Thermal Energy Storage Market to cross USD 55 Billion to witness 18.5% CAGR from 2018 to 2024
Global Thermal Energy Storage Market is set to grow from its current market value of more than $16 billion to over $55 billion by 2024; according to a new research report by Global Market Insights, Inc.
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 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.
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.
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.
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.
The U.S. thermal energy storage market was over USD 6 billion in 2017. Consumer awareness and inclination toward renewable based power generation along with massive investments toward research & development programs will accelerate the industry growth. In 2017, the country accounted for the installation of energy storage systems of around 41.8-megawatt capacity, depicting 46% year-on-year growth. In addition, utilities through 14 states employed energy storage of nearly 2 gigawatts under Integrated Resource Planning (IRP).
Government focus toward the provision of cost efficient and uninterrupted power supply along with surging demand from remote and off grid areas will boost the thermal energy storage market. Increasing demand for HVAC systems coupled with ongoing investments toward infrastructure development will further complement the industry 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.