Global thermal energy storage market was valued at USD 3.70 Bn in 2017, and it is expected to reach a value of USD 8.20 Bn by 2026 at a CAGR of 10.46%, during the forecast.
Report segmented market by Technology, by Storage material, by Application, by region. Based on technology is divided into Sensible, Latent, & TCS. Storage material classified into Water, Molten salt, Phase Change Material (PCM).based on application divided into Power Generation, District Heating & Cooling, and Process Heating & Cooling. Region wise the market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Increasing adoption of renewable energy resources is the major factor driving the thermal energy storage market.
The utilities, commercial, industrial, and residential sectors have emerged as the key end users of thermal energy storage solutions across the world. Thermal energy storage has become a reliable source of energy, resulting in multiple installations in major cities of the world. Increasing demand for thermal energy storage systems in HVAC. Government incentives for thermal energy storage systems. The retrain of thermal energy storage is high grid interconnection barriers & lack of technical expertise.
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