{"product_id":"thermal-energy-storage-market-global-industry-trends-share-size-growth-opportunity-and-forecast-2023-2028","title":"Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028","description":"\u003cp\u003eThermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028\u003cbr\u003e\nMarket Overview:\u003c\/p\u003e\n\n\u003cp\u003eThe global thermal energy storage market size reached US$ 6.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.5 Billion by 2028, exhibiting a growth rate (CAGR) of 10% during 2023-2028.\u003c\/p\u003e\n\n\u003cp\u003eThermal energy storage refers to a power storage system that is used for transferring and storing energy obtained from ice, cold air or water for later usage. It includes sensible, latent and thermochemical heat storage that is based on molten salt, ice and miscibility gap alloy technology (MGA). Some of these solutions are used for storing hot or cold energy for powering electrical systems in commercial and residential complexes, while others are used for storing solar energy in the summers, which is further utilized in the winters. This aids in preventing the overutilization of conventional energy from the grid systems.\u003c\/p\u003e \n\n\u003cp\u003eIncreasing emphasis on the utilization of renewable energy resources across the globe is one of the key factors driving the growth of the market. The growing demand for thermal energy storage systems in heating, ventilation and air conditioning (HVAC) technology for large-scale heating and cooling is also providing a boost to the market growth. Furthermore, concentrated solar power (CSP) is increasingly being integrated with the thermal energy storage systems to offer grid flexibility and minimize efficiency losses by generating electricity through dry cooling during lower ambient temperatures. Additionally, increasing environmental consciousness, coupled with the growing adoption of thermal energy storage for power generation in green buildings, is acting as another growth-inducing factor. Other factors, including the implementation of favorable government policies to promote sustainable infrastructural development, along with extensive research and development (R\u0026amp;D) activities, are projected to drive the market further.\u003c\/p\u003e\n\n\u003cp\u003eKey Market Segmentation:\u003cbr\u003e\nIMARC Group provides an analysis of the key trends in each sub-segment of the global thermal energy storage market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on storage type, technology, material type, application and end-use.\u003c\/p\u003e\n\n\u003cp\u003eBreakup by Storage Type:\u003c\/p\u003e\n\n\u003cp\u003eSensible Heat Storage\u003cbr\u003e\nLatent Heat Storage\u003cbr\u003e\nThermochemical Heat Storage\u003cbr\u003e\n \u003cbr\u003e\nBreakup by Technology:\u003c\/p\u003e\n\n\u003cp\u003eMolten Salt Technology\u003cbr\u003e\nElectric Thermal Storage Heaters\u003cbr\u003e\nSolar Energy Storage\u003cbr\u003e\nIce-Based Technology\u003cbr\u003e\nMiscibility Gap Alloy Technology (MGA)\u003cbr\u003e\nOthers\u003cbr\u003e\n \u003cbr\u003e\nBreakup by Material Type:\u003c\/p\u003e\n\n\u003cp\u003eWater\u003cbr\u003e\nMolten Salt\u003cbr\u003e\nPhase Change Materials (PCM)\u003cbr\u003e\nOthers\u003cbr\u003e\n \u003cbr\u003e\nBreakup by Application:\u003c\/p\u003e\n\n\u003cp\u003ePower Generation\u003cbr\u003e\nDistrict Heating and Cooling\u003cbr\u003e\nProcess Heating and Cooling\u003cbr\u003e\n \u003cbr\u003e\nBreakup by End-Use:\u003c\/p\u003e\n\n\u003cp\u003eResidential and Commercial Sector\u003cbr\u003e\nUtility Industry\u003cbr\u003e\nOther Industries\u003cbr\u003e\n \u003cbr\u003e\nBreakup by Region:\u003c\/p\u003e \n\n\u003cp\u003eNorth America\u003cbr\u003e\nUnited States\u003cbr\u003e\nCanada\u003cbr\u003e\nAsia Pacific\u003cbr\u003e\nChina\u003cbr\u003e\nJapan\u003cbr\u003e\nIndia\u003cbr\u003e\nSouth Korea\u003cbr\u003e\nAustralia\u003cbr\u003e\nIndonesia\u003cbr\u003e\nOthers\u003cbr\u003e\nEurope\u003cbr\u003e\nGermany\u003cbr\u003e\nFrance\u003cbr\u003e\nUnited Kingdom\u003cbr\u003e\nItaly\u003cbr\u003e\nSpain\u003cbr\u003e\nRussia\u003cbr\u003e\nOthers\u003cbr\u003e\nLatin America\u003cbr\u003e\nBrazil\u003cbr\u003e\nMexico\u003cbr\u003e\nOthers\u003cbr\u003e\nMiddle East and Africa\u003cbr\u003e\nCompetitive Landscape:\u003cbr\u003e\nThe report has also analysed the competitive landscape of the market with some of the key players being Abengoa Solar S.A., Baltimore Aircoil Company Inc., Brightsource Energy Inc., Burns \u0026amp; McDonnell Inc., Chicago Bridge \u0026amp; Iron Company (McDermott International), DC Pro Engineering, Fafco Inc., Solarreserve LLC, Steffes Corporation, Terrafore Technologies LLC, etc.\u003c\/p\u003e\n\n\u003cp\u003eKey Questions Answered in This Report:\u003c\/p\u003e\n\n\u003cp\u003eHow has the global thermal energy storage market performed so far and how will it perform in the coming years?\u003cbr\u003e\nWhat are the key regional markets?\u003cbr\u003e\nWhat has been the impact of COVID-19 on the global thermal energy storage market?\u003cbr\u003e\nWhat is the breakup of the market based on the storage type?\u003cbr\u003e\nWhat is the breakup of the market based on the technology?\u003cbr\u003e\nWhat is the breakup of the market based on the material type?\u003cbr\u003e\nWhat is the breakup of the market based on the application?\u003cbr\u003e\nWhat is the breakup of the market based on the end-use?\u003cbr\u003e\nWhat are the various stages in the value chain of the industry?\u003cbr\u003e\nWhat are the key driving factors and challenges in the industry?\u003cbr\u003e\nWhat is the structure of the global thermal energy storage market and who are the key players?\u003cbr\u003e\nWhat is the degree of competition in the industry?\u003c\/p\u003e","brand":"Heavy Industry","offers":[{"title":"July, 2023 \/ 145 Pages \/ MCW16207070","offer_id":47608880628018,"sku":null,"price":2999.0,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.hardmanwell.com\/products\/thermal-energy-storage-market-global-industry-trends-share-size-growth-opportunity-and-forecast-2023-2028","provider":"HARDMAN AND WELL MANAGEMENT CONSULTANCIES L.L.C","version":"1.0","type":"link"}