Thermal Energy Storage Market 2018 Growth Evolution 2024 By Key Players: Abengoa, ARANER, EnergyNest, Highview Power, Caldwell Energy Company, Burns & McDonnell, BrightSource Energy, Inc., Ice Energy, EVAPCO, Inc
Funding toward the grid integration of large scale sustainable energy coupled with expansion of micro-grid networks will positively impact the thermal energy storage market. Government norms pertaining to renewable portfolio standards along with ongoing investments toward development of underground storage infrastructure will further complement the business landscape.
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Thermal Energy Storage Market size is predicted to witness growth on account of rising impetus toward renewable energy generation coupled with ongoing industrialization. Increasing demand for cost-effective power supply along with expanding grid networks across the primary & secondary distribution channels will augment the business growth.
Escalating electricity demand coupled with introduction of energy storage plans will foster the thermal energy storage market growth. In 2018, EDF Energy announced to invest around USD 10 billion toward energy storage by 2035. The investment is in line with the company’s new Electricity Storage Plan (ESP) which may also double its Research & Development (R&D) investments.
Sensible thermal energy storage market is set to witness growth owing to its wide applicability across residential establishments coupled with increasing demand for solar thermal systems. Longer thermal storage period and effective energy utilization are some of the key features which will propel the product penetration.
Top Key Players in Thermal Energy Storage Market:
1. Abengoa, ARANER
3. Highview Power
4. Caldwell Energy Company
5. Burns & McDonnell
6. BrightSource Energy, Inc.
7. Ice Energy, EVAPCO, Inc
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Expansion along with retrofitting and replacement of electric infrastructure will fuel the thermal energy storage market share. Increasing demand for cost-effective and uninterrupted power supply from remote and off-grid areas will further stimulate the product adoption.
The U.S. thermal energy storage market share is projected to expand on account of positive consumer outlook toward the integration of power generation with renewable sources. In addition, ability to reduce peak energy usage along with the rising demand for reliable and continuous supply of power will positively influence the industry outlook.
Eminent players in the thermal energy storage market comprise of Abengoa Solar, ARANER, Baltimor Aircoil Company, EnergyNest, Highview Power, Caldwell Energy Company, Burns & McDonnell, BrightSource Energy, Inc., Ice Energy and EVAPCO, Inc.
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