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Thermal Energy Storage Market Worth $6.2 Billion by 2022
2017/04/09
April 6, 2017
PUNE, India - According to a new market research report, "The Thermal Energy Storage Market, By Technology, Storage Material, Application, End-User, and Region - Global Forecast To 2022," published by MarketsandMarkets, the market is expected to grow from an estimated $3.67 billion in 2017 to $6.20 billion by 2022, registering a compound annual growth rate (CAGR) of 11 percent from 2017 to 2022.
 
The global market is witnessing a significant growth due to rising impetus on renewable energy generation such as concentrated solar power, increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems.
 
The sensible heat storage segment is expected to hold the largest share of the thermal energy storage market, by technology, during the forecast period.
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