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.
Europe thermal energy storage market is set to witness strong growth in the coming years. As per European Association for the Storage of Energy, 50% of all final consumed energy in Europe is used to heat buildings or water. Out of this, 85% still comes from fossil fuels, hinting toward the potential opportunities which are yet unexplored in the region. Add to this, the regulatory landscape aggressively boosting the demand for renewable integration to attain the vision of a decarbonized economy will further provide a substantial impetus to Europe thermal energy storage market.
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The energy-saving potential by deployment of this technology is vivid globally, although the rate of penetration of thermal energy storage market varies with different geographies. A series of parameters including the demand ratio, regulatory mix, and infrastructure support are some of the vital parameters responsible for the change of dynamics related to thermal energy storage market expansion across the regional spectrum.
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.
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.
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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.
In a nutshell, it is rather evident from the aforementioned facts and trends, that although the TES technology has penetrated appreciably at a global scale, its full potential is yet to be explored. A trend that is anticipated to change and characterize the dynamics of thermal energy storage market is the high technological developments and R&D investments focusing toward energy efficiency and environment sustainability. In terms of profitability matrix, analysts project the worldwide thermal energy storage industry to surpass a revenue of USD 55 billion by 2024.
Table Of Content For This Research Report:
Chapter 6 Thermal Energy Storage Market, By Application
6.1 Thermal energy storage market share by application, 2017 & 2024
6.2 Power generation
6.2.1 Global market from power generation, 2013 – 2024
6.2.2 Global market from power generation, by region, 2013 – 2024
6.3 District heating & cooling
6.3.1 Global market from district heating & cooling, 2013 – 2024
6.3.2 Global market from district heating & cooling, by region, 2013 – 2024
6.4 Process heating & cooling
6.4.1 Global market from process heating & cooling, 2013 – 2024
6.4.2 Global market from process heating & cooling, by region, 2013 – 2024
Chapter 7 Thermal Energy Storage Market, By End-Use
7.1 Thermal energy storage market share by end-use, 2017 & 2024
7.2 Residential & Commercial
7.2.1 Global market from residential & commercial, 2013 – 2024
7.2.2 Global market from residential & commercial, by region, 2013 – 2024
7.3.1 Global market from industrial, 2013 – 2024
7.3.2 Global market from industrial, by region, 2013 – 2024
7.4.1 Global market from utility, 2013 – 2024
7.4.2 Global market from utility, by region, 2013 – 2024
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