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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