Global Thermal Energy Storage Market Report by Storage Type, Technology, Material Type, Application, End-Use, and Region 2024-2032
Dublin, May 07, 2024 (GLOBE NEWSWIRE) — The “Global Thermal Energy Storage Market Report by Storage Type, Technology, Material Type, Application, End-Use, and Region 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
Sustainable Development Goals (SDGs)
- Goal 7: Affordable and Clean Energy
- Goal 9: Industry, Innovation and Infrastructure
- Goal 11: Sustainable Cities and Communities
- Goal 13: Climate Action
- Goal 17: Partnerships for the Goals
Market Overview
The global thermal energy storage market size reached US$ 6.9 Billion in 2023. Looking forward, the market is projected to reach US$ 15.0 Billion by 2032, exhibiting a growth rate (CAGR) of 9.01% during 2023-2032.
Key Factors Driving Market Growth
- Increasing emphasis on the utilization of renewable energy resources across the globe
- Growing demand for thermal energy storage systems in heating, ventilation and air conditioning (HVAC) technology
- Integration of concentrated solar power (CSP) with thermal energy storage systems
- Increasing environmental consciousness and adoption of thermal energy storage for power generation in green buildings
- Favorable government policies to promote sustainable infrastructural development
- Extensive research and development (R&D) activities
Key Questions Answered in This Report
- How big is the global thermal energy storage market?
- What is the expected growth rate of the global thermal energy storage market during 2024-2032?
- What are the key factors driving the global thermal energy storage market?
- What has been the impact of COVID-19 on the global thermal energy storage market?
- What is the breakup of the global thermal energy storage market based on the storage type?
- What is the breakup of the global thermal energy storage market based on the technology?
- What is the breakup of the global thermal energy storage market based on the material type?
- What is the breakup of the global thermal energy storage market based on the application?
- What is the breakup of the global thermal energy storage market based on the end-use?
- What are the key regions in the global thermal energy storage market?
- Who are the key players/companies in the global thermal energy storage market?
Key Market Segmentation
Breakup by Storage Type:
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Heat Storage
Breakup by Technology:
- Molten Salt Technology
- Electric Thermal Storage Heaters
- Solar Energy Storage
- Ice-Based Technology
- Miscibility Gap Alloy Technology (MGA)
- Others
Breakup by Material Type:
- Water
- Molten Salt
- Phase Change Materials (PCM)
- Others
Breakup by Application:
- Power Generation
- District Heating and Cooling
- Process Heating and Cooling
Breakup by End-Use:
- Residential and Commercial Sector
- Utility Industry
- Other Industries
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
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SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 13: Climate Action
- SDG 17: Partnerships for the Goals
The article discusses the global thermal energy storage market, which is directly related to the promotion of affordable and clean energy (SDG 7). It also mentions the integration of concentrated solar power (CSP) with thermal energy storage systems, which contributes to industry innovation and infrastructure (SDG 9). The use of thermal energy storage in green buildings aligns with the goal of sustainable cities and communities (SDG 11). Additionally, the article highlights the environmental benefits and government policies promoting sustainable infrastructural development, which are connected to climate action (SDG 13) and partnerships for the goals (SDG 17).
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase the share of renewable energy in the global energy mix
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable
- SDG 11.6: Reduce the environmental impact of cities
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning
- SDG 17.17: Encourage and promote effective public, public-private, and civil society partnerships
The targets identified are based on the article’s emphasis on the utilization of renewable energy resources, integration of thermal energy storage systems, adoption of sustainable infrastructural development, and implementation of government policies.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, the article mentions several indicators that can be used to measure progress towards the identified targets:
- Market size and projected growth rate of the global thermal energy storage market
- Share of renewable energy in the global energy mix
- Number of thermal energy storage systems integrated with concentrated solar power (CSP)
- Number of green buildings adopting thermal energy storage for power generation
- Extent of favorable government policies promoting sustainable infrastructural development
- Level of research and development (R&D) activities in the thermal energy storage sector
These indicators provide measurable data to assess progress towards the targets under the relevant SDGs.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | Increase the share of renewable energy in the global energy mix (7.2) | – Market size and projected growth rate of the global thermal energy storage market – Share of renewable energy in the global energy mix |
| SDG 9: Industry, Innovation and Infrastructure | Upgrade infrastructure and retrofit industries to make them sustainable (9.4) | – Number of thermal energy storage systems integrated with concentrated solar power (CSP) – Level of research and development (R&D) activities in the thermal energy storage sector |
| SDG 11: Sustainable Cities and Communities | Reduce the environmental impact of cities (11.6) | – Number of green buildings adopting thermal energy storage for power generation |
| SDG 13: Climate Action | Integrate climate change measures into national policies, strategies, and planning (13.2) | – Extent of favorable government policies promoting sustainable infrastructural development |
| SDG 17: Partnerships for the Goals | Encourage and promote effective public, public-private, and civil society partnerships (17.17) | – Extent of public-private partnerships in the thermal energy storage sector |
Copyright: Dive into this article, curated with care by SDG Investors Inc. Our advanced AI technology searches through vast amounts of data to spotlight how we are all moving forward with the Sustainable Development Goals. While we own the rights to this content, we invite you to share it to help spread knowledge and spark action on the SDGs.
Fuente: globenewswire.com
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