Home > Market > Other Regions > Here
Thermal Energy Storage Market to exceed $55bn by 2024
2019.01.10 From: esi-africa
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)."
Increasing focus toward grid modernisation on account of growing energy demand, renewable integration and technological advancements will drive the thermal energy storage market size.
Increasing applicability across district heating and cooling systems along with rising demand for solar thermal systems will augment the sensible heat thermal energy storage market size. This storage technology will be driven by molten salt-based systems being installed in Concentrated Solar Power (CSP). Read more: DBSA energises local Independent Power Producers
China's thermal energy storage market will grow as a result of high electricity prices together with increased development of renewable energy sources. In the first half of 2018, Jiangsu, Henan, Qinghai and Guangdong provinces announced the construction of energy storage projects with varying capacities totalling 340.5MW.
Upcoming CSP events: CSP Focus China 2019(Mar.21-22, Beijing) CSP Focus MENA 2019(Jun.26-27, Dubai) More CSP news and reports please visit www.cspfocus.cn or CSP Focus social media on LinkedIn, Twitter, Facebook. |
More from CSP Focus
NextVast plans $600m “baseload” concentrated solar power plant for Mt Isa
Doosan Škoda commissions turbine for 110MW CSP plant in Chile
China 1st CSP pilot project-CGN Delingha 50MW Parabolic Trough Plant connected to grid
Without the manageability of the solar thermal we will not reach 100% renewable
Morocco prioritises world’s largest concentrated solar power plant
Leave your thoughts here
Reports(Member Only)
See more+-
CSP Focus Membership Proposals
We are now proposing CSP Focus Membership, hoping to better serve our members to keep pace with the latest updates of ongoing CSP projects worldwide, and to establish and maintain business relations with major shareholders of the projects. CSP Focus offers to Membership exclusive access to:1. Daily/Weekly update and analysis on CSP policies, projects, technologies, market trend and corporate relea
-
The Latest CSP Focus Monthly Update
Join CSP Focus Membership to Get the Latest CSP Focus Monthly Update December Edition.
-
CSP Project Monthly Update 2022 December Edition
CSP Focus is presenting CSP Project (China) Update 2022 December Edition.Detail report is available for CSP Focus Membership.
-
Presentations-CSP Focus China 2021
The Report is for CSP Focus Members only.
Upcoming Events
See more+-
12th CSP Focus China 2022
2022.04.21-22 Beijing
-
11th CSP Focus China 2021
2021.10.28-29 Beijing
-
10th CSP Focus China 2020
2020.10.22-23 Beijing, China
Project Updates
See more+-
Lanzhou Dacheng Dunhuang CSP Project
Asia Pacific-China,Operational,Parabolic Trough
-
Luneng Haixi 50MW Molten Salt Tower CSP Project
Asia Pacific-China,Operational,Power Tower
-
Dubai 950MW NOOR Energy 1 CSP+PV Project
MENA-UAE,Under construction,Power Tower
-
Power China Gonghe 50MW Molten Salt Tower CSP Project
Asia Pacific-China,Operational,Power Tower