LONDON–(BUSINESS WIRE)–#GlobalThermalEnergyStorageMarket–The thermal energy storage market is expected to grow by 1,956.30 MW during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Thermal storage enhances the solar plant system’s flexibility by extending the rate of solar electricity generation and improving its coincidence with existing demand. This is accomplished by reducing constraints of ramping and minimum generation levels in CSP plants. The use of thermal energy storage in CSP plants allows generating power in adverse weather conditions as well as with no reduction in the operating efficiency. Additionally, the cost of electricity generation using CSP plants has reduced significantly in recent years. The cost of electricity generation from projects commissioned from 2020 onwards is expected to decrease by up to 70%. These factors are increasing the demand for the installation of CSP plants and will drive the thermal energy storage market growth.
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As per Technavio, the increasing use of thermal energy storage in smart cities and smart buildings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Thermal Energy Storage Market: Increasing Use of Thermal Energy Storage in Smart Cities and Smart Buildings
The increasing use of thermal energy storage in smart cities and smart buildings is one of the significant thermal energy storage market trends that will impact the growth of the market across the globe. Market experts predict that the dependence on fuel-based energy is expected to be eliminated with the concept of smart cities. The need for peak load electricity distribution demand will lead to the adoption of thermal energy storage systems. The demand charges can be reduced significantly from on-peak to off-peak rates by using cooling technologies such as PCM. With growing applications and cost-efficient solutions, thermal energy storage is becoming an essential component for smart cities. As a result of such factors, the thermal energy storage market will grow during the forecast period.
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Thermal Energy Storage Market: Segmentation Analysis
This market research report segments the thermal energy storage market by Technology (MSES and PCM) and Geography (Europe, North America, APAC, MEA, and South America).
The APAC region led the thermal energy storage market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rising focus on more reliable sources of energy and traditional sources of energy, such as fossil fuels, moving toward extinction.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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