How is Increasing Dependence on Renewable Resources Driving Thermal Energy Storage Market?

It has been estimated that the primary energy consumption will increase by 48% in 2040, owing to the surging population and rapid industrialization and urbanization all across the globe. This is highly problematic when the swift decline of fossil fuels is taken into consideration. In addition to this, even if fossil fuels were enough to support the energy demand, their high consumption would cause unrepairable damage to the planet.

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Because of all these reasons, the focus has now been shifting towards renewable energy resources, including ocean waves, solar radiation, biogas, and wind, for quite some time now.

Now, in order to make efficient usage of energy generated from renewable sources, the need for developing and utilizing sustainable methods of storing energy is also growing. Energy storage is an integral part of renewable energy technology systems.

One of the such technologies is thermal energy storage, which stores thermal energy by cooling or heating a storage medium so that the energy can be utilized for different applications whenever needed. These systems enhance the overall efficiency, provide better reliability, cause less pollution, and results in better reduction in running costs and investments.

Because of all these reasons, the thermal energy storage market is expected to generate a revenue of $7,472.9 million by 2023, rising from $3,000.9 million in 2017, advancing at a 15.9% CAGR during the forecast period (2018-2023). The two major types of thermal energy storage are pumped heat electrical storage (PHES) and concentrated solar power (CSP).

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The demand for CSP was higher in the past, which can be ascribed to the increasing need for these systems for heating and cooling applications, growing focus towards generating electricity by making use of solar power projects, and high adoption of advanced CSO systems in countries including Morocco, the U.A.E., and Australia.

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This release was published on openPR.