LONDON — 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.
A rise in electrical disturbances in the power grid has created a demand for thermal energy storage systems. Installation of these systems helps reduce power disturbances considerably as large-scale grid storage prevents intermittence by providing stored electricity during power shortages.
“The decentralization of power generation using various renewable energy resources can curb many grid failures and help in developing green solutions,” said Faisal Ghaus, vice president of Technavio.
The report also highlights vendors who are focusing on upgrading their technology to increase the energy storing capacity of storage systems. Vendors in the United States and China are investing in such technologies as ice energy storage, efficient storage batteries, power grid capacitors, and compressed air energy storage (CAES).
“The adoption of electric vehicles will trigger innovations in electric vehicle storage technology. Therefore, the rising investment in advanced energy storage technologies will fuel the growth of the global thermal energy storage market through the projected period,” said Ghaus.
For more information on the market report, click here.
Publication date: 4/27/2015