Urja Daily
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
No Result
View All Result
Urja Daily
No Result
View All Result
Home Editor's Pick Market Research

Thermal Energy Storage Market To Reach USD 6019.7 Million

Urja Daily by Urja Daily
September 25, 2021
in Market Research
Reading Time: 4 mins read
0
Thurmal Energy Storage
Share on FacebookShare on TwitterShare on Linkedin

BANGALORE, India – Thermal Energy Storage Market By Type – Latent Heat Storage, Thermochemical Mode, Sensible Heat Regenerative, By Application – Residential, Industrial. Global Opportunity Analysis and Industry Forecast, 2021 – 2027. It is published in Valuates Reports under the Energy & Utilities Category.

The global Thermal Energy Storage (TES) market size is projected to reach USD 6019.7 million by 2027, from USD 3817.1 million in 2020, at a CAGR of 6.3% during 2021-2027.

RELATED POSTS

What’s Holding Back the EV Battery Revolution?

What Opportunities Exist for Startups in the Autonomous Driving Software Market?

Major factors driving the growth of the thermal energy storage market are:

On a daily, monthly, and even seasonal basis, TES systems can assist in balancing energy demand and supply. They can also lower peak demand, reduce energy consumption, minimize emissions, and lower costs while improving overall system efficiency. Such advantages are in turn expected to drive the growth of the thermal energy storage market.

Increased adoption of renewable energy sources and rising demand for continuous power supply are driving the Thermal Energy Storage Market. Furthermore, the Thermal Energy Storage (TES) Market is predicted to increase due to the high demand for TES in heating, ventilation, and air conditioning (HVAC) for district heating and cooling.

Thermal energy storage is significantly less expensive than electricity storage, and it has a high potential for integrating intermittent renewable energy sources such as wind and solar into the heating or cooling sector, for example, through heat pumps or electric boilers. Thus the cost effective feature of thermal energy storage is expected to further fuel the market.

TRENDS INFLUENCING THE GROWTH OF THERMAL ENERGY STORAGE MARKET 

The Thermal Energy Storage market is expected to grow due to demand from ever-increasing solar energy generation. Due to strong federal policy mechanisms to encourage the adoption of solar energy, such as the Investment Tax Credit for solar power, and increasing demand for clean energy from both the public and private sectors across all major economies in North America, Europe, and the Asia Pacific region, solar energy has experienced rapid growth in recent years. Thermal energy storage is critical for electricity storage in concentrating solar power plants, where solar heat may be stored and used to generate electricity when the sun is not shining.

Thermal Energy Storage systems are used with a variety of heating and cooling systems to save energy and reduce waste by using them off-peak. TES can improve an electrical system’s efficiency by lowering power usage while coordinating with peak power demands. TES reduces the usage of other fuels by making the most of the facility’s running time and eliminating lost energy. Thermal Storage systems are useful both economically and environmentally, regardless of the type of plant or its activities. Such advantages are expected to further increase the growth of the TES market. 

Furthermore, in facilities that use gas turbines, the water-cooled and held in a Thermal Storage tank can also be used to provide Turbine Inlet Air Cooling, increasing the facility’s overall efficiency. TES systems can also offer backup cooling for District Cooling systems during planned maintenance outages or when components fail. In addition to the day-to-day benefits of a Thermal Storage system, these advantages might be a huge plus.

THERMAL ENERGY STORAGE (TES) MARKET SHARE ANALYSIS

Based on type, the sensible heat regenerative segment is expected to be the most lucrative. The specific heat of a storage medium, which is retained in storage tanks with good thermal insulation, is used to store thermal energy. Molten salt is the most frequently used and commercial heat storage medium, with a variety of commercial and industrial applications.

Based on application, the industrial segment is expected to be the most lucrative. Increased spending on infrastructure development and construction would boost demand for HVAC systems, which will propel the industrial segment forward. Furthermore, the segment’s expansion will be aided by the increasing use of these systems across a variety of businesses that use huge amounts of hot water for cost-cutting considerations.

Based on region, Europe is expected to be the most lucrative region during the forecast period. Thermal energy storage systems, which are used for space heating, water heating, district heating and cooling, and power generating, are abundant in the Europe region. Furthermore, the vast number of operational TES projects across the countries in Europe is also contributing to the regional market growth.

Thermal Energy Storage Market By Type

  • Latent Heat Storage
  • Thermochemical Mode
  • Sensible Heat Regenerative

Thermal Energy Storage Market By Application

  • Residential
  • Industrial

Thermal Energy Storage Market By Region

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Russia
    • Nordic
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • Southeast Asia
    • India
    • Australia
    • Rest of Asia-Pacific
  • Latin America
    • Mexico
    • Brazil
  • Middle East & Africa
    • Turkey
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa

Thermal Energy Storage Market By Region

  • SolarReserve
  • Calmac
  • Abengoa Solar
  • BrightSource Energy
  • Ice Energy
  • Brenmiller Energy
  • Terrafore Technologies
  • Aalborg
  • Cristopia Energy Systems
  • SunCan
  • SaltX Technology Holding
  • Cryogel
Tags: EnergyEnergy StorageLatent Heat StorageThermalThermochemical Mode
ShareTweetShare
Urja Daily

Urja Daily

Related Posts

EV Battery Revolution

What’s Holding Back the EV Battery Revolution?

by Palak
September 4, 2025
0

The Electric Vehicle (EV) Battery Market is at the center of the global clean mobility transition. With EV adoption accelerating...

Autonomous Driving Software

What Opportunities Exist for Startups in the Autonomous Driving Software Market?

by Palak
September 3, 2025
0

The rise of self-driving technology is reshaping global mobility, creating a wave of opportunities across software, hardware, and services. Among...

Electric Vehicle Polymers Market

What Challenges Could Slow Down the Electric Vehicle Polymers Market?

by Palak
September 2, 2025
0

The global automotive industry is undergoing a massive transformation with the rapid adoption of electric vehicles (EVs). Among the many...

Building Insulation Market

Top Innovations Driving the Future of the Building Insulation Market

by Palak
August 30, 2025
0

The global construction industry is undergoing a major transformation, with sustainability, energy efficiency, and advanced materials becoming the cornerstones of...

Absorption Chillers Market

Technological Innovations Driving the Future of Absorption Chillers

by Palak
August 28, 2025
0

As the world pushes toward sustainable energy solutions, cooling systems are undergoing a major transformation. Absorption chillers, which operate on...

Next Post
protection-relay-digital-twin

Smart Energy – Defining Why it is Important for India?

Space DC-DC Converter

Space DC-DC Converter Market worth $52 million by 2026

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Shweta Solar

Shweta Solar set to unveil 1.2 GW Advanced Solar Module Manufacturing Facility in NCR

September 5, 2025
Powering India's Future

Transmission Lines: Myths, Facts, and Why They Matter for Powering India’s Future

September 5, 2025

MOST VIEWED

  • Hydrom

    Hydrom and Thyssenkrupp Nucera Partner for Green Hydrogen Projects in Oman

    0 shares
    Share 0 Tweet 0
  • SFC India Selected Dassault Systèmes for Indigenization and Digital Transformation of Wastewater Treatment Plants

    0 shares
    Share 0 Tweet 0
  • Juniper Green Energy Secures 1 GW Solar Module Deal with First Solar

    0 shares
    Share 0 Tweet 0
  • PGCIL Wins ISTS Project for Renewable Energy Integration in Karnataka

    0 shares
    Share 0 Tweet 0

Shweta Solar set to unveil 1.2 GW Advanced Solar Module Manufacturing Facility in NCR

Transmission Lines: Myths, Facts, and Why They Matter for Powering India’s Future

UAE Energy Undersecretary Visits Tellus Power Globe Holding’s Hong Kong Office

The Hype Studio Partners with Kaydence Media Ventures to Boost Advocacy and PR Leadership

What’s Holding Back the EV Battery Revolution?

Zaggle and Standard Chartered Partner to Revolutionize Corporate Spend Management

Latest Magazine

© 2016 – 2025 TechZone Print Media | All Rights Reserved

  • About Us
  • Contact Us
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe

© 2016 - 2025 TechZone Print Media | All Rights Reserved