International. According to a new research report called "The Thermal Energy Storage Market, by Technology, Storage Material, Application, End User, and Region – Global by 2022," published by MarketsandMarkets, the market is expected to grow from an estimated $3.67 billion in 2017 to $6.20 billion by 2022, recording a compound annual growth rate (CAGR) of 11 percent from 2017 to 2022.
The global market is experiencing significant growth due to the increasing momentum of renewable energy generation such as concentrated solar power, the increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems.
The sensitive heat storage segment is anticipated to occupy the largest share of the thermal energy storage market, by technology, during the forecast period.
The sensitive heat storage segment led the global thermal energy storage market in 2016. Sensitive heat storage of thermal energy has a number of residential and industrial applications. Underground storage of sensitive heat in liquid and solid storage medium is also used for typical large-scale applications, such as district heating and cooling systems. Increasing heat-sensitive thermal storage applications in the Middle East and Africa and Asia Pacific are anticipated to drive the market during the forecast period.
Molten salt is expected to hold the largest market share of the thermal energy storage market, by storage material, during the forecast period.
