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The global thermal energy storage market is estimated to register growth at a CAGR of 16.3% during the forecast period, 2021-2031, highlights a study by Transparency Market Research (TMR).
Due to the growing understanding of environment and global warming, there has been an increase in the inclination among global population toward the use of renewable energy. This factor is generating sizable business prospects in the global thermal energy storage market.
Major players operating in the global thermal energy storage market are increasing their focus on spreading awareness on different advantages of the sensible heat technologies together with their use in solar air receiver systems. In addition, they are also publicizing HVAC applications for buildings in order to diversify the application of sensible heat. These factors are favoring the growth of the thermal energy storage market.
The thermal energy storage market in North America is projected to maintain its leading position in the upcoming years, owing to rise in use of renewable energy sources in the region. Moreover, the North America thermal energy storage market is prognosticated to be driven by constant advancements in solar thermal generation technologies in the region. While the regional market is comparatively mature, rise in installations of concentrated solar plants is likely to generate lucrative prospects in the North America thermal energy storage market during the forecast period.
Different businesses across the globe are experiencing negative impact of the COVID-19 pandemic. In this critical situations, several nations globally are growing efforts to fulfill their needs of the renewable energy. As a result, there has been a surge in the deployment of thermal storage systems. This, in turn, is estimated to generate prominent demand opportunities in the thermal energy storage market in the upcoming years.