The thermal energy storage market is experiencing a considerable growth and is expected to rise to $6.20 billion by 2022, with the sensible heat storage segment holding the largest share, by technology, according to a new market research report published by MarketsandMarkets. This is all due to the rising interest in renewable energy and government incentives for thermal energy storage systems.
The sensible heat based storage of thermal energy has both residential and industrial applications, such as district heating and cooling systems. Due to its increased applications in the Middle East and Africa and Asia-Pacific, this segment of the market is expected to lead during the forecast period.
By storage material, Molten salt is expected to have the largest market share of the thermal energy storage market during the forecast period. It is largely used in The Middle East and Africa market.
Out of the four regions (the Americas, Europe, Asia-Pacific, and the Middle East and Africa) analyzed in this report, the Middle East and Africa is expected to be the largest one by 2022. The tremendous solar and wind resources South Africa is gifted with will drive the thermal energy storage market in the country during the forecast period.