Worldwide Thermal Energy Storage Industry to 2025 - by Storage Type, Technology, Material Type, Application, End-use and Region - ResearchAndMarkets.com

  • Dec 23, 2020
  • Oklahoma Energy News

Increasing emphasis on the utilization of renewable energy resources across the globe is one of the key factors driving the growth of the market. The growing demand for thermal energy storage systems in heating, ventilation and air conditioning (HVAC) technology for large-scale heating and cooling is also providing a boost to the market growth. Furthermore, concentrated solar power (CSP) is increasingly being integrated with the thermal energy storage systems to offer grid flexibility and minimize efficiency losses by generating electricity through dry cooling during lower ambient temperatures.

Additionally, increasing environmental consciousness, coupled with the growing adoption of thermal energy storage for power generation in green buildings, is acting as another growth-inducing factor. Other factors, including the implementation of favorable government policies to promote sustainable infrastructural development, along with extensive research and development (R&D) activities, are projected to drive the market further.

Abengoa Solar S.A. Baltimore Aircoil Company Inc. Brightsource Energy Inc. Burns & McDonnell Inc. Chicago Bridge & Iron Company (McDermott International) DC Pro Engineering Fafco Inc. Solarreserve LLC Steffes Corporation Terrafore Technologies LLC