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Thermal Energy Storage Market - Rising Demand and Business Growth Outlook over 2020- 2024

Author : Ronak Bora | Published Date : 2020-08-24 

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.

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With the expanding infrastructure sector and rapid economic development, China is slated to be yet another profitable avenue for the thermal energy storage industry 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.

Thermal Energy Storage Market in 2017, 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.

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.

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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 4    Thermal Energy Storage Market, By Storage Material

4.1    Thermal energy storage industry share by storage material, 2017 & 2024

4.2    Water

4.2.1    Global market from water, 2013 – 2024

4.2.2    Global market from water, by region, 2013 - 2024

4.3    Molten salt

4.3.1    Global market from molten salt, 2013 – 2024

4.3.2    Global market from molten salt, by region, 2013 - 2024

4.4    PCM

4.4.1    Global market from PCM, 2013 – 2024

4.4.2    Global market from PCM, by region, 2013 - 2024

4.5    Others

4.5.1    Global market from others, 2013 – 2024

4.5.2    Global market from others, by region, 2013 - 2024

Chapter 5    Thermal Energy Storage Market, By Technology

5.1    Thermal energy storage industry share by technology, 2017 & 2024

5.2    Sensible heat

5.2.1    Global market from Sensible heat, 2013 – 2024

5.2.2    Global market from Sensible heat, by region, 2013 - 2024

5.3    Latent heat

5.3.1    Global market from latent heat, 2013 – 2024

5.3.2    Global market from latent heat, by region, 2013 - 2024

5.4    Thermochemical

5.4.1    Global market from thermochemical, 2013 – 2024

5.4.2    Global market from thermochemical, by region, 2013 - 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.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

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