The Asia Pacific Thermal Energy Storage Market would witness market growth of 8.6% CAGR during the forecast period (2022-2028).
Heat storage, also known as thermal energy storage, is an extremely efficient and straightforward technique of energy transfer that does not require any chemical conversion. It is a cutting-edge energy technology used in a variety of thermal applications, including space heating, cooling, and air conditioning. Additionally, it is one of the most practical eco-friendly energy-saving options, since it stores extremely cold air for the air conditioner in the summer and renewable power for space heating in the winter. It is frequently utilized in a variety of applications to sustain energy supply and demand.
Businesses and organizations have huge problems, both in regards to public healthcare and the economy, particularly amid the continuing coronavirus outbreak. Countries are struggling to reach their renewable energy ambitions in these difficult times. Corporations in the thermal energy storage industry are seeing revenue potential as a result of these trends.
Alternative methods of storage, such as large-scale thermal storage, should be deployed in vast numbers to meet these lofty goals. Focused solar power generation dominates these types of solutions, where enterprises and market leaders can combine solar and thermal energy with various storage technologies.
Urbanization and population expansion are accelerating in developing countries such as Japan, China, South Korea, India, Indonesia, and Malaysia. Many of these developing countries' electrical grids and basic infrastructural systems are unreliable. This feature is likely to encourage entities involved to invest in these countries, increasing the number of thermal energy storage and transmission network installations.
China's National Energy Administration announced in November 2018 that its solar target for 2020 could be increased up to at least 210 GW, with the ability to impact as high as 270 GW. China's annual capacity increases would be considerably impacted as a result of this. By the end of 2022, the Indian government aims to install 175 GW of renewable energy capacity, involving 60 GW of wind, 100 GW of solar, 10 GW of bio power, and 5 GW of small hydropower.
The China market dominated the Asia Pacific Thermal Energy Storage Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,727 million by 2028. The Japan market is experiencing a CAGR of 7.9% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 9.2% during (2022 - 2028).
Based on Technology, the market is segmented into Sensible, Thermochemical, and Latent. Based on Storage Material, the market is segmented into Water, Molten Salt, Phase Change Material (pcm), and Others. Based on End-user, the market is segmented into Commercial & Industrial, Utilities, and Residential. Based on Application, the market is segmented into Heating, Power Generation, and Cooling. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Thermal Energy Storage Market is Projected to reach USD 35.4 Billion by 2028, at a CAGR of 8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Baltimore Aircoil Company, Inc.(Amsted Industries), Steffes, LLC, Dunham Bush Limited (Yantai Moon Group Co Ltd) (Moon Environment Technology Co., Ltd.), Evapco, Inc., SR ENERGY (SolarReserve), Caldwell Energy Company, Abengoa, BrightSource Energy, Inc., Terrafore Technologies, LLC, and Goss, Inc.
By Technology
By Storage Material
By End-user
By Application
By Country
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