The global thermal energy storage
market is expected to reach USD 12.50 billion by 2025, according
to a new report by Grand View Research, Inc. Increasing demand for access to
efficient and cost competitive energy sources is expected to favor market
growth.
Thermal energy storage is
considered to be the primary renewable option for electricity generation. Heat
stored by short term and seasonal thermal energy storage systems are extremely
helpful in balancing the variations in renewable electricity production &
distribution, in a cost effective manner. It causes no adverse impact on the
environment and is a sustainable source of energy.
The renewable energy demand has
increased from various countries including, the U.S., South Africa, Saudi
Arabia, Brazil, China, and India. The governments of these countries are trying
to derive solutions & technologies to store the generated energy from
renewable sources such as tides, wind, biomass, and sun. The rising demand from
these regions coupled with the novel product development by industry
participants is expected to drive market growth over the forecast period.
A large number of energy storage
equipment manufacturers & service providers are involved in the adoption of
various strategies such as new product developments, partnerships, agreements,
collaborations, and joint ventures in order to increase market penetration and
cater to the changing technological requirements of different end-use
applications in the region.
U.S. thermal energy storage market revenue by type, 2014
- 2025 (USD Billion)
Browse full research
report on Thermal Energy Storage Market: http://www.grandviewresearch.com/industry-analysis/thermal-energy-storage-market
Further Key Findings From the Study Suggest:
- In terms of
technology, molten salt technology is expected to follow an anticipated
CAGR of 16.4% over the next eight years
- Molten salt
technology is utilized to store the heat collected by means of solar
troughs and solar towers. The growing awareness regarding the technology
is expected to benefit the segment demand
- Asia Pacific
is expected to witness the highest growth over the forecast period. Rising
demand from countries such as China and India and government initiatives
are expected to benefit the demand in the region
- The global
thermal energy storage demand in power generation application was USD 0.57
billion in 2016 and is anticipated to witness the fastest growth over the
next eight years
- The U.S.
market was valued at USD 0.52 billion and is estimated to reach USD 2.32
billion by 2025
- The Middle
East & Africa region is anticipated to witness high growth at a CAGR
of 15.7% by 2025. The MEA region has a number of concentrating solar power
(CSP) projects which include thermal energy storage installed in countries
such as United Arab Emirates (UAE), Saudi Arabia and Morocco
- Key players
of the industry include Chicago Bridge & Iron Company N.V. (CB&I),
Abengoa Solar S.A., Ice Energy, Evapco, Inc., and Dunham-Bush Holding Bhd.
These major players are investing in R&D activities to enhance their
product portfolio and thus increase their geographical presence
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-thermal-energy-storage-market
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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