April 5, 2020
Thermal Energy Storage

Thermal Energy Storage Market | Global solar power generation also witness robust growth in capacity addition of solar power

The Global Thermal Energy Storage Market is expected to reach US$ 6.2 Bn by 2025, expanding at a CAGR of 11.0% during the forecast period 2017 – 2025.

Market Insights:

Thermal energy storage market is expected to witness robust growth with increasing spending on renewable energy including wind and solar owing to rising concerns over the emission of greenhouse gases promoting the use of solar and wind energy. The review of emission targets at the Paris Climate Change Conference will encourage investment in solar and wind energy projects across the different economies of the globe. In 2016, more than 54 GW of wind energy was added across various countries of the world to reach cumulative world wind power capacity of 486.8 GW. Similarly, global solar power generation is also witnessing robust growth in solar power generation capacity. In 2016, 50 GW of solar power was added globally across the globe.

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Globally, the current cumulative solar power capacity is around 305 GW with the highest growth in new capacity plus a further 29 per cent of Europe’s new solar capacity. Followed by it, Germany stood at second place with 21% share in Europe new capacity addition and France with 8.3% share in Europe new solar power capacity addition. As a result, growth in solar power installations is projected to fuel demand for thermal energy storage. In addition, various government initiatives, such as 100% electric vehicle mobility by 2030, set up by the Indian Government to transform the transit system for the use of clean energy, are expected to boost demand for thermal energy storage. In addition, the increasing demand for thermal energy storage in the HVAC application is projected to increase the demand for thermal energy storage over the forecast period. The market for thermal energy storage is therefore projected to see robust growth during the forecast period 2017-2025.

Based on the technology, the global thermal energy storage market is segmented as follows:

  • Sensible
  • Latent
  • Thermo Chemical Heat Storage (TCS)

Based on the storage material, the global thermal energy storage market is segmented as follows:

  • Water
  • Molten Salt
  • Phase Change Material (PCM)
  • Others

Based on the end user, the global thermal energy storage market is segmented as follows:

  • Commercial & Industrial
  • Utilities
  • Residential

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David Brown

David Brown

Experienced Market Research Analyst with a demonstrated history of working in the market research industry. Skilled in Secondary Market Research, Primary Market Research, Client Interfacing. - Identify, collect and organize data for use in research projects - Provide fundamental analysis for research projects - Review data to ensure its quality and integrity - Market estimates and forecast based on homegrown forecasting models - Identifying potential titles for syndicated research projects - Analyzing, estimating and forecasting various industry/market using various analysis tools and forecasting models - Conducting secondary research - Company profiling and analyzing competitive landscape - Report writing And Quality check

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