Thermal Energy Storage Market Global Industry Analysis 2023

Thermal energy storage technologies store thermal energy for later use, which can be utilized as when required, rather than utilizing them at the time of production. The increasing need for reducing the greenhouse gas emissions and carbon footprint has changed the global power generation and distribution scenario which has prompted researchers and power generation companies to develop innovative solutions in storing energy in an efficient manner. This has led to the widespread adoption of thermal energy storage systems across the globe. 

The increasing shift towards non-fossil fuels have increased the share of renewable energy in the generation mix. This has created significant demand in the global thermal energy storage market enabling the end-users to store energy for effective later use. Additionally, the rapid industrialization across the globe have increased the need for uninterrupted power supply which would further lead to the growth in the overall market for thermal energy storage during the forecast period.
Thermal energy storage utilizes 3 major technologies: sensible heat technology, latent heat technology and thermochemical technology. Sensible heat technology is the most commonly and widely used thermal energy storage system as they are easy to install and most economical. These types of technologies are used for residential and industrial applications.
The global market for thermal energy storage is expected to witness significant growth during the forecast period (2017-2023) due to the growing demand for efficient, reliable and economical energy storage technologies, and imminent shift towards renewable energy sources owing to the increasing environment concerns. Based on technology, sensible heat technology is expected to be the largest segment of the global thermal energy storage market during the forecast period. 
Some of the key players in the global thermal energy storage market include Abengoa Solar, S.A., Brightsource Energy, Inc., Solarreserve, LLC, Baltimore Aircoil Company, Caldwell Energy, Burns & Mcdonnell, Calmac, Cristopia Energy Systems and Cryogel.
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