Thermal energy storage systems are used for storing energy in form of cold or hot substances, that can supply energy when the requirement occurs. Major factor driving growth of the global thermal energy storage market is increasing preference for renewable and clean energy among individuals.
The global thermal energy storage market has been segmented on the basis of type, technology, application, end user, and region. On the basis of type, the market is segmented into sensible heat storage, latent heat storage, and thermochemical energy storage (TCES). Currently, sensible heat segment dominates the global market in terms of revenue and is expected maintain its dominance in the near future, due to its large scale applications for commercial, as well as residential purposes.
On the basis of technology, the market is segmented into solar energy storage, ice-based technology, molten salt technology, miscibility gap alloy technology (MGA), and others. Molten salt technology segment accounts for major share in terms of revenue in the global market and is expected to witness significant growth over the forecast period, owing to its high volumetric heat capacity, high boiling point, and low vapor pressure.
On the basis of application, the market is segmented into energy generation, process heating and cooling, district heating and cooling, and ice storage air-conditioning. District heating and cooling segment accounts for major share in terms of revenue in the global market, closely followed by process heating and cooling. On the basis of end user, the market is segmented into industrial, residential and commercial, and utilities.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently, the market in North America dominates the global market in terms of revenue, owing to increasing adoption of new technology and growing awareness regarding renewable energy among individuals in this region. Middle East and Africa market is expected to witness significant growth in terms of revenue in the near future, owing to presence of energy oriented industries in this region. Revenue of Asia Pacific market is expected witness high growth over the forecast period, followed by Latin America and Europe.
Key players operating in the global thermal energy storage market include Ice Energy, Inc., CALMAC Manufacturing Corporation, DN Tanks, Inc., Abengoa Solar, S.A., SolarReserve, LLC, Burns & McDonnell, Inc., BrightSource Energy, Inc., Baltimore Aircoil Company, Inc., Caldwell Energy Company, and Dunham-Bush Holding Bhd.