International. According to a recent industry report presented by Global Market Insights Inc., the thermal energy storage market is projected to register its name in the billion-dollar fraternity on the six-year line, surpassing a revenue of $55 billion by 2024, with a projected compound annual growth rate of 18.5 percent during 2018-2024.
Favorable government initiatives towards renewable energy-based power generation, coupled with the growing demand for uninterrupted power supply, will increase the thermal energy storage market. In addition, the customer's increased focus on energy efficiency, coupled with the implementation of energy storage plans, will further complement the industry landscape.
The molten salt thermal energy storage market was valued at more than $9 billion in 2017. The increasing demand for large-scale storage capacity in industrial and commercial establishments, coupled with increased deployment of CSP plants will increase product penetration. In addition, limited heat loss coupled with the ability to provide superheated steam are some of the underlying characteristics that spur product adoption in various applications.
Recent advancements in storage and manufacturing materials will improve the economics of storage and positively influence the thermal energy storage market. In addition, the growing need for technologies to adapt to the mismatch between supply and demand, due to the improved profitability of infrastructure investments, will increase the adoption of the product.
The U.S. thermal energy storage market was valued at more than $6 billion in 2017. Increased funding for research, design and development programs, coupled with high fuel costs, will stimulate the size of the industry. In 2017, nearly 41.8 megawatts of energy storage were installed across the region, accounting for 46 percent of year-on-year growth.
Increased focus on grid modernization due to increasing energy demand, renewable integration, and technological advancements will drive the size of the thermal energy storage market.
The growing demand for HVAC systems, complemented by ongoing investments for infrastructure development, will accelerate business growth.
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