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Thermal Energy Storage Market Size, Share Global Analysis Report, 2020–2026
Thermal Energy Storage Market By Technology (Sensible Heat Storage, Latent Heat Storage, and Thermal Heat Storage); By Storage Material (Water, Molten Salt, Phase Change Material (PCM), and Others); By End Users (Commercial and Industrial, Utilities, and Residential): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecast 2020–2026
Industry Insights
[220+ Pages Report] According to the report published by Facts Factors, the global thermal energy storage market size was worth around USD 4,281.6 million in 2019 and is predicted to grow to around USD 8558.34 million by 2026 with a compound annual growth rate (CAGR) of roughly 10.4% between 2020 and 2026. The report analyzes the global thermal energy storage market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the thermal energy storage market.
This specialized and expertise oriented industry research report scrutinizes the technical and commercial business outlook of the thermal energy storage industry. The report analyzes and declares the historical and current trends analysis of the thermal energy storage industry and subsequently recommends the projected trends anticipated to be observed in the thermal energy storage market in the upcoming years.
The thermal energy storage market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire thermal energy storage market. The historical and past insights are provided for FY 2016 to FY 2019 whereas projected trends are delivered for FY 2020 to FY 2026. The quantitative and numerical data is represented in terms of both volumes (Units) and value (USD Million) from FY 2016 – 2026.
Key Insights from Primary Research
- As per primary respondents, the global thermal energy storage market is set to grow annually at a CAGR rate of 10.4%. In 2019, the market is valued at around USD 4,281.6Million and is expected to reach around USD 8558.34 Million by 2026.
- On basis of the technology segment, ‘latent heat storage’ dominated the global thermal energy storage market in 2019. The latent heat storage segment will grow at a CAGR rate of 10.2% over the forecast period. Sensible heat storage is anticipated to be the fastest-growing segment during the forecast timeline.
- On basis of the storage material segment, ‘molten salt’ dominated the global thermal energy storage market in 2019. This segment is anticipated to grow at a CAGR rate of 10.3%.
- On basis of the end-users segment, ‘commercial and industrial’ dominated the global thermal energy storage market in 2019. This segment is projected to grow at a CAGR rate of 10.0%. The ‘residential’ segment is anticipated to be the fastest-growing segment during 2020-2026.
- As per primary respondents, North America is the leading market in 2019 owing to the presence of a huge number of vendors coupled with numerous thermal projects is under construction in the United States.
Key Recommendations from Analysts
- As per our analysts, the global thermal energy storage market is expected to grow significantly over the forecast period.
- As per analysts, the lack of technical expertise and technological barriers are expected to curb market growth.
- As per our analysts, government incentive programs for installing energy efficiency solutions are driving the market growth in recent years.
- The strategic and competitive advantage provided by government initiatives regarding sustainable technology adoption will aid in achieving the established carbon emission reduction targets and thus it has been estimated to stimulate the market demand globally.
- Our team of analysts has identified, that The Asia Pacific region is expected to be the fastest-growing regional segment in the next six years is due to rapid growth in urbanization and population in developing nations such as India, South Korea, China, Indonesia, and Malaysia.
The quantitative data is further underlined and reinforced by comprehensive qualitative data which comprises various across-the-board market dynamics. The rationales which directly or indirectly impact the thermal energy storage industry are exemplified through parameters such as growth drivers, restraints, challenges, and opportunities among other impacting factors.
Throughout our research report, we have encompassed all the proven models and tools of industry analysis and extensively illustrated all the key business strategies and business models adopted in the thermal energy storage industry. The report provides an all-inclusive and detailed competitive landscape prevalent in the thermal energy storage market.
The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the thermal energy storage industry. The thermal energy storage market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.
The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the thermal energy storage sector. Key strategic developments in the thermal energy storage market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the thermal energy storage market are appropriately highlighted in the report.
Growing construction sector revenues, from both publicly and privately funded projects across the globe and the emergence of energy-efficient solutions, are the major factors that are boosting the demand for thermal energy storage systems in the market. Moreover, the refrigeration and supply of cooling systems have become important across food &beverages, and pharmaceuticals markets to prevent spoilage of food and medicines. Henceforth, a substantial increase in demand for HVAC systems has fueled the sales of thermal energy storage systems. However, technology barriers and lack of technical expertise are expected to hinder the market growth over the forecast years. Furthermore, rising momentum on renewable energy generation such as concentrated solar power is anticipated to proliferate the growth of the thermal energy storage market in upcoming years.
The thermal energy storage market research report delivers an acute valuation and taxonomy of the thermal energy storage industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
The regional segmentation of the thermal energy storage industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Further, country-wise data for the thermal energy storage industry is provided for the leading economies of the world.
The global thermal energy storage market has been segmented into technology, storage material, and end-users. The technology has been categorized into sensible heat storage, latent heat storage, and thermal heat storage. The storage material has been classified into the water, molten salt, and phase change material (PCM), among others. The end-user has been fragmented into commercial and industrial, utilities, and residential.
Report Scope
Report Attribute |
Details |
Market Size in 2019 |
USD 4,281.6 Million |
Projected Market Size in 2026 |
USD 8558.34 Million |
CAGR Growth Rate |
10.4% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Baltimore Aircoil International, Cryogel Thermal Energy Storage, Caldwell Energy Company, Dunham Bush, EVAPCO Inc., CALMAC (Trane), Cristopia (CIAT UK), Araner, Nostromo, FVB Energy Inc., Ground Sun Ltd., Viking Cold Solutions, DN Tanks, Vogt Ice, and Sunwell, , and Others |
Key Segment |
By Technology , By Storage Material, By End Users, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Some of the essential players operating in the global thermal energy storage market, but not restricted to include
- Baltimore
- Aircoil International
- Cryogel Thermal Energy Storage
- Caldwell Energy Company
- Dunham Bush
- EVAPCO, Inc.
- CALMAC (Trane)
- Cristopia (CIAT UK)
- Araner, Nostromo
- FVB Energy Inc.
- Ground Sun Ltd
- Viking Cold Solutions
- DN Tanks
- Vogt Ice
- Sunwell
The taxonomy of the thermal energy storage market by its scope and segmentation is as follows:
By TechnologySegmentation Analysis
- Sensible Heat Storage
- Latent Heat Storage
- Thermal Heat Storage
By Storage Material Segmentation Analysis
- Water
- Molten Salt
- Phase Change Material (PCM)
- Others
By End UsersSegmentation Analysis
- Commercial and Industrial
- Utilities
- Residential
By Regional Segmentation Analysis
- North America
- The U.S.
- Canada
- Europe
- Germany
- The UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Table of Content
Industry Major Market Players
- Baltimore
- Aircoil International
- Cryogel Thermal Energy Storage
- Caldwell Energy Company
- Dunham Bush
- EVAPCO, Inc.
- CALMAC (Trane)
- Cristopia (CIAT UK)
- Araner, Nostromo
- FVB Energy Inc.
- Ground Sun Ltd
- Viking Cold Solutions
- DN Tanks
- Vogt Ice
- Sunwell
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