Global Thermal Energy Storage Market to Grow on the Back of Growing Preference for Optimum Consumption of Energy: Transparency Market Research
By Business Wire News
By Business Wire News
Transparency Market Research has announced the release of a report titled “Thermal Energy Storage Market by Technology for Commercial and Industrial, Utilities and Residential End Use Applications- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”. The report states that, growing at 16.7% CAGR between 2014 and 2020, the global thermal energy storage market will reach US$1818.8 million by 2020, up from US$627.6 million in 2013.
Rising demand for sustained energy solution for day-to-day requirements is the main factor that drives the global thermal energy storage market. Increasing consumption of energy along with depleting energy sources are the other two key factors that will drive the demand for developing thermal energy storage technologies.
Thermal energy technologies minimize energy consumption, thereby increasing the supply of energy via efficient utilization of renewable sources of energy. This technology segments are latent, sensible and thermochemical heat. Utilities, industrial and commercial and residential are the various application segments in the global thermal energy storage market.
Geographically, this market is segmented into the Asia Pacific, Europe, North America, and Rest of the World. In terms of thermal energy storage capacity installations, Europe held the largest share in the market in 2013. High investments in solar thermal energy are expected to fuel the market in this region in the forthcoming years.
Owing to high energy storage density, thermochemical storage and latent heat technologies are gaining much importance these days. The North America thermal energy storage market is anticipated to witness a moderate growth rate in the years to come. Burns & McDonnell, Steffes Corporation, Goss Engineering, Inc. and CALMAC are the major players in this market.
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About Transparency Market Research
Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.