May 01, 2020 Xherald -- With heavy R&D investments and high fuel costs, U.S. thermal energy storage market is estimated to register a lucrative growth chart over the coming years. In the year 2017, nearly 41.8MW of energy storage systems were installed across the region, which accounted for 46% of y-o-y growth. In addition, reportedly, 14 U.S. states have deployed around 2GW of energy storage into Integrated Resource Planning (IRP), highlighting the growing popularity of energy storage technology in the region. U.S. thermal energy storage market share stood at USD 6 billion in 2017.
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Thermal energy storage market is gaining remarkable momentum lately as renewable energy sources gain a greater foothold in the energy system and the energy generated using renewable sources become a top priority if greenhouse gases emission is to be brought down to zero. All over the world, an immense effort is being put into the shifting away from traditional baseload energy sources, both by private and public entities, which has led to the development of efficient energy storage systems. Thermal energy storage market has benefitted from such efforts as it is one of the most cost effective and efficient methods of energy storage.
The change in the energy mix that has been evident in greater or lesser degree all over the world and can be clearly demonstrated with the figures collected by the U.S. Energy Information Administration. For instance, fossil fuel production has fallen by 7% between 2015 to 2016 with coal production lower by almost 18%. During the same time period even natural gas production fell by 2% in spite of the shell boom. Renewable energy production in the other hand rose by 7% with solar and wind energy accounting for approximately quarter of the increase.
Remarkably, molten salt thermal energy storage market, in 2017 was valued over $9 billion and is estimated to account for three-fourth of the thermal energy storage deployed for electricity applications across the world. In a report compiled by the U.S. Department of Energy it was depicted that molten salt energy storage volumes beat those of batteries by mid-2017.
In terms of energy, the storage capabilities are evidently massive and some of the upcoming projects are good enough to dwarf Crescent Dunes. Thermal energy storage market has found to be gaining significant boost in Chile, Australia, the Middle East and South Africa where the government has mandated the attachment of such levels of storage with CSP. California, with its target of reaching 50% renewable energy by 2030 has also come to acknowledge the benefits of bulk storage offered by molten salt thermal energy storage facilities. However the biggest molten salt thermal energy storage market will possibly be China which has a massive energy demand and is taking major interest in CSP development. China is in fact planning 1.3 GW of capacity across 21 projects and has joined forces with companies in the Middle East to realize the development.
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One of the chief problems that might stand in the way of the growth of thermal energy storage market is the developmental cost of CSP, which is much more than that of wind or solar projects. But experts opine that if the technological advancement is able to do for CSP what it has have done for PV, which has drastically lowered the cost of solar PV cells and has thus made solar energy more affordable, thermal energy can surpass other forms of energy as a base load.
List of Charts & Figures from Thermal Energy Storage Market Report:
FIG. 1 Industry segmentation
FIG. 2 Industry landscape, 2013 - 2024 (USD Million)
FIG. 3 Industry ecosystem analysis
FIG. 4 World net electricity generation by energy source(Trillion kWh)
FIG. 5 SunShot CSP Progress and Goals
FIG. 6 The Solutions Project: California (2050 Projected energy mix)
FIG. 7 Growth potential analysis
FIG. 8 Price trend analysis, by technology (USD/MW)
FIG. 9 Porter's analysis
FIG. 10 PESTEL analysis
FIG. 11 Thermal energy storage industry revenue share by storage material, 2017 & 2024
FIG. 12 Thermal energy storage industry revenue share by technology, 2017 & 2024
FIG. 13 Thermal energy storage industry revenue share by application, 2017 & 2024