ESI Africa
Summary
Government-led initiatives toward increased renewable generation along with demand for uninterrupted power supply will bolster the thermal energy storage market, according to the latest study by Global Market Insights, Inc.
The study findings note that in 2017, the molten salt thermal energy storage market was valued over $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," the report summary notes.
Adding that: "The U.S. thermal energy storage market, in 2017 was valued over $6 billion. Increasing funding toward research, design and development programmes coupled with high fuel costs will stimulate the industry size. In 2017, nearly 41.8MW of energy storage was installed across the region accounting for 46% of year-over-year growth. Further, utilities across 14 states have deployed around 2 gigawatts of energy storage into Integrated Resource Planning (IRP)."
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