Portland, OR -- (SBWire) -- 06/29/2017 --Global Thermal Energy Storage Market was valued at $3,988 million in 2016, and is anticipated to reach $8,862 million, growing at a CAGR of 10.9% from 2017 to 2023. Thermal energy storage systems are particularly utilized to store energy for later use. Thermal energy storage (TES), also known as heat storage, is a simple & highly efficient method of transferring energy, which does not involve chemical conversion. This is among the most feasible eco-friendly energy saving solutions. It holds thermal energy temporarily in the hot or cold form for utilization at a later stage. The thermal energy storage systems reduce carbon dioxide emissions, reduce energy consumption of end consumers, and decrease the demand for energy during peak hours. The effectiveness and economy of the system depend on the type of material used in manufacturing. It is widely used in solar plants, thermal power plants, combined heat & power plants, and process industries including other energy storage applications.

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The global thermal energy storage market is segmented into technology, type, end user, and geography. On the basis of technology, it is categorized into sensible heat storage, latent heat storage, and thermochemical storage. On the basis of type, it is classified into water, molten salt, and phase change material. Based on end user, it is divided into residential, commercial & industrial, and utility. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In addition, the report highlights various factors that impact the growth of the global market, such as key drivers, restraints, growth opportunities, and the role of different key players. It presents quantitative data, in terms of both value and volume, which are obtained from secondary sources such as company publications, Factiva, Hoovers, OneSource, and others.

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Thermal Energy Storage Market Key Segments:

By Technology

- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage

By Type

- Water
- Molten Salt
- Phase Change Material

By End User

- Residential
- Commercial & Industrial
- Utility

By Geography

- North America
- U.S.
- Canada
- Mexico

- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe

- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific

- LAMEA
- Brazil
- Chile
- South Africa
- Rest of LAMEA