Global Thermal Energy Storage Market By Technology (Sensible Heat Storage, Latent Heat Storage and Thermochemical Storage), By Storage Material (Water, Molten Salts, Phase Change Materials and Others), By Application (Power generation, District Heating & Cooling and Process Heating & Cooling), By End User (Utilities, Commercial, Industrial and Residential), By Region, By Competition Forecast & Opportunities 2018-2028

  • Industry : Power
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  • Published Date : NA
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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 18.89 Billion

CAGR (2023-2028)

9.25%

Fastest Growing Segment

Latent Heat Storage

Largest Market

Europe


Market Overview

The global thermal energy storage market was valued at USD18.89 billion in 2022 and is projected to reach USD49.72 billion by 2028, exhibiting a CAGR of 9.25% during the forecast period from 2024 to 2028. Thermal energy storage refers to the storage of energy by utilizing various materials that store and release energy based on temperature fluctuations. This technology finds its applications in heat pumps, power plants, and waste management systems. By leveraging thermal energy storage systems, energy demand during peak hours can be reduced, resulting in lower carbon dioxide emissions and decreased energy consumption for end consumers. Thermal energy storage is extensively used in thermal power plants and solar power plants to ensure a steady power supply, even during nighttime, and to harness heat in process industries. Furthermore, the increasing adoption of renewable power generation and the growing demand for HVAC thermal energy storage systems present another compelling factor. Additionally, the rising concern over greenhouse gas emissions and escalating fuel prices are anticipated to further stimulate the demand for advanced thermal energy storage systems.

Key Market Drivers

Demand for energy storage for supplementing ever-increasing solar energy generation

The decarbonization of the energy sector and the reduction of carbon emissions to combat global climate change are crucial objectives for governments, energy authorities, and utilities worldwide. According to IRENA, the accelerated deployment of renewable energy, coupled with electrification and improved energy efficiency of the electric grid, can deliver more than 90% of the necessary carbon dioxide (CO2) emission reductions by 2050, in line with the Paris Climate targets. In 2019, global renewable energy installed capacity increased by 176 GW, representing a growth rate of 7.4% compared to 2018. The hydropower sector witnessed a recovery, contributing to the overall generation growth. Solar generation surpassed bioenergy in 2018, becoming the third largest source of renewable electricity generation. Solar and wind generation saw significant increases of 28% and 11% respectively. Together, these two sources accounted for 73% of renewable energy growth since 2014. Solar energy experienced a remarkable average annual growth rate of 49% globally, driven by strong federal policy mechanisms, such as the Investment Tax Credit for solar power, and rising demand for clean energy across major economies in North America, Europe, and the Asia Pacific region. In China, renewable energy sources contributed to 26.7% of the country's total power generation in 2018, with hydro, wind, PV, and biomass making significant contributions. China has set ambitious solar targets, aiming to reach at least 210 GW, and potentially up to 270 GW, by 2020. The Government of India has also set a target of installing 175 GW of renewable energy capacity by 2022, including wind, bio power, solar, and small hydropower. Spain has raised its renewable energy target to 74% by 2030 and plans to add 157 GW of renewable energy capacity. Concentrating Solar Power (CSP) generation increased by an estimated 34% in 2019 and is expected to continue growing. Continuous policy support for CSP projects across various regions, including the Middle East and Africa, Asia Pacific, and North America, will contribute to this growth. Thermal energy storage plays a vital role in CSP plants, enabling the storage of solar heat for electricity production during periods without sunlight. This ensures uninterrupted operations and offers advantages such as increased reliability, improved overall efficiency, reduced costs, and lower carbon dioxide emissions. Integration of thermal energy storage in CSP plants is expected to drive market growth.

Rising demand for energy

The demand for electricity, driven by growing commercialization and heightened usage during peak hours, alongside the need for heating and cooling applications in smart infrastructure, is fueling market growth. Supportive government policies in developed and developing nations for renewable energy technologies further contribute to this expansion. Many countries worldwide are investing in renewables, stimulating market growth across diverse economies. Investments in solar and wind power are not only creating jobs but also reducing emissions and fostering innovation. One of the primary goals of numerous governments is to curtail carbon emissions in the energy sector, thus mitigating global climate change. This objective has led to improved energy efficiency in electric grids, resulting in reduced carbon dioxide emissions. For instance, the Government of India aims to install 175 gigawatts of renewable energy capacity by 2022, encompassing wind, biopower, solar, and hydro power sources. Similarly, the Spanish government plans to add 157 gigawatts of renewable energy capacity by 2030. The utilization of thermal energy storage offers enhanced reliability, reduced investment costs, increased overall efficiency, and lower operational expenses. Furthermore, the rapid growth of decentralized renewable energy technologies will act as a driving force for the market.

 

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Key Market Challenges

High initial set-up costs varying with technology 

The cost of thermal energy storage technologies varies depending on the application, size, and thermal insulation technology. Phase change material (PCM) and thermo-chemical storage-based systems generally have higher costs compared to the storage capacity they provide. Storage systems typically account for around 30% to 40% of the total system cost. Ongoing research in energy storage technologies aims to reduce upfront capital requirements, making thermal energy storage more competitive in the near future. Sensible heat storage offers a storage capacity ranging from 10 kWh/t to 50 kWh/t, with storage efficiencies between 50% and 90%, depending on the specific heat of the storage medium and thermal insulation technologies. PCMs can provide higher storage capacity and efficiencies in the range of 75% to 90%. In most cases, storage is based on solid or liquid phase change, with energy densities around 100 kWh/m3 (e.g., ice). Thermal chemical storage (TCS) systems can achieve storage capacities of up to 250 kWh/t, with operation temperatures exceeding 300°C and efficiencies ranging from 75% to nearly 100%. The cost of a complete sensible heat storage system ranges between Euros 0.1/kWh and 10/kWh (USD 0.11/kWh and 10.7/kWh), depending on the size, application, and thermal insulation technology. Costs for PCM and TCS systems are generally higher. These systems involve significant expenses associated with the heat (and mass) transfer technology required to achieve sufficient charging or discharging power. Costs for latent heat storage systems using PCMs range from Euros 10/kWh to 50/kWh (USD 10.7/kWh to 53.5/kWh), while TCS costs are estimated to range from Euros 8/kWh to 100/kWh (USD 8.56/kWh to 107/kWh). The economic feasibility of thermal energy storage heavily depends on the application and operational requirements, including the number and frequency of storage cycles.

High prices of TES systems may restrain industry growth

The significant capital investment required for constructing TES systems has been a major constraint on market expansion. However, the technology has become more competitive due to improvements and standardization in the manufacturing process, as well as the increasing demand for advanced storage materials. Furthermore, the positive perspective on carbon emissions reduction and the development of CSP plants are expected to drive market growth in the coming years.

Key Market Trends

Shift towards renewable energy generation is a trend

Numerous countries worldwide are transitioning towards renewable energy generation and embracing thermal energy storage to achieve carbon reduction goals. Furthermore, governments, associations, and universities are actively investing in research and development to develop innovative thermal storage mediums with minimal or zero environmental impact. In this context, the advent of cutting-edge technologies such as smart sensors, IoT, and AI is anticipated to significantly enhance the efficiency of thermal energy storage.

Segmental Insights

Application Insights

The power generation segment is projected to experience significant growth during the forecast period. The increasing demand for reliable and cost-effective power supply in off-grid and remote areas will drive this segment. Furthermore, the implementation of various government initiatives aimed at promoting electricity generation from solar power plants will further enhance the growth of the power generation segment. Under the feed-in tariff scheme, renewable power generation suppliers receive retail electricity prices for each unit generated and can sell any excess power back to the grid.

Storage Material Insights

Molten salt technology is anticipated to experience substantial growth during the forecast period. The growth of this segment can be attributed to its high technological efficiency, as well as its application in various solar energy projects. Molten salt is utilized for storing the heat collected through solar troughs and solar towers. This heat, harnessed through this technology, is then converted into superheated steam to power steam turbines.


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Regional Insights

Europe accounted for the largest share of revenue and is projected to maintain its lead throughout the forecast period. The region is characterized by a significant number of thermal energy storage systems used for various applications such as space heating, water heating, district heating and cooling, and power generation. Spain emerges as the key contributor to the regional market growth due to its numerous operational TES projects and the presence of major players like Abengoa Solar. The governments of Europe have developed a model known as the European model, which efficiently stores and distributes energy based on population density in specific regions. Notably, the federal government of Germany heavily invests in advanced research for electrical energy storage, particularly in relation to its use in residential solar panels.

Recent Developments

  • In March 2019, Climate Change Technologies introduced its thermal energy storage, a modular unit capable of accepting various types of electricity - such as solar and wind - and utilizing it to heat and melt silicon within a highly insulated chamber. In May 2019, Vattenfall, a prominent European energy company, partnered with SaltX Technology to commission an industrial-scale pilot for testing nano-coated salt-based energy storage technology, offering a chemical storage solution for long-term thermal energy. Additionally, in May 2019, Azelio unveiled its storage technology, featuring a Stirling engine for dispatchable electricity production. This innovative system enables the reception and storage of electricity generated from a broader range of renewable sources as thermal energy.
  • In August 2018, SolarReserve entered into an agreement with the South Australian Government (Australia) to construct a 150 MW solar thermal power station. The facility will utilize molten salt for energy storage and employ parabolic tower systems.
  • Additionally, in May 2018, SolarReserve expanded its operations by integrating a 70 MW solar farm with the Port Augusta concentrating solar power tower in South Australia. This expansion included the installation of a molten salt storage facility and the delivery of electricity at a competitive rate of USD 78/MWh.

Key Market Players

  • BrightSource Energy Inc.
  • Aalborg CSP AS
  • Abengoa SA
  • Baltimore Aircoil Company
  • Burns & McDonnell
  • SaltX Technology Holding AB
  • Terrafore Technologies LLC
  • Trane Technologies PLC
  • SR Energy
  • Vantaa Energy

By Technology

By Storage Material

By Application

By End User

By Region
  • Sensible Heat Storage
  • Latent Heat Storage
  • Thermochemical Storage  
  • Water
  • Molten Salts
  • Phase Change Materials
  • Others
  • Power generation
  • District Heating & Cooling
  • Process Heating & Cooling
  • Utilities
  • Commercial
  • Industrial
  • Residential
  • North America
  • Europe
  • South America
  • Middle East & Africa
  • Asia Pacific

Report Scope:
In this report, the Global Thermal Energy Storage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

·         Thermal Energy Storage Market, By Technology:

o   Sensible Heat Storage

o   Latent Heat Storage

o   Thermochemical Storage  

·         Thermal Energy Storage Market, By Storage Material:

o   Water

o   Molten Salts

o   Phase Change Materials

o   Others

·         Thermal Energy Storage Market, By Application:

o   Power generation

o   District Heating & Cooling

o   Process Heating & Cooling

·         Thermal Energy Storage Market, By End User:

o   Utilities

o   Commercial

o   Industrial

o   Residential

·         Thermal Energy Storage Market, By Region:

o   North America

o   Europe

o   South America

o   Middle East & Africa

o   Asia Pacific


Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Thermal Energy Storage Market.

Available Customizations:

Global Thermal Energy Storage Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
Global Thermal Energy Storage Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.            Product Overview

1.1.             Market Definition

1.2.             Scope of the Market

1.2.1.             Markets Covered

1.2.2.             Years Considered for Study

1.2.3.             Key Market Segmentations

2.            Research Methodology

2.1.             Baseline Methodology

2.2.             Key Industry Partners

2.3.             Major Association and Secondary Sources

2.4.             Forecasting Methodology

2.5.             Data Triangulation & Validation

2.6.             Assumptions and Limitations

3.            Executive Summary

4.            Impact of COVID-19 on Global Thermal Energy Storage Market

5.            Voice of Customer

6.            Global Thermal Energy Storage Market Overview

7.            Global Thermal Energy Storage Market Outlook

7.1.             Market Size & Forecast

7.1.1.             By Value

7.2.             Market Share & Forecast

7.2.1.             By Technology (Sensible Heat Storage, Latent Heat Storage and Thermochemical Storage)

7.2.2.             By Storage Material (Water, Molten Salts, Phase Change Materials and Others)

7.2.3.             By Application (Power generation, District Heating & Cooling and Process Heating & Cooling)

7.2.4.             By End User (Utilities, Commercial, Industrial and Residential)

7.2.5.             By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3.             By Company (2022)

7.4.             Market Map

8.            North America Thermal Energy Storage Market Outlook

8.1.             Market Size & Forecast

8.1.1.             By Value

8.2.             Market Share & Forecast

8.2.1.             By Technology

8.2.2.             By Storage Material

8.2.3.             By Application

8.2.4.             By End User

8.2.5.             By Country

8.2.5.1.              United States Thermal Energy Storage Market Outlook

8.2.5.1.1.              Market Size & Forecast

8.2.5.1.1.1.              By Value

8.2.5.1.2.              Market Share & Forecast

8.2.5.1.2.1.              By Technology

8.2.5.1.2.2.              By Storage Material

8.2.5.1.2.3.              By Application

8.2.5.1.2.4.              By End User

8.2.5.2.              Canada Thermal Energy Storage Market Outlook

8.2.5.2.1.              Market Size & Forecast

8.2.5.2.1.1.              By Value

8.2.5.2.2.               Market Share & Forecast

8.2.5.2.2.1.              By Technology

8.2.5.2.2.2.              By Storage Material

8.2.5.2.2.3.              By Application

8.2.5.2.2.4.              By End User

8.2.5.3.              Mexico Thermal Energy Storage Market Outlook

8.2.5.3.1.              Market Size & Forecast

8.2.5.3.1.1.              By Value

8.2.5.3.2.              Market Share & Forecast

8.2.5.3.2.1.              By Technology

8.2.5.3.2.2.              By Storage Material

8.2.5.3.2.3.              By Application

8.2.5.3.2.4.              By End User

9.            Europe Thermal Energy Storage Market Outlook

9.1.             Market Size & Forecast

9.1.1.             By Value

9.2.             Market Share & Forecast

9.2.1.             By Technology

9.2.2.             By Storage Material

9.2.3.             By Application

9.2.4.             By End User

9.2.5.             By Country

9.2.5.1.              Germany Thermal Energy Storage Market Outlook

9.2.5.1.1.              Market Size & Forecast

9.2.5.1.1.1.              By Value

9.2.5.1.2.              Market Share & Forecast

9.2.5.1.2.1.              By Technology

9.2.5.1.2.2.              By Storage Material

9.2.5.1.2.3.              By Application

9.2.5.1.2.4.              By End User

9.2.5.2.              France Thermal Energy Storage Market Outlook

9.2.5.2.1.              Market Size & Forecast

9.2.5.2.1.1.              By Value

9.2.5.2.2.              Market Share & Forecast

9.2.5.2.2.1.              By Technology

9.2.5.2.2.2.              By Storage Material

9.2.5.2.2.3.              By Application

9.2.5.2.2.4.              By End User

9.2.5.3.              United Kingdom Thermal Energy Storage Market Outlook

9.2.5.3.1.              Market Size & Forecast

9.2.5.3.1.1.              By Value

9.2.5.3.2.              Market Share & Forecast

9.2.5.3.2.1.              By Technology

9.2.5.3.2.2.              By Storage Material

9.2.5.3.2.3.              By Application

9.2.5.3.2.4.              By End User

9.2.5.4.              Italy Thermal Energy Storage Market Outlook

9.2.5.4.1.              Market Size & Forecast

9.2.5.4.1.1.              By Value 

9.2.5.4.2.              Market Share & Forecast

9.2.5.4.2.1.              By Technology

9.2.5.4.2.2.              By Storage Material

9.2.5.4.2.3.              By Application

9.2.5.4.2.4.              By End User

9.2.5.5.              Spain Thermal Energy Storage Market Outlook

9.2.5.5.1.              Market Size & Forecast

9.2.5.5.1.1.              By Value

9.2.5.5.2.              Market Share & Forecast

9.2.5.5.2.1.              By Technology

9.2.5.5.2.2.              By Storage Material

9.2.5.5.2.3.              By Application

9.2.5.5.2.4.              By End User

10.         South America Thermal Energy Storage Market Outlook

10.1.          Market Size & Forecast

10.1.1.          By Value

10.2.          Market Share & Forecast

10.2.1.          By Technology

10.2.2.          By Storage Material

10.2.3.          By Application

10.2.4.          By End User

10.2.5.          By Country

10.2.5.1.           Brazil Thermal Energy Storage Market Outlook

10.2.5.1.1.           Market Size & Forecast

10.2.5.1.1.1.            By Value

10.2.5.1.2.           Market Share & Forecast

10.2.5.1.2.1.            By Technology

10.2.5.1.2.2.            By Storage Material

10.2.5.1.2.3.            By Application

10.2.5.1.2.4.            By End User

10.2.5.2.           Colombia Thermal Energy Storage Market Outlook

10.2.5.2.1.           Market Size & Forecast

10.2.5.2.1.1.            By Value

10.2.5.2.2.           Market Share & Forecast

10.2.5.2.2.1.            By Technology

10.2.5.2.2.2.            By Storage Material

10.2.5.2.2.3.            By Application

10.2.5.2.2.4.            By End User

10.2.5.3.           Argentina Thermal Energy Storage Market Outlook

10.2.5.3.1.           Market Size & Forecast

10.2.5.3.1.1.            By Value

10.2.5.3.2.           Market Share & Forecast

10.2.5.3.2.1.            By Technology

10.2.5.3.2.2.            By Storage Material

10.2.5.3.2.3.            By Application

10.2.5.3.2.4.            By End User

11.         Middle East & Africa Thermal Energy Storage Market Outlook

11.1.          Market Size & Forecast

11.1.1.          By Value

11.2.          Market Share & Forecast

11.2.1.          By Technology

11.2.2.          By Storage Material

11.2.3.          By Application

11.2.4.          By End User

11.2.5.          By Country

11.2.5.1.           Saudi Arabia Thermal Energy Storage Market Outlook

11.2.5.1.1.           Market Size & Forecast

11.2.5.1.1.1.            By Value

11.2.5.1.2.           Market Share & Forecast

11.2.5.1.2.1.            By Technology

11.2.5.1.2.2.            By Storage Material

11.2.5.1.2.3.            By Application

11.2.5.1.2.4.            By End User

11.2.5.2.           UAE Thermal Energy Storage Market Outlook

11.2.5.2.1.           Market Size & Forecast

11.2.5.2.1.1.            By Value

11.2.5.2.2.           Market Share & Forecast

11.2.5.2.2.1.            By Technology

11.2.5.2.2.2.            By Storage Material

11.2.5.2.2.3.            By Application

11.2.5.2.2.4.            By End User

11.2.5.3.           South Africa Thermal Energy Storage Market Outlook

11.2.5.3.1.           Market Size & Forecast

11.2.5.3.1.1.            By Value

11.2.5.3.2.           Market Share & Forecast

11.2.5.3.2.1.            By Technology

11.2.5.3.2.2.            By Storage Material

11.2.5.3.2.3.            By Application

11.2.5.3.2.4.            By End User

12.         Asia Pacific Thermal Energy Storage Market Outlook

12.1.          Market Size & Forecast

12.1.1.          By Value

12.2.          Market Share & Forecast

12.2.1.          By Technology

12.2.2.          By Storage Material

12.2.3.          By Application

12.2.4.          By End User

12.2.5.          By Country

12.2.5.1.           China Thermal Energy Storage Market Outlook

12.2.5.1.1.           Market Size & Forecast

12.2.5.1.1.1.            By Value

12.2.5.1.2.           Market Share & Forecast

12.2.5.1.2.1.            By Technology

12.2.5.1.2.2.            By Storage Material

12.2.5.1.2.3.            By Application

12.2.5.1.2.4.            By End User

12.2.5.2.           India Thermal Energy Storage Market Outlook

12.2.5.2.1.           Market Size & Forecast

12.2.5.2.1.1.            By Value

12.2.5.2.2.           Market Share & Forecast

12.2.5.2.2.1.            By Technology

12.2.5.2.2.2.            By Storage Material

12.2.5.2.2.3.            By Application

12.2.5.2.2.4.            By End User

12.2.5.3.           Japan Thermal Energy Storage Market Outlook

12.2.5.3.1.           Market Size & Forecast

12.2.5.3.1.1.            By Value

12.2.5.3.2.           Market Share & Forecast

12.2.5.3.2.1.            By Technology

12.2.5.3.2.2.            By Storage Material

12.2.5.3.2.3.            By Application

12.2.5.3.2.4.            By End User

12.2.5.4.           South Korea Thermal Energy Storage Market Outlook

12.2.5.4.1.           Market Size & Forecast

12.2.5.4.1.1.            By Value

12.2.5.4.2.           Market Share & Forecast

12.2.5.4.2.1.            By Technology

12.2.5.4.2.2.            By Storage Material

12.2.5.4.2.3.            By Application

12.2.5.4.2.4.            By End User

12.2.5.5.           Australia Thermal Energy Storage Market Outlook

12.2.5.5.1.           Market Size & Forecast

12.2.5.5.1.1.            By Value

12.2.5.5.2.           Market Share & Forecast

12.2.5.5.2.1.            By Technology

12.2.5.5.2.2.            By Storage Material

12.2.5.5.2.3.            By Application

12.2.5.5.2.4.            By End User

13.         Market Dynamics

13.1.          Drivers

13.2.          Challenges

14.         Market Trends and Developments

15.         Company Profiles

15.1.          BrightSource Energy Inc.

15.1.1.           Business Overview

15.1.2.           Key Revenue and Financials  

15.1.3.           Recent Developments

15.1.4.           Key Personnel

15.1.5.           Key Product/Services Offered

15.2.          Aalborg CSP AS

15.2.1.           Business Overview

15.2.2.           Key Revenue and Financials  

15.2.3.           Recent Developments

15.2.4.           Key Personnel

15.2.5.           Key Product/Services Offered

15.3.          Abengoa SA

15.3.1.           Business Overview

15.3.2.           Key Revenue and Financials  

15.3.3.           Recent Developments

15.3.4.           Key Personnel

15.3.5.           Key Product/Services Offered

15.4.          Baltimore Aircoil Company

15.4.1.           Business Overview

15.4.2.           Key Revenue and Financials  

15.4.3.           Recent Developments

15.4.4.           Key Personnel

15.4.5.           Key Product/Services Offered

15.5.          Burns & McDonnell

15.5.1.           Business Overview

15.5.2.           Key Revenue and Financials  

15.5.3.           Recent Developments

15.5.4.           Key Personnel

15.5.5.           Key Product/Services Offered

15.6.          SaltX Technology Holding AB

15.6.1.           Business Overview

15.6.2.           Key Revenue and Financials  

15.6.3.           Recent Developments

15.6.4.           Key Personnel

15.6.5.           Key Product/Services Offered

15.7.          Terrafore Technologies LLC

15.7.1.           Business Overview

15.7.2.           Key Revenue and Financials  

15.7.3.           Recent Developments

15.7.4.           Key Personnel

15.7.5.           Key Product/Services Offered

15.8.          Trane Technologies PLC

15.8.1.           Business Overview

15.8.2.           Key Revenue and Financials  

15.8.3.           Recent Developments

15.8.4.           Key Personnel

15.8.5.           Key Product/Services Offered

15.9.          SR Energy

15.9.1.           Business Overview

15.9.2.           Key Revenue and Financials  

15.9.3.           Recent Developments

15.9.4.           Key Personnel

15.9.5.           Key Product/Services Offered

15.10.       Vantaa Energy

15.10.1.        Business Overview

15.10.2.        Key Revenue and Financials  

15.10.3.        Recent Developments

15.10.4.        Key Personnel

15.10.5.        Key Product/Services Offered

16.         Strategic Recommendations

17.         About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Thermal Energy Storage Market was USD18.89 billion in 2022.

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The power generation segment dominated in 2022 & is also projected to experience significant growth during the forecast period. The increasing demand for reliable and cost-effective power supply in off-grid and remote areas will drive this segment.

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High initial set-up costs varying with technology and high prices of TES systems are the challenges to the growth of Global Thermal Energy Storage Market.

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Demand for energy storage for supplementing ever-increasing solar energy generation and option for an eco-friendly method of saving energy for power generation during peak hours are the major drivers for the Global Thermal Energy Storage Market.

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