Thermal Energy Storage Market Emerging Trend, Advancement, Growth and Business Opportunities | P&S Intelligence

A number of factors such as the escalating adoption rate of concentrated solar power (CSP) systems and the soaring demand for energy solutions for heating, ventilation, and air conditioning (HVAC) systems will drive the thermal energy storage market at a CAGR of 15.9% during the forecast period. The market revenue stood at $3,000.9 million in 2017 and it is projected to reach $7,472.9 million by 2023. A thermal energy storage system allows the storage of extra thermal energy, thereby ensuring the availability of energy during periods of peak demand.

The burgeoning electricity demand, owing to the rapid urbanization across the world, has led to the installation of different types of power production systems, such as CSP plants. In recent years, Asia-Pacific (APAC) installed and operationalized the largest number of CSP plants in the world. For instance, at present, China has around 111 operational CSP plants. Furthermore, India aims to establish 500 MW capacity CSP plants during the phase-I of the Jawaharlal Nehru National Solar Mission (JNNSM).

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In recent years, the surging shift toward green buildings, owing to the vast environmental consciousness and limited availability of fossil fuels, has become a major trend in the thermal energy storage market. These buildings utilize eco-friendly materials to reduce carbon footprint across the world. Such structures are largely installing energy storage systems for power generation. Installation of such solutions, therefore, minimizes the energy supplied by the utilities. The soaring number of green buildings can also be attributed to the rising government initiatives regarding constructing such buildings.

Whereas, the APAC thermal energy storage market is expected to witness the fastest growth during the forecast period, due to the amplifying energy demand, owing to the booming population in the region. Additionally, the rising focus on renewable energy sources, primarily on account of the depleting natural gas and oil reserves and soaring environmental concerns, will also supplement the market growth in APAC countries. As energy storage is a major challenge in renewable energy power plants, countries such as China and India are increasingly deploying such systems to store the electricity donated from non-conventional energy sources.

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Thus, the soaring number of CSP plants and escalating shift toward green buildings will drive the market growth in the foreseeable future.

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