Rise in Electrical Disturbances in the Power Grid Has Created Demand for Thermal Energy Storage
April 30, 2015
The growing demand for uninterrupted power supply has resulted in the growth of the global thermal energy storage market, which is expected to post a compound annual growth rate (CAGR) of 18.7 percent from 2015-2019, according to research firm Technavio.
Thermal energy storage systems are increasingly seen as an effective means of shifting electricity use from daytime peak periods to off-peak times, saving money and increasing overall system efficiency. According to a report from Pike Research, total revenue from worldwide sales of thermal energy storage will grow steadily, reaching $3.6 billion by 2020.
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