Thermal Energy Storage Market Overview:
A research team conducted extensive primary and secondary research for the global Thermal Energy Storage market analysis. Secondary research was carried out to supplement the available data, segment the market, calculate the overall market size, and forecast market size and growth rate.
Thermal Energy Storage is a type of energy storage system that uses ice, cold air, or water to transmit and store energy for later use. It uses molten salt, ice, and miscibility gap alloy technology to store sensible, latent, and thermochemical heat. Some of these solutions are used to store hot or cold energy in order to power electrical systems in commercial and residential buildings, while others are used to store solar energy in the summer and then utilize it in the winter. This helps to prevent excessive use of conventional energy from grid systems. The Thermal Energy Storage Market Report’s segmentation is studied and analysed on the basis of the type, technology, application, end-user and region.
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Thermal Energy Storage Market Scope:
Decarbonization of the energy sector and carbon emission reductions to limit global climate change are among the most dominant goals for governments, energy authorities, and utilities across the globe. According to IRENA, accelerating renewable energy deployment, as well as electrification and improving electric grid energy efficiency, can assist achieve over 90% of the energy-related CO2 emission reductions required to reach the Paris Climate objectives by 2050.
The study employs PESTLE analysis to evaluate the benefits and drawbacks of major market participants. The researcher carefully examines the size, share, trend, total profit, total revenue, and profit margin of the Thermal Energy Storage market in order to forecast the market and provide investment advice. Subject-matter experts provide market-change advice.
In addition to data on capacity and production, price and cost information, company profiles, product images, specifications, and contact information, the report includes details on the major market participants. The Thermal Energy Storage market is examined for trends, size, and value at the global, regional, and corporate levels in this report. This study examines the global market for Thermal Energy Storage using historical data and future projections.
Thermal Energy Storage Market Segmentation:
Sensible Heat Storage, Latent Heat Storage, and Thermochemical Storage are the three technology-based segments of the thermal energy storage market. With 46.2% of the market, the Sensible Heat Storage segment held the majority in 2020. The segment’s growth is attributed to rising solar thermal system demand as well as the technology’s application in substantial HVAC systems. The technology’s ability to reversibly charge and discharge for an infinite number of cycles is a crucial feature that will aid in increasing product penetration. Thermal energy is stored as sensible heat in storage tanks with good thermal insulation using the specific heat of the storage medium. Additionally, sensible heat storage technology is the most economical in terms of economies of scale.
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Thermal Energy Storage Market Key players:
COVID-19 Impact on Thermal Energy Storage market:
The outbreak of COVID-19 has had a significant impact on the Thermal Energy Storage market. The development of Thermal Energy Storage production facilities has been halted due to the global economic downturn and a labour shortage. The COVID-19 pandemic has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits to their facilities, limiting the growth of the Thermal Energy Storage market in 2020. However, given the high demand for Thermal Energy Storage, COVID-19’s market effects are expected to be transitory. The industry is expected to fully recover by the beginning of 2021.
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