South & Central America Thermal Energy Storage Market
No. of Pages: 71 | Report Code: BMIRE00029431 | Category: Energy and Power
No. of Pages: 71 | Report Code: BMIRE00029431 | Category: Energy and Power
Defense applications impose a set of challenges on the usage of energy storage infrastructure. A stable, reliable, and steady power supply is important in defense applications. Phase change materials (PCM) are one of the most promising technologies in thermal energy storage. PCMs are being significantly employed and researched for enhancing thermal performance of buildings by stabilizing temperature peaks as well as power-saving functions where heating or cooling is essential. The exclusive features of a PCM-based latent heat storage system can be used in lightweight prefabricated PUF (polyurethane foam) insulated shelters leveraged by security forces to upsurge the system’s thermal resistance or used in the process of storing surplus heat from sporadic renewable sources during daytime for usage at night. These features primarily help in maintaining a comfortable temperature inside the shelters. Governments of various countries are launching several research and development projects in the field of PCM applications to meet the problems of extreme temperatures met by armed forces: for example, high-capacity heat sinks for critical instruments and hot jackets for high-altitude areas. Thus, the rise in the application of thermal energy storage technology in the defense sector is likely to create lucrative opportunities for the thermal energy storage market growth during the forecast period.
In South & Central America, Brazil and Argentina are the major countries in terms of thermal energy storage. Brazil dominates the thermal storage market in the region, followed by Argentina. The increasing energy demand from the residential, industrial, and commercial sectors, along with the rising renewable energy drive, is positively influencing the need for thermal energy storage in countries in South & Central America. Changing energy domain scenarios and growing approach toward energy security are anticipated to boost the thermal energy storage demand across the region in the coming years. Brazil is leading the market for thermal energy storage and is anticipated to remain the same in the coming years. The growing focus on increasing the share of renewables in the overall energy mix and aiming toward achieving net zero carbon emission targets are a few driving factors for the thermal energy storage market. At COP26, Brazil declared its long-term goal to achieve net-zero emissions by 2050 and a 50% carbon emissions reduction plan by 2030. Energy policy in Brazil mainly highlights renewable energy generation, specifically in transportation and electricity sectors. The country is still implementing and initiating plans, policies, and mandates to achieve a sustainable approach toward climate change and working toward influencing the end users for opting renewables instead of conventional energy sources. Increased demand for storing the energy produced from renewable sources for use in the time of requirement and cost-efficient approaches for storage are boosting the growth of the thermal energy storage market in Brazil.
The South & Central America thermal energy storage market is segmented into technology, storage material, application, end user, and country.
Based on technology, the South & Central America thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held the largest share of the South & Central America thermal energy storage market in 2022.
Based on storage material, the South & Central America thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held the largest share of the South & Central America thermal energy storage market in 2022.
Based on application, the South & Central America thermal energy storage market is segmented into power generation, process heating and cooling, and district heating and cooling. The district heating and cooling segment held the largest share of the South & Central America thermal energy storage market in 2022.
Based on end user, the South & Central America thermal energy storage market is segmented into utility and nonutility. The utility segment held a larger share of the South & Central America thermal energy storage market in 2022.
Based on country, the South & Central America thermal energy storage market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America thermal energy storage market in 2022.
Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Evapco Inc, and MAN Energy Solutions SE are some of the leading companies operating in the South & Central America thermal energy storage market.
Strategic insights for the South & Central America Thermal Energy Storage provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1,630.37 Million |
| Market Size by 2030 | US$ 3,851.69 Million |
| Global CAGR (2022 - 2030) | 11.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | South and Central America
|
| Market leaders and key company profiles |
The geographic scope of the South & Central America Thermal Energy Storage refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The South & Central America Thermal Energy Storage Market is valued at US$ 1,630.37 Million in 2022, it is projected to reach US$ 3,851.69 Million by 2030.
As per our report South & Central America Thermal Energy Storage Market, the market size is valued at US$ 1,630.37 Million in 2022, projecting it to reach US$ 3,851.69 Million by 2030. This translates to a CAGR of approximately 11.3% during the forecast period.
The South & Central America Thermal Energy Storage Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South & Central America Thermal Energy Storage Market report:
The South & Central America Thermal Energy Storage Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Thermal Energy Storage Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Thermal Energy Storage Market value chain can benefit from the information contained in a comprehensive market report.
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