The tremendous demand for a secure and reliable source of energy with the adaptation of renewable energy to mitigate the rising carbon emission is anticipating the growth of the thermal energy storage market. Rapid demand for thermal energy storage for heating, ventilation, and air conditioning is expected to boost market growth.
According to a recent study by the International Renewable Energy Agency (IRENA), the investment in high temperature thermal energy storage modules is still low. All the focus in this area has been on research and development.
PCM’s store and release thermal energy during the melting and freezing process and are also useful in providing thermal barriers or insulation. On the basis of technology, thermal energy storage market can be segmented into sensible heat storage, latent heat storage, and thermochemical storage.
The thermal energy storage system is in a developing stage and needs research & development in order to achieve high efficiency which is quite expensive and can inhibit the growth of the thermal storage system market. In addition, the high installation cost is a factor which can be hinder the growth of thermal energy storage market.
The residential and commercial sector is one of the major users of thermal energy storage as it is typically used in refrigeration equipment which creates a reservoir of solid material and cold water at night. This can be used during the daytime to provide cooling capacity.
Shifting consumer preference toward adaptive, efficient, and durable centralized cooling system have urged the deployment of thermal energy storage across the HVAC applications. Moreover, the thermal energy storage technology is being widely used for comfort cooling owing to growing demand for climate-controlled buildings.
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