The global thermal energy storage market size will surpass $55 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Favorable government initiatives toward renewable energy based power generation along with increasing demand for uninterrupted power supply will augment the thermal energy storage market.
In addition, increasing customer focus toward energy efficiency coupled with the implementation of energy storage plans will further complement the industry landscape.
Molten salt thermal energy storage market, in 2017 was valued over $9 billion. Surging demand for large scale storage capacity across the industrial and commercial establishments along with rising deployment of CSP plants will increase the product penetration.
Further, limited heat loss coupled with the ability to provide superheated steam are some of the underlying features stimulating the product adoption across various applications.
Recent advancements in storage materials and manufacturing will improve the economics of storage and thus will positively influence the thermal energy storage market.
Further, the need for technologies to accommodate supply and demand mismatch on account of improving the profitability of infrastructure investments will increase the product adoption.
The US thermal energy storage market, in 2017 was valued over $6 billion. Increasing funding toward research, design and development programs coupled with high fuels costs will stimulate the industry size.
In 2017, nearly 41.8MW of energy storage were installed across the region accounting for 46% of year-over-year growth. Further, utilities across 14 states have deployed around 2GW of energy storage into Integrated Resource Planning.
Increasing focus toward grid modernization on account of growing energy demand, renewable integration and technological advancements will drive the thermal energy storage market size.
Rising demand for HVAC systems complemented by on-going investments toward the infrastructure development will accelerate the business growth.
Increasing applicability across district heating and cooling systems along with rising demand for solar thermal systems will augment the sensible heat thermal energy storage market size.
This storage technology will be driven by molten salt-based systems being installed in Concentrated Solar Power (CSP). Relatively simpler designs and rapidly decreasing levelised cost of electricity will accelerate the business growth.
China thermal energy storage market will witness growth on account of high electricity prices along with rapid development of renewable energy sources.
Increasing energy demand owing to high economic growth coupled with increasing investments toward energy storage will fuel the product penetration.
In the first half of 2018, Jiangsu, Henan, Qinghai and Guangdong provinces announced the construction of energy storage projects with varying capacities totaling 340.5MW.
Authors: Ankit Gupta, Aditya Singh Bais