The thermal energy storage market is anticipated to grow at a CAGR of more than 8.0% during the forecast period. The thermal energy storage industry is anticipated to witness high growth with the growing emphasis on technology that supports a decrease in the emission of greenhouse gases and rising energy dependency on renewable energy sources expected to fuel the demand for thermal energy storage systems. Moreover, emerging technology such as latent heat technology is anticipated to boost the demand for the market during the forecast period.
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Growing adopting renewable energy sources such as solar and wind energy supported by government and rising demand for continuous power supply is fueling the market growth. Further, there is a significant demand forthe thermal energy storage in ventilation, heating, air conditioning (HVAC) for district heating & cooling is anticipated to fuel the market growth. However, the lack of highly skilled technicians to maintain the system and additional cost associated with the use of a thermal energy storage system is one of the restraining factors for the market growth over the forecast period.
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Global Thermal Energy Storage Market Segmentation
By Technology
- Sensible Storage
- LatentStorage
- ThermochemicalStorage
By Application
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
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