Newark, May 06, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 5 billion in 2023 global thermal energy storage market will reach USD 20.22 billion in 2033. The energy that a system contains because of its temperature is known as thermal energy. By heating or cooling a storage medium, thermal energy storage technology (TES) saves thermal energy for use at a later time. When required, this stored energy can be released for use in a variety of ways. Control systems, energy transmission mechanisms, and a storage medium are often included in TES systems. Sensible heat storage, latent heat storage, and thermochemical storage are three categories of TES techniques. Applications for TES are many and include district heating and cooling networks, industrial processes, HVAC system optimization, and the integration of renewable energy sources. It is crucial for improving the energy economy, cutting expenses, balancing the system, and lessening the negative effects on the environment. By using less expensive off-peak electricity for storage and reducing reliance on pricey peak-hour energy, TES systems contribute to lower energy prices. They also support grid stability by achieving a balance between supply and demand for electricity. Moreover, by lowering greenhouse gas emissions, TES promotes environmental sustainability. The goals of TES’s ongoing research and development are to increase scalability, efficiency, and dependability. Technological and material innovations are propelling the development of TES systems.
• Baltimore Aircoil Company
• Burns and McDonnell
• Caldwell Energy Company
• CALMAC
• DN Tanks
• Dunham Bush
• EVAPCO
• FAFCO Inc.
• Siemens Gamesa Renewable Energy
• Molten Salt
• PCM
• Latent Heat
• Thermochemical
• District Heating and Cooling
• Process Heating and Cooling
• Others
• Commercial
• Industrial
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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(GlobeNewsWire)