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Global Thermal Energy Storage Market Global Development, Industry Trends, Demand and Growth Analysis and Forecasts 2021 to 2030

In a recently published report, Global Thermal Energy Storage Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Thermal Energy Storage Market products.

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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.

The Global Thermal Energy Storage Market was valued at US$ XX Mn in 2016 and is expected to reach US$ XX Mn by 2022 growing at a CAGR of XX% during the forecast period.
Thermal energy storage is a technology that sets thermal energy by heating or cooling a storage medium. This technology is utilized generally in construction and industrial usesto provide cooling capacity. When this thermal energy is stored temporarily at low or high temperatures, it is known as thermal energy storage. A high-quality system has a small volume per unit storage system and an extensive storage period.
Main advantages of setting up thermal energy storage systems involve reductions of power consumption, decreased CO2 emissions, and better efficiency of energy systems for a low carbon and emission free economy.


Market Dynamics
There are various factors that drive the growth of the TES (Thermal Energy Storage) market. One of the major drivers is the growing demand for uninterrupted power supply. The needs of modern consumers have been highly influenced by the contemporary lifestyle. The growth in industrialization, modern infrastructure, increased use of electronics and automobiles, and high dependency on the machines for day to day routine ultimately leads to a bigger need for power supply and energy. Also, TESassures no harmfuleffect on the environment and is a sustainable source of power.
However, the high initial setup cost restricts the growth of the market. There are other constricting factors such as high barriers for grid interconnection and necessity of technical know-how.


Market Segmentation
By Technology
Sensible Heat
Latent Heat
Thermochemical Heat
The sensible heat technology is extensively used in the thermal energy storage systems due to its features of being easy to install and cost effective.It is estimated to account for about 60% of the market in the forecast period. Sensible heat storage of thermal energy has various industrial and residential applications.Apart from this, the latent heat technology is also growing at a high rate as it is one of the most efficient technologies for energy storage.
By Storage Material
Water
Molten Salt
PCM (Phase Change Material)
Others
Molten salt segment based thermal energy storage is predicted to hold the largest market share during the forecast period as molten salt has low viscosity, low vapor pressure, high boiling points and high volumetric heat capacities.
By Application
Power Generation
District Heating & Cooling
Process Heating & Cooling
District heating & cooling segment is estimated to command the largest market shares among all the applications. Deferring air conditioning loads from peak periods, this technology can utilize storage of hot water, heat production and demand.
By End-User
Residential & Commercial
Utilities
Industrial

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Regional/Geographic Analysis
North America and Europe have the top TES companies, hencecommanding a dominant market share. In the coming times,with the majority of developments taking place in Germany and Spain, EMEA region is estimated to observe the highest growth. Plenty of seasonal TES systems have already been set up in Germany.
The APAC region is also predicted to enhance the growth of the TES Market, with countries such as India, China, and Japan witnessing maximum growth and showing rising interest in the R&D of TES expansion.


Key Players
Huge advancement in technology in the field of energy storage has created enormous business opportunities for the leading companies in the market, such as:
Baltimore Aircoil Company
Caldwell Energy
Calmac
Chicago Bridge & Iron
The report contains comprehensive analysis on:
Thermal Energy Storage Market Segments
Thermal Energy Storage Market Drivers, Restraints and Opportunities
Thermal Energy Storage Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Thermal Energy Storage Market Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
Regional analysis for Thermal Energy Storage Market includes
North America
US and Canada
Latin America
Mexico, Brazil, Argentina and Rest of Latin America
Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa


Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides in-depth market segmentation that is derived from extensive product mapping exercises, macro-economic factors and other qualitative and quantitative insights. The impact of all such factors are delivered across multiple market segments and geographies.
Report Highlights:
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
In-depth Market Segmentation
Historical and Projected Market Sizing in terms of volume and value
Recent market trends and Impact Factors
R&D Status and Technology Overview
Extensive Industry Structure Coverage

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Leonard Thomas is an energetic and versatile freelance writer for 5 years, he pen down any type of articles and web content. he is a Cambridge University Business English Certificate (Europe Level) holder . he is analytical, enthusiastic and ingenious, with the essence to work variously, strives to emerge as a lucrative individual who has a grasp on market. Congenial Interpersonal skills and the competence to grab every single trivia with foolproof analysis is something he primarily posses .

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