The Thermal Energy Storage Market size is projected to reach US$ 32,981.74 million by 2031 from US$ 22,120.71 million in 2023. The market is expected to register a CAGR of 5.1% in 2023–2031. 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.
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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.