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Thermal Energy Storage Market Exploring Future Growth and Trends by 2024
Thermal Energy Storage Market
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With the rising acceptance of renewable energy sources as a means to derive power, thermal energy storage market has emerged as one of the top-notch verticals of the sustainable ecosphere. The demand can also be cited to be driven by the reducing dependency on fossil fuels as an energy source, primarily due to their innumerable hazardous impacts on the environment. As per reliable reports, primary energy consumption is expected to rise by more than 45% by 2040. It is rather obvious that thermal energy storage which plays a balance between the growing energy demand and the need to address the environmental interruptions will constitute a major ratio of the sustainable energy mix.
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.
Advancements in the materials and manufacturing technology for the development and deployment of storage systems will drive the thermal energy storage market. Enhanced efforts to limit the fuel-based power generation complemented by the introduction of solar power generation schemes across developing economies will further enhance the product penetration.
Increasing stringency toward limiting carbon footprint coupled with rising focus on sustainable technology adoption will stimulate the thermal energy storage industry growth. Furthermore, rising demand for energy storage technologies on account of mitigating the power demand and supply mismatch will propel the business landscape.
The U.S. thermal energy storage market was over USD 6 billion in 2017. Consumer awareness and inclination toward renewable based power generation along with massive investments toward research & development programs will accelerate the industry growth. In 2017, the country accounted for the installation of energy storage systems of around 41.8-megawatt capacity, depicting 46% year-on-year growth. In addition, utilities through 14 states employed energy storage of nearly 2 gigawatts under Integrated Resource Planning (IRP).
Browse key industry insights spread across 382 pages with 606 market data tables & 35 figures & charts from the report, “Thermal Energy Storage Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/thermal-energy-storage-market
Notable industry players in the thermal energy storage market comprise of SolarReserve, TAS Energy, Abengoa Solar, Cryogel, Ice Energy, Tessol, Steffes Corporation, Baltimor Aircoil Company, Burns & McDonnell, Fafco, Evapco, Caldwell Energy, Goss Engineering, DN Tanks and BrightSource Energy amongst others.
Major Key Points from Table of Content:
Chapter 4 Thermal Energy Storage Market, By Storage Material
4.1 Thermal energy storage industry share by storage material, 2017 & 2024
4.2 Water
4.2.1 Global market from water, 2013 – 2024
4.2.2 Global market from water, by region, 2013 - 2024
4.3 Molten salt
4.3.1 Global market from molten salt, 2013 – 2024
4.3.2 Global market from molten salt, by region, 2013 - 2024
4.4 PCM
4.4.1 Global market from PCM, 2013 – 2024
4.4.2 Global market from PCM, by region, 2013 - 2024
4.5 Others
4.5.1 Global market from others, 2013 – 2024
4.5.2 Global market from others, by region, 2013 - 2024
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/thermal-energy-storage-market
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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