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Thermal Energy Storage Market: Industry Insights by Technology, Storage Material, End-user, Application and Growth Factors Forecast to 2023
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Thermal energy storage utilizes 3 major technologies: sensible heat technology, latent heat technology and thermochemical technology. Sensible heat technology is the most commonly and widely used thermal energy storage system as they are easy to install and most economical. These types of technologies are used for residential and industrial applications.
The enormous solar resources and large-scale energy intensive industries in the Middle East and Africa region is expected to create ample demand for thermal energy storage systems in the region during the forecast period. Additionally, Asia-Pacific would contribute significantly to the global thermal energy storage market as most of the countries including China, India and Japan have deployed renewable energy resources and energy storage technologies which is expected to boost the demand for thermal energy storage systems during the forecast period.
The global market for thermal energy storage is expected to witness significant growth during the forecast period (2017-2023) due to the growing demand for efficient, reliable and economical energy storage technologies, and imminent shift towards renewable energy sources owing to the increasing environment concerns. Based on technology, sensible heat technology is expected to be the largest segment of the global thermal energy storage market during the forecast period. Commercial and industrial segment is estimated to dominate the end-use market for thermal energy storage during the forecast period.
Based on application, district heating and cooling is projected to generate the highest revenue in global thermal energy storage market during the forecast period. Molten salt is expected to emanate significant growth in the global thermal energy storage market during the forecast period on account of increasing applications in the desert areas.
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The major factor driving the growth of thermal energy storage market are increasing policy support from the government in the form of incentives to promote the use of thermal energy storage systems. The increasing demand for electricity is another key factor that is expected to increase the demand for thermal energy storage systems during the forecast period.
The increasing cost of conventional/non-renewable energy generation, growing demand for back-up sources and increasing need to access reliable, cost-effective and efficient electricity are expected to further spike the demand for thermal energy storage systems during the forecast period.
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Some of the key players in the global thermal energy storage market include Abengoa Solar, S.A., Brightsource Energy, Inc., Solarreserve, LLC, Baltimore Aircoil Company, Caldwell Energy, Burns & Mcdonnell, Calmac, Cristopia Energy Systems and Cryogel.
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