Report ID: SQMIG55F2038
Thermal Energy Storage Market Size, Share, Growth Analysis, By Product(Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage), By Technology(Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-based Technology), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2038 |
Region:
Global |
Published Date: April, 2024
Pages:
182
|
Tables:
65 |
Figures:
75
Thermal Energy Storage Market Regional Insights
Europe held the highest revenue share (30.1%) in 2022 and is expected to maintain its dominance throughout the forecast period. This region is notable for its abundant deployment of thermal energy storage systems which are utilized for various purposes such as space heating, water heating, district heating and cooling, and power generation. The growth of the regional market owes much to Spain, which is the major driving force behind it. because of the vast number of operating TES projects across the country, as well as the presence of significant players such as Abengoa Solar.
The Asia Pacific market is estimated to develop at the quickest CAGR of 14.3% during the forecast period. Rapid urbanization and population growth are occurring in nations that are developing such as China, India, South Korea, Japan, Indonesia, and Malaysia. Many of these nations that are developing have unreliable power grids and basic infrastructure. This factor is anticipated to drive industry participants to invest in these countries, resulting in an increase in thermal energy storage and distribution system investments.
Thermal Energy Storage Market Report Snapshots
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