Thermal Energy Storage: Unlocking Renewable Energy Potential
The global thermal energy storage market is estimated to be valued at US$5.67 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Introduction to the Market Renewable energy sources such as solar and wind are intermittent in nature, creating challenges in terms of energy supply and demand balance. Thermal energy storage systems help address this issue by storing thermal energy from renewables and other sources for later use. This improves utilization of renewable energy and supports grid decarbonization efforts. Competitive Landscape The global thermal energy storage market is moderately fragmented. Some of the major players operating in this market include BrightSource Energy, Inc., EnergyNest AS., Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, Burns & McDonnell, Inc., and DC Pro Engineering. Manufacturers are focusing on new product development...