Thermal Energy Storage Systems Are Majorly Incorporated In Electric Utility Plants

Thermal Energy Storage Market

Definition

Thermal energy storage systems are particularly utilized to store energy for later use. Thermal energy storage (TES), also known as heat storage, is a simple & highly efficient method of transferring energy, which does not involve chemical conversion.

Drivers & Restraints

The global market is anticipated to rise at a considerable rate during the forecast period. In the recent years, the market was growing at a steady rate and with the rising adoption of strategies by key players; the market is expected to rise over the projected horizon. The growth of the global thermal energy storage market is backed by increasing demand for electricity during peak hours, increasing commercialization of CSP plants, and demand for heating & cooling applications for smart infrastructure.

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Segments-

Product Type-

Sensible Heat Storage

Latent Heat Storage

Thermochemical Heat Storage

 

Application-

Industrial

Utilities

Residential & Commercial

 

Regional Analysis

The market has been segment into North America, South America, Europe, Asia-Pacific, and Middle East and Africa. Europe held the largest share of the thermal energy storage market in the recent years.

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Companies-

BrightSource Energy Inc.

SolarReserve LLC

Abengoa SA

Terrafore Technologies LLC

Baltimore Aircoil Company

Ice Energy

Caldwell Energy

Cryogel

Steffes Corporation