Thermal Energy Storage Market to Reach $51.3 Bn, Globally, by 2030 at 8.5% CAGR:… – Press Release

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Increase in demand for thermal energy storage systems for power backup, cooling, and heating applications drives the growth of the global thermal energy storage market

PORTLAND, Ore., April 11, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Thermal Energy Storage Market by Technology (Sensible, Latent, Thermochemical), by Application (Power Generation, Heating, Cooling), by Storage Material (Water, Molten Salt, Phase Change Material (PCM), Others), by End User (Residential, Commercial and Industrial, Utilities): Global Opportunity Analysis and Industry Forecast, 2020-2030.” According to the report, the global thermal energy storage industry was pegged at $20.8 billion in 2020, and is expected to reach $51.3 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.

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Drivers, restraints, and opportunities-

Increase in demand for thermal energy storage systems for power backup, cooling, and heating applications drives the growth of the global thermal energy storage market. Additionally, increase in renewable power integration significantly contributes to the growth of the market. On the other hand, lack of long-term thermal energy storage and high cost associated with installation of thermal energy storage hamper the growth of the market. However, surge in demand for continuous power supply and technological advancements in thermal energy storage are expected to create lucrative opportunities for key players in the market.

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COVID-19 scenario-

  • The outbreak of COVID-19 resulted in a decline in demand for thermal energy storage devices due to halt in manufacturing, construction activities of utility infrastructure, renewable energy structures, and other operations around the world due to government-imposed lockdown measures.
  • Furthermore, a lack of labor, a stoppage in the development of new electric utility infrastructures, grid…

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