Worldwide thermal energy storage market size is expected to exceed 13,000 MW by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Rising demand for CSPs (Concentrated Solar Power) due to fuel independency, coupled with favorable government initiatives towards the adoption of renewable resource-based power generation is fueling the growth of thermal energy storage market. Furthermore, growing demand for uninterrupted and reliable power supply, along with the constant efforts for the enhancement of energy efficiency will complement the industry landscape.
According to the report, advancements in manufacturing technology and materials for the deployment of storage systems is fueling thermal energy storage market growth. Improved efforts to limit the fuel-based power generation, in consort with the introduction of solar power generation schemes in emerging economies will boost product deployment.
In addition, growing strictness towards limiting carbon footprint along with increasing focus on sustainable technology adoption will trigger thermal energy storage market growth. Surging demand for energy storage technologies on the grounds of mitigating the power supply and demand mismatch will aid the market growth.
Considering the storage material spectrum, thermal energy storage market from molten salt segment was worth US $9 billion in 2017. Growing customer focus towards energy efficiency augmented by the implementation of energy storage programs will positively influence the market growth. Another factor contributing towards the segmental growth is the rising demand for large scale energy storage across several industrial and commercial establishments.
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Based on the regional landscape, the U.S. thermal energy storage market accounted for US $6 billion revenue in 2017. Customer awareness and preference for renewable power generation, coupled with large investments towards R&D programs will boost the regional market growth. Furthermore, thermal energy storage market in China is estimated to increase on account of government incentives to promote the adoption of renewable energy sources.
The prominent companies operating in the thermal energy storage market include BrightSource Energy, Solar Reserve, DN Tanks, TAS Energy, Goss Engineering, Abengoa Solar, Caldwell Energy, Cryogel, Evapco, Ice Energy, Fafco, Tessol, Burns & McDonnell, Steffes Corporation, and Baltimor Aircoil Company.