HomeIndustry SectorsEnergy EfficiencyThermal Energy Storage Market to exceed $55bn by 2024

Thermal Energy Storage Market to exceed $55bn by 2024

Government-led initiatives toward increased renewable generation along with demand for uninterrupted power supply will bolster the thermal energy storage market, according to the latest study by Global Market Insights, Inc.

The study findings note that in 2017, the molten salt thermal energy storage market was valued over $9 billion.

“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,” the report summary notes.  

Adding that: “The U.S. thermal energy storage market, in 2017 was valued over $6 billion. Increasing funding toward research, design and development programmes coupled with high fuel costs will stimulate the industry size. In 2017, nearly 41.8MW of energy storage was installed across the region accounting for 46% of year-over-year growth. Further, utilities across 14 states have deployed around 2 gigawatts of energy storage into Integrated Resource Planning (IRP).” 

Increasing focus toward grid modernisation on account of growing energy demand, renewable integration and technological advancements will drive the thermal energy storage market size.

Increasing applicability across district heating and cooling systems along with rising demand for solar thermal systems will augment the sensible heat thermal energy storage market size. This storage technology will be driven by molten salt-based systems being installed in Concentrated Solar Power (CSP). Read more: DBSA energises local Independent Power Producers

China’s thermal energy storage market will grow as a result of high electricity prices together with increased development of renewable energy sources. In the first half of 2018, Jiangsu, Henan, Qinghai and Guangdong provinces announced the construction of energy storage projects with varying capacities totalling 340.5MW.

Sources: Ankit Gupta, Aditya Singh Bais

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