Thermal Energy Storage Market Share, Leading Players, Growth and Future Scope

08/apr/2021 06:43:36 P&S Intelligence Contatta l'autore

Due to the rapidly increasing urbanization rate in several countries, the demand for power and electricity is surging, which is, in turn, fueling the requirement for various types of power-producing utilities such as concentrated solar power (CSP) plants. The Asia-Pacific region has witnessed a sharp rise in the deployment of CSP plants over the last few years. According to the National Energy Administration of China, nearly 111 CSP projects are currently underway in the country.

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These plants have an aggregated capacity of approximately 9 GW. Out of these, the first batch of plants having an aggregated capacity of 1,349.0 MW has been made operational recently, with more plants predicted to be commissioned soon. These CSP plant development projects are propelling the demand for thermal energy storage systems. Besides this, the rising consumption of power for cooling and district heating purposes is also positively impacting the demand for thermal energy storage systems across the world. 

Because of the lack of abundant availability of independent heating and cooling systems for commercial and residential buildings, these establishments are heavily reliant on the power utilities for meeting their energy requirements. As a result, power utilities all over the world are rapidly deploying thermal energy storage systems that can help them meet the soaring energy demands of these facilities. This is consequently propelling the expansion of the global thermal energy storage market. 

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A key trend being observed in the thermal energy storage market is the current shift towards eco-friendly buildings, which are also known as green buildings. Owing to their environment-friendly nature, these building have incredibly low carbon footprint. Green buildings are further extensively using energy storage technologies in order to generate power. Therefore, the increasing application of thermal energy storage systems in these building is expected to result in the growth of the market in the years to come. 

Hence, the rapid urbanization leading to high demand for energy and rising penetration of green building are projected to drive the market. 

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