Energy Inc., DC Pro Engineering LLC., Burns & McDonnell, Evapco Inc., and DN Tanks.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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