Thermal Energy Storage Market is Increasing Rapidly in 2017 – 2025

Global Thermal Energy Storage Market: Overview 

Thermal energy storage systems consist of an insulating medium or combination of media that can hold on to captured heat for long periods. Thus, thermal energy systems are essentially thermal batteries that store energy in terms of temperature difference instead of potential difference.

The rising awareness regarding the adverse effects of the use of greenhouse gases for energy generation has been one of the key drivers for the global thermal energy storage market in the recent past. While the use of renewable sources of energy has picked up steam in recent years, the renewable energy sector faces a considerable problem in the lack of consistent energy production from renewable energy sources. Thermal energy storage has been mooted as a solution in this regard and is likely to become a key part of the global renewable energy market in the coming years.

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Global Thermal Energy Storage Market: Key Trends 

The rising use of combined energy generation units, wherein energy is harnessed from two or more renewable sources simultaneously, is a prime driver for the global thermal energy storage market. Solar and wind energy generation can usually be conducted on the same site and often on the same device. However, both solar and wind energy suffer from the lack of a reliable energy storage mechanism, as both energy sources are available infrequently. A rising number of residential as well as commercial consumers, particularly in developed countries, have started to install combined energy generation systems on their own land, which is likely to drive the demand for thermal energy storage systems in the coming years.

Utilities distributors are also playing an important role in the development of the global thermal energy storage market. While the use of smart grids will help distributors provide utilities uniformly, the installation of thermal energy storage can help further smoothen the process.

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On the other hand, despite the steady rise in the demand from the thermal energy storage market, the high cost of thermal energy storage technology is likely to hamper the growth of the market to some extent. Despite the rising demand for thermal energy storage technologies from the utilities sector, the thermal energy storage industry needs to achieve parity with other non-storage options.

Global Thermal Energy Storage Market: Market Potential 

Due to the high costs of developing and installing thermal energy storage systems, the market needs government support to enable widespread adoption. Developed countries such as the U.S. are likely to be at the forefront, with Maryland becoming the first American state to incentivize the use of energy storage with tax credits. The bill was passed in April 2017 and could be the first step in establishing a well-maintained and efficient power storage and distribution infrastructure that takes into account the variety of energy sources used in a modern economy.

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Global Thermal Energy Storage Market: Geographical Dynamics 

The global thermal energy storage market is expected to be dominated by the Middle East and Africa (MEA) in the coming years, as the region receives abundant solar power and is also home to a power-intensive industrial sector. Europe and Asia Pacific could also play key roles in the growth of the global thermal energy storage market in the coming years due to the rising emphasis on solar power in both regions.

Global Thermal Energy Storage Market: Competitive Dynamics 

The report also discusses the competitive landscape of the global thermal energy storage market in detail by profiling the leading players operating in it. The key companies examined in the report include Ice Energy, Calmac, SolarReserve LLC, and Abengoa Solar.

Thermal Energy Storage Benefits from Rising Combined Energy Generation

San Francisco, California, January 29, 2018 – The global thermal energy storage market is foretold to become increasingly popular due to the lack of the consistency in energy production with the use of renewable sources. In this light, thermal energy storage has become an integral portion of the renewable energy market as it is mooted as one of the most effective solutions. In a report, TMR Research prognosticates the demand for thermal energy storage to increase on the back of the swelling awareness about the negative effects of using greenhouse gases for generating energy. The report is titled “Thermal Energy Storage Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.”

The world thermal energy storage market is foreseen to gain impetus while riding on the escalating usage of combined energy generation units which are used to harness energy simultaneously from two or more renewable sources. Wind and solar energy generation could be generally performed using the same device and site. However, the absence of a dependable mechanism for energy storage due to the infrequent availability of both the sources of energy could raise questions about the effectiveness of wind and solar energy generation. As a result, combined energy generation systems are expected to be commonly installed by an increasing count of commercial and residential consumers, especially in developed economies.

The world thermal energy storage market is anticipated to gain support in its development due to the vital role played by utilities distributors. Thermal energy storage could help utilities distributors to smoothen their business process apart from the use of smart grids. However, the lack of parity with other non-storage alternatives could cause the growth of the market to dwindle, despite the increasing demand in the utilities sector. Furthermore, the high cost of adoption is predicted to adversely reflect on market growth. Nonetheless, government support in the form of incentives could help the market to make a strong comeback in the face of the current challenges.

Maryland is the first U.S. state to incentivize the usage of energy storage in the form of tax credits. This is expected to be one of the first steps toward the establishment of an efficient and a well-maintained power distribution and storage infrastructure. Such an infrastructure could take into consideration a wide array of energy sources engaged in a contemporary economy. The Middle East and Africa (MEA), which roofs a power-intensive industrial sector, is prophesied to take the lead in the international thermal energy storage market. The MEA could take advantage of the abundant solar power it receives naturally.

Asia Pacific and Europe, on the other hand, are forecast to make their presence known in the international thermal energy storage market because of the growing focus on solar power. The report provides an encyclopedic account of the regional segmentation of the market, keeping in view the growth prospects of each region studied. The analysts also provide important market figures to help readers to gauge the potential of different regions of the market.

Some of the prominent players of the international thermal energy storage market are Abengoa Solar, SolarReserve LLC, CALMAC, and Ice Energy. The competitive landscape of the market is studied in detail by the report authors with a special focus on company profiling. On the whole, the report comes out as an effective guideline for readers to evaluate their progress in the market and plan profit-making strategies to ensure consistency in their growth.

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