Global Market Insights, Inc. has released a new research study on thermal energy storage market Analysis 2018-2023 inclusive of one or more factors covering regional opportunities, application landscape, product demand trends, and end-use portfolio of the industry over the forecast timeframe. The report also outlines the competitive framework of the industry detailing the SWOT analysis and market share dominance of the prominent players.
Thermal Energy Storage Market growth will be driven by rising demand for reliable and uninterrupted power supply coupled with the ongoing efforts for the improvement of energy efficiency. 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 thermal energy storage industry.
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Speaking of the widespread application portfolio, utility and electricity generation is one of the most lucrative end-use arenas for the thermal energy storage market. The technology has gained massive popularity via its adoption in CSP plants where solar heat is stored to generate electricity that can be used at night, providing relatively affordable, cleaner, and uninterrupted power supply.
Thermal energy storage market is gaining remarkable momentum lately as renewable energy sources gain a greater foothold in the energy system and the energy generated using renewable sources become a top priority if greenhouse gases emission is to be brought down to zero. All over the world, an immense effort is being put into the shifting away from traditional baseload energy sources, both by private and public entities, which has led to the development of efficient energy storage systems. Thermal energy storage industry has benefitted from such efforts as it is one of the most cost effective and efficient methods of energy storage.
The energy-saving potential by deployment of this technology is vivid globally, although the rate of penetration of thermal energy storage market varies with different geographies. A series of parameters including the demand ratio, regulatory mix, and infrastructure support are some of the vital parameters responsible for the change of dynamics related to thermal energy storage industry expansion across the regional spectrum.
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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.
Increasing stringency toward limiting carbon footprint coupled with rising focus on sustainable technology adoption will stimulate the thermal energy storage market growth. Furthermore, rising demand for energy storage technologies on account of mitigating the power demand and supply mismatch will propel the business landscape.
China thermal energy storage market is set to grow on account of government incentives to promote the adoption of renewable energy sources. Introduction of sizeable solar farms to meet the growing energy consumption along with the implementation of CSP pilot projects to encourage energy efficiency will stimulate the industry outlook. In 2018, Henan, Jiangsu, Guangdong and Qinghai provinces announced the introduction of energy storage projects of variable capacity equaling 340.5 megawatt.
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