SELBYVILLE, Del. — As per a recent industry report put forward by Global Market Insights Inc., the thermal energy storage market is forecast to register its name in the billion-dollar fraternity down the line of six years, by exceeding a revenue of $55 billion by 2024, with a projected compound annual growth rate of 18.5 percent over 2018-2024.
Favorable government initiatives toward renewable energy-based power generation, along with increasing demand for uninterrupted power supply, will augment the thermal energy storage market. In addition, increasing customer focus toward energy efficiency, coupled with the implementation of energy storage plans, will further complement the industry landscape.
The molten salt thermal energy storage market was valued over $9 billion in 2017. Surging demand for large-scale storage capacity across the industrial and commercial establishments along with rising deployment of CSP plants will increase the product penetration. Further, limited heat loss coupled with the ability to provide superheated steam are some of the underlying features stimulating the product adoption across various applications.
Recent advancements in storage materials and manufacturing will improve the economics of storage and positively influence the thermal energy storage market. Further, increasing need for technologies to accommodate supply and demand mismatch, on account of improving the profitability of infrastructure investments, will increase the product adoption.
The U.S. thermal energy storage market was valued over $6 billion in 2017. Increasing funding toward research, design, and development programs, coupled with high fuels costs, will stimulate the industry size. In 2017, nearly 41.8 megawatts of energy storage were installed across the region, accounting for 46 percent of year-over-year growth.
Increasing focus toward grid modernization on account of growing energy demand, renewable integration, and technological advancements will drive the thermal energy storage market size.
Rising demand for HVAC systems, complemented by ongoing investments toward the infrastructure development, will accelerate the business growth.
Publication date: 4/4/2019