Sellbyville, DE -- (SBWIRE) -- 05/28/2019 -- Thermal Energy Storage Market in U.S. region 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).

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.

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Thermal energy storage market is gaining remarkable momentum lately as renewable energy sources gain a greater foothold in the energy system and the energy generated using renewable sources become a top priority if greenhouse gases emission is to be brought down to zero. All over the world, an immense effort is being put into the shifting away from traditional baseload energy sources, both by private and public entities, which has led to the development of efficient energy storage systems. Thermal energy storage industry has benefitted from such efforts as it is one of the most cost effective and efficient methods of energy storage.

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.

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.

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Thermal Energy Storage Market growth will be driven by rising demand for reliable and uninterrupted power supply coupled with the ongoing efforts for the improvement of energy efficiency. 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 storages market.

Speaking of the widespread application portfolio, utility and electricity generation is one of the most lucrative end-use arenas for the thermal energy storage market. The technology has gained massive popularity via its adoption in CSP plants where solar heat is stored to generate electricity that can be used at night, providing relatively affordable, cleaner, and uninterrupted power supply.

In terms of energy, the storage capabilities are evidently massive and some of the upcoming projects are good enough to dwarf Crescent Dunes. Thermal energy storage market has found to be gaining significant boost in Chile, Australia, the Middle East and South Africa where the government has mandated the attachment of such levels of storage with CSP. California, with its target of reaching 50% renewable energy by 2030 has also come to acknowledge the benefits of bulk storage offered by molten salt thermal energy storage facilities. However the biggest molten salt thermal energy storage industry will possibly be China which has a massive energy demand and is taking major interest in CSP development. China is in fact planning 1.3 GW of capacity across 21 projects and has joined forces with companies in the Middle East to realize the development.

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