According to the new market research report "Thermal Energy Storage Market by Technology (Sensible, Latent, and TCS), Storage Material (Water, Molten Salt, and PCM), Application (Power Generation, District Heating & Cooling, and Process Heating & Cooling), End-User, and Region - Global Forecast to 2022", published by MarketsandMarkets™, The thermal energy storage market is expected to grow from an estimated USD 3.67 Billion in 2017 to USD 6.20 Billion by 2022, registering a CAGR of 11.0% from 2017 to 2022.
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The global Thermal Energy Storage Market is witnessing a significant growth due to rising impetus on renewable energy generation such as concentrated solar power, increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems.
The report segments the thermal energy storage market based on technology into sensible heat, latent heat, and Thermochemical Storage (TCS). The sensible heat thermal energy storage market is expected to dominate the global thermal energy storage market by 2022. It is driven by installation of molten salt based thermal energy storage systems being installed in Concentrated Solar Power Plants (CSP).
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The market has also been segmented based on application into three sub-segments, namely, power generation, district heating & cooling, and process heating & cooling. The thermal energy storage market segment by application was dominated by district heating & cooling in 2016 and this trend is expected to continue till 2022. It will be driven by technological advancement in the production of cost-effective storage material and growing demand for concentrating solar power systems.
The Middle East & Africa is the largest market for thermal energy storage
In this report, the thermal energy storage market has been analyzed with respect to four regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Middle East & Africa is estimated to be the largest market for thermal energy storage by 2022. Heat thermal storage and molten salt thermal storage are major technology types employed in South Africa. Majority of thermal storage projects are present in Northern Cape in the country. South Africa is endowed with enormous solar and wind resources. This will drive the thermal energy storage market in the country during the forecast period.
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Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar (Spain), SolarReserve, LLC (U.S.), and Burns & McDonnell (U.S.) among others are few leading players in the thermal energy storage market.
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Thermal Energy Storage Market worth $6.20 Billion by 2022
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