Global Thermal Storage Market to Witness Impressive Growth, Revenue to Surge to USD 13.03 Billion By 2032

According to the report, the global Thermal Storage Market was valued at approximately USD 5.86 Billion in 2023 and is predicted to reach around USD 13.03 Billion by the end of 2032, expanding at a CAGR of around 9.28% from 2024 to 2032. 

The report provides a complete view of the Thermal Storage market and encompasses detailed type portfolio and strategic developments of key vendors. To know the competitive landscape of the Thermal Storage market, an analysis of Porter’s five forces model is done.

The study provides a decisive view of the thermal storage market by segmenting the market based on Technology, storage material, and applications. All the application segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032. Key application segments covered in this study include power generation, district heating & cooling, and process heating & cooling. On the basis of technology, the market has been segmented into sensible heat, latent heat, and thermal chemical heat.

On the basis of storage material, the market has been segmented into water, molten salt, and phase change material. The regional segmentation includes the current and forecasted demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. This segmentation includes demand for thermal storage based on individual applications in all regions and countries.

The MEA was the biggest and most attractive market that ruled the global thermal storage market. South Africa was the top region in the global thermal storage market. Asia Pacific region is likely to be the second top area for the thermal energy market, owing to developing nations such as China, India, South Korea, Japan, Indonesia, and Malaysia witnessing rapid growth in urbanization and population.

Some of the major players involved in the global thermal storage market include Calmac, DN Tanks, Ice Energy Holdings. Inc., Steffes Corporation, Burns & McDonnell, Fafco, Moixa Energy Holding Ltd, Trinabess, SENEC.IES, Redflow Limited, Murata Manufacturing, Statoil ASA, Abengoa Solar, CircuiTree, and Duke Energy Corporation.

Browse the full “Thermal Storage Market - By Storage Material (Water, Molten Salt And Phase Change Material), By Technology (Sensible Heat, Latent Heat And Thermo Chemical Heat), By Applications (Power Generation, District Heating & Cooling, And Process Heating & Cooling), and By Region: Global Industry Perspective, Comprehensive Analysis, And Forecast, 2024 - 2032” Report at https://www.zionmarketresearch.com/report/thermal-storage-market

The global Thermal Storage market is segmented as follows:   

By Storage Material

• Water
• Molten Salt
• Phase Change Material

By Technology

• Sensible Heat
• Latent Heat
• Thermo Chemical Heat

By Application

• Power Generation
• District Heating & Cooling
• Process Heating & Cooling

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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