Global Thermal Energy Storage Market was valued at USD 3.72 Billion for the year 2017. Thermal Energy Storage Market is further expected to grow at a CAGR of 10.78% from 2018 to reach USD 6.88 Billion by the year 2023. Middle-East & Africa region holds the highest market share in 2017. The Middle-East & Africa region is also considered as the fastest growing market in the forecasted period. UAE is the major market in 2017 at country level and it is also further anticipated to grow at a steady pace in the next 5 years.

Brightsource Energy Inc. (US), Solarreserve LLC (US), Abengoa Solar S.A. (Spain) are some of the top players in the Thermal Energy Storage Market with Abengoa Solar S.A. holding a substantial market share in 2017. Better global reach, at operational level is the main reason for holding this market share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.

Drivers:
Rising demand for continuous power supply
Restraints:
High cost for the use of thermal energy storage system
Opportunities:
Rise in the implementation of renewable technology
Challenges:
Lack of skilled personnel
The segmentation done on the basis of Technology include Latent Heat Storage Technology, Thermochemical Storage Technology, and Sensible Heat Storage Technology of which the Sensible Heat Storage segment is expected to hold the highest market share during the forecast period.
Segmentation done on the basis of Application includes Process Heating & Cooling, Power Generation, District Heating & Cooling segment of which Process Heating & Cooling segment is expected to grow at the highest CAGR during the forecasted period.

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Key Benefits for Stakeholders
Thermal Energy Storage System Providers
Research and Consulting organization
Government bodies
End use industries
Regulatory bodies, policy makers and consumers.

By Storage Material
Molten Salt
Phase Change Material (PCM)
Water

By Application
Process Heating & Cooling
Power Generation
District Heating & Cooling

By Technology
Latent Heat Storage Technology
Thermochemical Storage Technology
Sensible Heat Storage Technology

By Region
North America
Europe
Asia-Pacific
ROW

Key Market Players
Brightsource Energy, Inc.
Caldwell Energy
Solarreserve, LLC
Abengoa Solar, S.A.
Burns & Mcdonnell
Calmac
Cristopia Energy Systems
Cryogel
Dunham-Bush Holding Bhd.
Goss Engineering
Evapco, Inc.
Steffes Corporation
(Another brief information of 13 companies will provided in report)

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