Thermal Energy Storage Market - Detailed Analysis of Current Industry Figures with Forecasts Growth By 2024
Category: #business  By Ashwin Naphade  Date: 2019-09-12
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Thermal Energy Storage Market - Detailed Analysis of Current Industry Figures with Forecasts Growth By 2024

MarketStudyReport.com Adds New Thermal Energy Storage Market 2018- 2024 research report providing information and By Storage, By Technology, By Application, By End-Use, Industry Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast spreading across 425 Pages with table and figures in it.

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.

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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.

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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 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.

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.

Table of Content:

Chapter 1    Methodology & Scope

 

Chapter 2    Executive Summary

 

Chapter 3    Thermal Energy Storage Industry Insights

 

Chapter 4    Thermal Energy Storage Market, By Storage Material

 

Chapter 5    Thermal Energy Storage Market, By Technology

 

Chapter 6    Thermal Energy Storage Market, By Application

 

Chapter 7    Thermal Energy Storage Market, By End-Use

 

Chapter 8    Thermal Energy Storage Market, By Region

 

Chapter 9    Company Profiles

 

More Details on this Report at: https://www.marketstudyreport.com/reports/thermal-energy-storage-market  

 

Related Reports: -

Global Molten Salt Thermal Energy Storage (TES) Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023

Concentrated Solar Power (CSP) (also called concentrating solar power, concentrated solar thermal, and CSP) systems generate solar power by using mirrors or lenses to concentrate a large area of sunlight, or solar thermal energy, onto a small area. Electricity is generated when the concentrated light is converted to heat, which drives a heat engine (usually a steam turbine) connected to an electrical power generator or powers a thermochemical reaction.

https://www.marketstudyreport.com/reports/global-molten-salt-thermal-energy-storage-tes-market-2018-by-manufacturers-regions-type-and-application-forecast-to-2023?utm_source=RR-AN

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About Author

Ashwin Naphade    

Ashwin Naphade

Ashwin is into digital marketing since the last 2 years and has worked on multiple projects across various industries. He likes posting information and knowledge on multiple topics with an objective to create online visibility as well as share his inputs. His interest...

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