As per a recent industry report put forward by Global Market Insights Inc., the thermal energy storage market is forecast to register its name in the billion-dollar fraternity down the line of six years, by exceeding a revenue of $55 billion by 2024, with a projected compound annual growth rate of 18.5 percent over 2018-2024.

Axiom Energy has been honored with a Gold Stevie® Award for Energy Innovation in the 15^th annual American Business Awards. The award recognized Axiom for its Refrigeration Battery, one of which is operating at a Whole Foods Market in Los Altos, California. According to Axiom Energy, other Refrigeration Batteries are scheduled for installation at a Walmart store in San Diego and planned for utilization by Con Edison in its Brooklyn and Queens New York territories.

According to a new market research report, "The Thermal Energy Storage Market, By Technology, Storage Material, Application, End-User, and Region - Global Forecast To 2022," published by MarketsandMarkets, the market is expected to grow from an estimated $3.67 billion in 2017 to $6.20 billion by 2022, registering a compound annual growth rate (CAGR) of 11 percent from 2017 to 2022.

Viking Cold Solutions, a supplier of thermal energy storage systems, announced that a Southern California utility, along with an independent third party energy management firm, ASWB Engineering, completed a field demonstration study of the Viking Cold thermal energy storage (TES) system.