Worldwide Thermal Energy Storage Market Analysis, Emerging Growth and By Top Key Players; Ice Energy, SolarReserve, Burns & McDonnell, BrightSource Energy, Inc., Baltimore Aircoil Company, Steffes, EVAPCO, Inc., Caldwell
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Growing measures toward limiting carbon footprint along with greater investments in solar energy will increase the thermal energy storage systems installation in Europe. Government targets for energy efficiency and renewable energy will create significant growth opportunities for the industry. Lombardia, Italy in August 2017 adopted an incentive program with a budget of around USD 4.5 million and provide rebates of over USD 3,000 that covers up to 50% cost for purchasing and installation of energy storage systems.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. DN Tanks
2. CALMAC Corp
4. CRYOGEL, an EREN GROUP Company
5. Dunham-Bush Holding Bhd
6. Goss Engineering, Inc.
7. TAS Energy Inc.
8. FAFCO, Inc.
9. Sunwell Technologies Inc.
10. Finetex EnE
11. McDermott International Inc.
Thermal Energy Storage Market was valued over USD 16 billion in 2017 and will surpass USD 55 Billion by 2024. global Thermal Energy Storage Market is set to exceed cumulative deployment of 13,000 MW by 2024. Thermal Energy Storage Market growth will be driven by increasing adoption of renewable energy sources coupled with growing demand for Concentrating Solar Power (CSP). In addition, rising need for improving energy efficiency along with ongoing energy utilization efforts will have a positive impact on the systems demand. In September 2018, the Government of Canada updated “Commercial Energy Conservation and Efficiency Program”, a financial incentive plan under which rebates of around USD 15,000 are available for energy upgrades in the commercial sector.
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Thermal Energy Storage Market Growth will be driven by increasing demand for cost efficient and uninterrupted power supply from off grid and remote areas. In addition, introduction of various government schemes pertaining to electricity generation from solar power plants will further propel the industry growth. Under the Feed-In Tariff scheme, the renewable power generation provider receives the equivalent of retail electricity price for each unit produced and the extra power they sell back to the grid.
With heavy R&D investments and high fuel costs, U.S. thermal energy storage market is estimated to register a lucrative growth chart over the coming years. In the year 2017, nearly 41.8MW of energy storage systems were installed across the region, which accounted for 46% of y-o-y growth. In addition, reportedly, 14 U.S. states have deployed around 2GW of energy storage into Integrated Resource Planning (IRP), highlighting the growing popularity of energy storage technology in the region. As per a report by Global Market Insights, U.S. thermal energy storage market share stood at USD 6 billion in 2017.
China thermal energy storage market will witness growth on account of high electricity prices along with rapid development of renewable energy sources. Increasing energy demand owing to high economic growth coupled with increasing investments toward energy storage will fuel the product penetration. In the first half of 2018, Jiangsu, Henan, Qinghai and Guangdong provinces announced the construction of energy storage projects with varying capacities totaling 340.5 megawatt.
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). Relatively simpler designs and rapidly decreasing levelized cost of electricity will accelerate the business growth.
Browse key industry insights spread across 425 pages with 606 market data tables & 35 figures & charts from the report, Thermal Energy Storage Market in detail along with the table of contents:
Molten salt thermal energy storage market, in 2017 was valued over USD 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.
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.
Increasing demand for cost efficient and uninterrupted power supply from off grid and remote areas will boost the market growth. In addition, introduction of various government schemes pertaining to electricity generation from solar power plants will further propel the industry growth. Under the Feed-In Tariff scheme, the renewable power generation provider receives the equivalent of retail electricity price for each unit produced and the extra power they sell back to the grid.
Key industry players in the global market comprises Ice Energy, CALMAC Corp, DN Tanks, Abengoa, SolarReserve, Burns & McDonnell, BrightSource Energy, Inc., Baltimore Aircoil Company, CRYOGEL, an EREN GROUP Company, Dunham-Bush Holding Bhd, Goss Engineering, Inc., Steffes,TAS Energy Inc., EVAPCO, Inc., FAFCO, Inc., Sunwell Technologies Inc., Finetex EnE, McDermott International Inc., and Caldwell.
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