Insights into Thermal Energy Storage Market and it’s growth outlook
Category: #Technology  By Rahul Varpe  Date: 2021-03-29
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Insights into Thermal Energy Storage Market and it’s growth outlook

Thermal Energy Storage Market in 2017, was valued over USD 16 billion and is set to witness cumulative deployment of over 13,000 MW by 2024. Growing demand for Concentrated Solar Power (CSP) owing to fuel independency along with favorable government measures toward the adoption of renewable based power generation will drive the thermal energy storage market. In addition, rising demand for reliable and uninterrupted power supply coupled with the ongoing efforts for the improvement of energy efficiency will further complement the industry landscape.

Thermal energy storage market by molten salt, in 2017 was valued over USD 9 billion. Rising consumer focus toward energy efficiency complemented by the implementation of energy storage programs will positively influence the industry growth. Increasing demand for large scale energy storage across various commercial and industrial establishments along with the adoption of CSP plants will further stimulate the product penetration.

Advancements in the materials and manufacturing technology for the development and deployment of storage systems will drive the thermal energy storage market. Enhanced efforts to limit the fuel-based power generation complemented by the introduction of solar power generation schemes across developing economies will further enhance the product penetration.

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Increasing stringency toward limiting carbon footprint coupled with rising focus on sustainable technology adoption will stimulate the thermal energy storage market growth. Furthermore, rising demand for energy storage technologies on account of mitigating the power demand and supply mismatch will propel the business landscape.

The U.S. thermal energy storage market was over USD 6 billion in 2017. Consumer awareness and inclination toward renewable based power generation along with massive investments toward research & development programs will accelerate the industry growth. In 2017, the country accounted for the installation of energy storage systems of around 41.8-megawatt capacity, depicting 46% year-on-year growth. In addition, utilities through 14 states employed energy storage of nearly 2 gigawatts under Integrated Resource Planning (IRP).

Government focus toward the provision of cost efficient and uninterrupted power supply along with surging demand from remote and off grid areas will boost the thermal energy storage market. Increasing demand for HVAC systems coupled with ongoing investments toward infrastructure development will further complement the industry landscape.

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China thermal energy storage market is set to grow on account of government incentives to promote the adoption of renewable energy sources. Introduction of sizeable solar farms to meet the growing energy consumption along with the implementation of CSP pilot projects to encourage energy efficiency will stimulate the industry outlook. In 2018, Henan, Jiangsu, Guangdong and Qinghai provinces announced the introduction of energy storage projects of variable capacity equaling 340.5 megawatt.

Notable industry players in the thermal energy storage market comprise of: SolarReserve, TAS Energy, Abengoa Solar, Cryogel, Ice Energy, Tessol, Steffes Corporation, Baltimor Aircoil Company, Burns & McDonnell, Fafco, Evapco, Caldwell Energy, Goss Engineering, DN Tanks and BrightSource Energy amongst others.

Table Of Content

Chapter 1    Methodology & Scope

1.1    Methodology

1.2    Market definitions

1.3    Market estimation & forecast parameters

1.4    Abbreviations

1.5    Data Sources

1.5.1    Primary

1.5.2    Secondary    Paid Sources    Public Sources

Chapter 2    Executive Summary

2.1    Thermal energy storage market 3600 synopsis, 2013 – 2024

2.1.1    Business trends

2.1.2    Storage material trends

2.1.3    Technology trends

2.1.4    Application trends

2.1.5    End-use trends

2.1.6    Regional trends

Chapter 3    Thermal Energy Storage Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2013 – 2024 (USD Million)

3.3    Industry ecosystem analysis

3.3.1    Vendor matrix

3.4    Key customer requirements

3.5    Entry barriers

3.6    Innovation & sustainability

3.7    Regulatory landscape

3.7.1    North America    U.S.    Federal Energy Regulatory Commission (FERC)   Order 841   Order 784-A   FERC Order 1000    Department of Energy   SunShot Initiative   Energy Storage Funding    California    Energy Storage Mandates and Rebates    Assembly Bill No. 2514    Order No. 792    Energy Storage Association (ESA)   Federal Policy   State Policy    National Grid Energy Storage Strategy    Self-Generation Incentive Program (SGIP)    California Assembly Bill 1150    Storage Act of 2011    Hawaii    HB 2618    SECTION 2: Chapter 235 “Energy storage; income tax credit”    New York    Incentive Program    New Jersey    New Jersey Clean Energy Program    Texas    Senate Bill 943    Project Number 39657    Project Number 39917    Project Number 39764    Canada    Energy Storage Procurement Framework

3.7.2    Europe    The Feed-in Tariff

3.7.3    Asia Pacific    China    China 13th Energy Technology Innovation Five Year Plan (2016-2020)   13th Five-Year-Plan (2016–2020) for solar development    CSP Goal    India    IREDA’S LOAN SCHEME FOR CSTs UNDER UNIDO-GEF-MNRE PROJECT    Japan    4th Strategic Energy Plan of Japan

3.7.4    Middle East & Africa    Saudi Arabia    National Renewable Energy Program    UAE    Energy Plan for 2050    Turkey    Renewable Energy Law 2010

3.7.5    Latin America    Chile    National Energy Policy 2050    Renewable Energy Target

3.8    Industry impact forces

3.8.1    Growth drivers    Rising deployment of concentrated solar power plants    Growing demand for Thermal Energy Storage (TES) technologies for comfort cooling    Favorable government incentives to promote the adoption of thermal energy storage systems

3.8.2    Industry pitfalls & challenges    High costs associated with TES systems

3.9    Thermal energy storage project list

3.10     Renewable energy storage trends & outlook

3.11     Growth potential analysis

3.12     Price trend analysis, by technology

3.13     Key customer requirements

3.14     Customer group requirement

3.15     Entry barriers

3.16     Porter’s analysis

3.17     Competitive landscape

3.17.1    Strategy Dashboard     Ice Energy     Collaboration     Program Launch     Partnership     Abengoa Solar S.A.     Partnership     SolarReserve, LLC     Agreement     Project     EVAPCO Inc.     Acquisition     FAFCO     Expansion     Dunham-Bush     Product Launch     Burns & McDonnell     Acquisition

3.17.2    Company market share, 2017

3.18     PESTEL Analysis

About Author

Rahul Varpe    

Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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