The thermal energy storage market has been categorized into pumped heat electrical storage (PHES), concentrated solar power (CSP), and others. The demand for CSP systems is expected to exhibit a CAGR of 22.2% in terms of volume during the forecast period. The growth in the demand for CSP systems is mainly driven by the rising need for power for heating and cooling applications in addition to the increasing focus on electricity generation through solar power projects.
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The thermal energy storage market has also been categorized into sensible heat, latent heat, and thermo-chemical technologies. Sensible heat storage technology held the largest share in the market during the historical period. The market for this technology is primarily driven by the growing adoption of molten salt-based storage systems for CSP plants.
the thermal energy storage market is expected to witness the fastest growth in APAC, with 44.7% CAGR in terms of value. The market in the region is mainly driven by the increasing energy demand resulting from population growth. With fast depleting fuels such as oil and natural gas, renewable energy sources have gained traction in the APAC region in recent years.
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UTES is a new technology developed for storing thermal energy. The technology is gaining traction in Europe and North America owing to the high presence of aquifers and salt caverns in these regions. The technology is widely used for underground energy storage and power generation purposes. Thus, the development of the UTES technology can be viewed as a growth opportunity for the players operating in the thermal energy storage market.
Some of the major players operating in the global thermal energy storage market are Abengoa Solar S.A., SolarReserve LLC, CALMAC, BrightSource Energy Inc., Baltimore Aircoil Company, Caldwell Energy Company, Cryogel, DC PRO Engineering, CRISTOPIA Energy Systems, and Dunham-Bush Holding Bhd.