The thermal energy storage market is projected to reach US$ 31,964.26 million by 2030 from US$ 19,572.24 million in 2022, with an estimated CAGR of 6.3% from 2022 to 2030. The growing proliferation of renewable resources in the overall power mix and increasing focus on achieving zero carbon emissions in different states and countries fuel the thermal energy storage market growth. The volatile geopolitical scenarios worldwide have shown the importance of energy storage facilities in managing energy emergencies. In many energy storage facilities, thermal storage is one of the most cost-efficient and feasible options, driving the application of thermal energy storage technologies in residential, commercial, and industrial sectors globally.
The energy resources for power generation primarily include coal, natural gas, nuclear, oil, and biomass. Renewable resources consist of solar, wind, and hybrid resources. After producing energy by leveraging different available resources, producers primarily distribute the generated energy to end-use or application areas. The generated energy is transmitted to end-use areas as per requirement, but the surplus amount of produced energy is stored for later usage. Advantages of using energy storage Include a balanced supply of energy, reduced costs in peak hours, and proper utilization of stored surplus energy when required. Bright Source Energy Inc., Abengoa SA, Baltimore.
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Top Key Major Players:-
- Goss Engineering Inc.
- Evapco Inc.
- Burns & McDonnell Consultants Inc.
- Baltimore Aircoil Co
- BrightSource Energy Inc (Kelvin Energy Inc)
- Sunamp Ltd
- Calmac Corp
- MAN Energy Solutions SE
- Steffes LLC
- Abengoa SA.