Feb. 6, 2013: Thermal Energy Storage Market to Reach $3.6 Billion Worldwide by 2020
BOULDER, Colo. — Thermal energy storage (TES) systems are increasingly seen as an effective means of shifting electricity use from daytime peak periods to less expensive periods of the day or at night, saving money and increasing overall system efficiency. According to a report from Pike Research, a part of Navigant’s Energy Practice, total revenue from worldwide sales of thermal energy storage will grow steadily over the remainder of this decade, reaching $3.6 billion by 2020.
“Thermal energy storage has strong potential in markets such as the European Union, which have a heavy emphasis on energy efficiency initiatives and rising levels of renewable energy generation,” said research director Kerry-Ann Adamson. “Growth is also expected in the less regulated U.S. market, however, where industry representatives project as much as a quarter of a billion dollars of investment in TES, if pending legislation is passed by Congress.”