Stratview Research has recently published a report on the Thermal Energy Storage Market. This strategically evaluated report provides a detailed overview that presents today's market scenario and future possibilities, as well as market intelligence and information, for a 5-year period from 2022 to 2028.

Thermal Energy Storage Market Analysis:

Stratview Research’s report discusses the segment-wise current market condition. Also, it offers an estimation of future growth opportunities. As per the estimation, the Thermal Energy Storage Market is likely to witness an impressive CAGR of 50.10% during the forecast period to reach USD 2681.3 million in 2028.

What is Thermal Energy Storage?

Thermal energy storage refers to one form of energy storage. In this, a material gathers energy when increasing its temperature, and loses it while decreasing. Utilizing the advantage of this property makes it possible to use different materials with different thermal properties and achieve various results which can lead to different thermal energy storage applications (e.g., heating and cooling).

Some of the companies drives the market growth:

  • Ice Energy
  • Abengoa Solar
  • Solar Reserve
  • Baltimore Aircoil Company
  • TAS Energy
  • Steffes Corporation
  • Burns & McDonnell
  • DN Tanks
  • Caldwell Energy Company
  • Goss Engineering
  • Fafco
  • Bright Source Energy
  • Cryogel
  • Evapco.

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Market Dynamics

Major factors such as the growing adoption of renewable energy sources coupled with increasing demand for Concentrating Solar Power (CSP), and the increasing requirement for improving energy efficiency will upscale the market.

Furthermore, by increasing the government’s support towards sustainable technology, the surge in demand for energy-efficient and cost-competitive sources will stimulate the progress of the industry over the forecast period.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

COVID-19 IMPACT

COVID-19 has affected almost every business, irrespective of size, irrespective of region. In the year 2020, the dynamics of the ELECTRIC PRESSURE WASHER Market have shifted dramatically. The consumer climate and business practices have evolved significantly, resulting in numerous process changes that will have long-term consequences.

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