TMRR, in its recent market report, suggests that the Thermal Energy Storage market report is set to exceed US$ xx Mn/Bn by 2029. The report finds that the Thermal Energy Storage market registered ~US$ xx Mn/Bn in 2018 and is spectated to grow at a healthy CAGR over the foreseeable period.
The Thermal Energy Storage market research focuses on the market structure and various factors (positive and negative) affecting the growth of the market. The study encloses a precise evaluation of the Thermal Energy Storage market, including growth rate, current scenario, and volume inflation prospects, on the basis of DROT and Porter’s Five Forces analyses. In addition, the Thermal Energy Storage market study provides reliable and authentic projections regarding the technical jargon.
In this Thermal Energy Storage market study, the following years are considered to project the market footprint:
- History Year: 2014 – 2018
- Base Year: 2018
- Estimated Year: 2019
- Forecast Year: 2019 – 2029
The content of the Thermal Energy Storage market report includes the following insights:
- Growth outlook of the global Thermal Energy Storage market in terms of value and volume
- Strategies utilized by different Thermal Energy Storage market players.
- Drivers, restraints, opportunities and trends (DROT Analysis) impacting the growth prospect for the Thermal Energy Storage over the forecast period.
- End use consumption of the Thermal Energy Storage across various regions.
- Identify the ecological impacts of the Thermal Energy Storage and what regulations are being imposed on its usage.
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On the basis of solution, the global Thermal Energy Storage market report covers the following solutions:
key drivers for the global thermal energy storage market in the recent past. While the use of renewable sources of energy has picked up steam in recent years, the renewable energy sector faces a considerable problem in the lack of consistent energy production from renewable energy sources. Thermal energy storage has been mooted as a solution in this regard and is likely to become a key part of the global renewable energy market in the coming years.
Global Thermal Energy Storage Market: Key Trends
The rising use of combined energy generation units, wherein energy is harnessed from two or more renewable sources simultaneously, is a prime driver for the global thermal energy storage market. Solar and wind energy generation can usually be conducted on the same site and often on the same device. However, both solar and wind energy suffer from the lack of a reliable energy storage mechanism, as both energy sources are available infrequently. A rising number of residential as well as commercial consumers, particularly in developed countries, have started to install combined energy generation systems on their own land, which is likely to drive the demand for thermal energy storage systems in the coming years.
Utilities distributors are also playing an important role in the development of the global thermal energy storage market. While the use of smart grids will help distributors provide utilities uniformly, the installation of thermal energy storage can help further smoothen the process.
On the other hand, despite the steady rise in the demand from the thermal energy storage market, the high cost of thermal energy storage technology is likely to hamper the growth of the market to some extent. Despite the rising demand for thermal energy storage technologies from the utilities sector, the thermal energy storage industry needs to achieve parity with other non-storage options.
Global Thermal Energy Storage Market: Market Potential
Due to the high costs of developing and installing thermal energy storage systems, the market needs government support to enable widespread adoption. Developed countries such as the U.S. are likely to be at the forefront, with Maryland becoming the first American state to incentivize the use of energy storage with tax credits. The bill was passed in April 2017 and could be the first step in establishing a well-maintained and efficient power storage and distribution infrastructure that takes into account the variety of energy sources used in a modern economy.
Global Thermal Energy Storage Market: Geographical Dynamics
The global thermal energy storage market is expected to be dominated by the Middle East and Africa (MEA) in the coming years, as the region receives abundant solar power and is also home to a power-intensive industrial sector. Europe and Asia Pacific could also play key roles in the growth of the global thermal energy storage market in the coming years due to the rising emphasis on solar power in both regions.
Global Thermal Energy Storage Market: Competitive Dynamics
The report also discusses the competitive landscape of the global thermal energy storage market in detail by profiling the leading players operating in it. The key companies examined in the report include Ice Energy, Calmac, SolarReserve LLC, and Abengoa Solar.
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The Thermal Energy Storage market study answers critical questions including:
- What tactics are being utilized by the Thermal Energy Storage market players to expand their production footprint in region?
- What are the threats faced by players in the global Thermal Energy Storage market mutually?
- Why region holds the majority of share in the global Thermal Energy Storage market?
- Why solution has the largest consumption in region?
- Which end-user segment remains the leading consumers of the Thermal Energy Storage across the globe?
All the players running in the global Thermal Energy Storage market are elaborated thoroughly in the Thermal Energy Storage market report on the basis of R&D developments, distribution channels, industrial penetration, manufacturing processes, and revenue. In addition, the report examines, legal policies, and comparative analysis between the leading and emerging Thermal Energy Storage market players.
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This post was originally published on Food and Beverage Herald