News Contact Us

Thermal Energy Storage Market 2020 – 2024 | Trends Outlook, Opportunity and Demand Analysis

Author : Ronak Bora | Published Date : 2020-09-08 

Thermal Energy Storage Market was valued over USD 16 billion and is set to witness cumulative deployment of over 13,000 MW by 2024. Growing demand for Concentrated Solar Power (CSP) owing to fuel independency along with favorable government measures toward the adoption of renewable based power generation will drive the market. In addition, rising demand for reliable and uninterrupted power supply coupled with the ongoing efforts for the improvement of energy efficiency will further complement the industry landscape.

Thermal energy storage market by molten salt, in 2017 was valued over USD 9 billion. Rising consumer focus toward energy efficiency complemented by the implementation of energy storage programs will positively influence the industry growth. Increasing demand for large scale energy storage across various commercial and industrial establishments along with the adoption of CSP plants will further stimulate the product penetration.

Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/2589

With heavy R&D investments and high fuel costs, U.S. thermal energy storage market is estimated to register a lucrative growth chart over the coming years. In the year 2017, nearly 41.8MW of energy storage systems were installed across the region, which accounted for 46% of y-o-y growth. In addition, reportedly, 14 U.S. states have deployed around 2GW of energy storage into Integrated Resource Planning (IRP), highlighting the growing popularity of energy storage technology in the region. As per a report by Global Market Insights, U.S. thermal energy storage market share stood at USD 6 billion in 2017.

With heating and cooling using approximately half of Europe’s energy, the demand of thermal energy storage industry in the region is estimated to be substantially high over the coming years. As per European Association for the Storage of Energy, 50% of all final consumed energy in Europe is used to heat buildings or water. Out of this, 85% still comes from fossil fuels, hinting toward the potential opportunities which are yet unexplored in the region. Add to this, the regulatory landscape aggressively boosting the demand for renewable integration to attain the vision of a decarbonized economy will further provide a substantial impetus to Europe thermal energy storage market.

With the expanding infrastructure sector and rapid economic development, China is slated to be yet another profitable avenue for the thermal energy storage market players. The region is actively investing in energy storage technologies with a vision to meet its energy as well as environmental sustainability demands. Reportedly in the first half of 2018, Henan, Qinghai, Jiangsu, and Guangdong provinces declared the construction of energy storage projects of varied capacities totaling 340.5 MW. In yet another instance, Suunpower, China’s CSP developer last year signed a partnership deal with Norway’s EnergyNest to deploy TES systems in China. The EnergyNest system would facilitate an affordable and eco friendly energy generation eliminating the hazardous impact of coal combustion on the environment.

Advancements in the materials and manufacturing technology for the development and deployment of storage systems will drive the thermal energy storage market. Enhanced efforts to limit the fuel-based power generation complemented by the introduction of solar power generation schemes across developing economies will further enhance the product penetration.

Request for customization @ https://www.gminsights.com/roc/2589

Notable industry players in the thermal energy storage market comprise of: SolarReserve, TAS Energy, Abengoa Solar, Cryogel, Ice Energy, Tessol, Steffes Corporation, Baltimor Aircoil Company, Burns & McDonnell, Fafco, Evapco, Caldwell Energy, Goss Engineering, DN Tanks and BrightSource Energy amongst others.

Table of Contents (ToC) of the report:

Chapter 1    Methodology & Scope

1.1    Methodology

1.2    Market definitions

1.3    Market estimation & forecast parameters

1.4    Abbreviations

1.5    Data Sources

1.5.1    Primary

1.5.2    Secondary    Paid Sources    Public Sources

Chapter 2    Executive Summary

2.1    Thermal energy storage market 3600 synopsis, 2013 – 2024

2.1.1    Business trends

2.1.2    Storage material trends

2.1.3    Technology trends

2.1.4    Application trends

2.1.5    End-use trends

2.1.6    Regional trends

Chapter 3    Thermal Energy Storage Market Insights

3.1    Industry segmentation

3.2    Industry landscape, 2013 – 2024 (USD Million)

3.3    Industry ecosystem analysis

3.3.1    Vendor matrix

3.4    Key customer requirements

3.5    Entry barriers

3.6    Innovation & sustainability

3.7    Regulatory landscape

3.7.1    North America    U.S.    Federal Energy Regulatory Commission (FERC)   Order 841   Order 784-A   FERC Order 1000    Department of Energy   SunShot Initiative   Energy Storage Funding    California    Energy Storage Mandates and Rebates    Assembly Bill No. 2514    Order No. 792    Energy Storage Association (ESA)   Federal Policy   State Policy    National Grid Energy Storage Strategy    Self-Generation Incentive Program (SGIP)    California Assembly Bill 1150    Storage Act of 2011    Hawaii    HB 2618    SECTION 2: Chapter 235 “Energy storage; income tax credit”    New York    Incentive Program    New Jersey    New Jersey Clean Energy Program    Texas    Senate Bill 943    Project Number 39657    Project Number 39917    Project Number 39764    Canada    Energy Storage Procurement Framework

3.7.2    Europe    The Feed-in Tariff

3.7.3    Asia Pacific    China    China 13th Energy Technology Innovation Five Year Plan (2016-2020)   13th Five-Year-Plan (2016–2020) for solar development    CSP Goal    India    IREDA’S LOAN SCHEME FOR CSTs UNDER UNIDO-GEF-MNRE PROJECT    Japan    4th Strategic Energy Plan of Japan

3.7.4    Middle East & Africa    Saudi Arabia    National Renewable Energy Program    UAE    Energy Plan for 2050    Turkey    Renewable Energy Law 2010

3.7.5    Latin America    Chile    National Energy Policy 2050    Renewable Energy Target

3.8    Industry impact forces

3.8.1    Growth drivers    Rising deployment of concentrated solar power plants    Growing demand for Thermal Energy Storage (TES) technologies for comfort cooling    Favorable government incentives to promote the adoption of thermal energy storage systems

3.8.2    Industry pitfalls & challenges    High costs associated with TES systems

3.9    Thermal energy storage project list

3.10     Renewable energy storage trends & outlook

3.11     Growth potential analysis

3.12     Price trend analysis, by technology

3.13     Key customer requirements

3.14     Customer group requirement

3.15     Entry barriers

3.16     Porter’s analysis

3.17     Competitive landscape

3.17.1    Strategy Dashboard     Ice Energy     Collaboration     Program Launch     Partnership     Abengoa Solar S.A.     Partnership     SolarReserve, LLC     Agreement     Project     EVAPCO Inc.     Acquisition     FAFCO     Expansion     Dunham-Bush     Product Launch     Burns & McDonnell     Acquisition

3.17.2    Company market share, 2017

3.18     PESTEL Analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/thermal-energy-storage-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

Related News

North America intelligent vending machine market to Dominate Worldwide by 2026

Published Date: 2021-01-16         Author: Ronak Bora

With leading enterprises including Walmart, Nespresso, CVS, and their ilk piloting intelligent vending machines at multiple and diverse venues, the North American customers have been reaping the benefits of this smart technology. Backed by the rapid approval for coffee vending machines and tea vendi... Read More

North America healthcare information technology market to gain traction by 2024

Published Date: 2021-01-16         Author: Ronak Bora

Although the chaos resulting from the COVID-19 pandemic has been a bolt from the blue, the healthcare information technology (IT) market has been making the most of the opportunities arising from the adversity. The market for healthcare IT in North America is a fertile ground for significant growth,... Read More

North America healthcare 3D printing market to record surpass USD 850 million by 2024

Published Date: 2021-01-16         Author: Ronak Bora

Considered as one of the most modern niche verticals of medical device manufacturing sector, the North America healthcare 3D printing market has gained significant prominence in recent years with the advent of innovative technologies. The transformational shift from conventional manufacturing proces... Read More

© 2021 Fractovia. All Rights Reserved