Northbrook, IL -- (SBWIRE) -- 06/21/2019 -- The thermal energy storage market is projected to grow from an estimated USD 3.67 Billion in 2017 to USD 6.20 Billion by 2022, at a CAGR of 11.0% from 2017 to 2022. Rising impetus on renewable energy generation such as concentrated solar power, increasing demand for thermal energy storage systems in HVAC, and government incentives for thermal energy storage systems are expected to drive the growth of thermal energy storage industry. High demand in CSP, especially in the Middle East & African region offers a lucrative opportunity for thermal energy storage. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.

Rising impetus on renewable energy generation such as concentrated solar power drives the global thermal energy storage market
Concentrated Solar Power (CSP), when combined with Thermal Energy Storage (TES), offers grid flexibility and is commonly coupled with TES as well as conventional fuels. Unlike other renewable generation resources, such as solar photovoltaics (PV) or wind, it is easily dispatchable. Ongoing research in TES technologies has increased interest in CSP, as it uses thermal energy of sunlight to generate electricity. Parabolic troughs and power towers are the two most common designs which concentrate sunlight against a Heat-Transfer Fluid (HTF), used to drive a steam turbine. CSP is advantageous over non-dispatch able renewable generation sources (PV, wind) and the design of its plant, built with TES, facilitates energy shifting to periods without solar resource. The dispatch ability of CSP with TES enables higher penetration of the grid by providing backup power even during periods of low solar radiation. TES with CSP can reduce efficiency losses by shifting generation to hours with lower ambient temperatures associated with dry cooling, thus, driving the TES market.

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The Middle East & Africa is estimated to be the largest market for thermal energy storage by 2022. Heat thermal storage and molten salt thermal storage are major technology types employed in South Africa. Majority of thermal storage projects are present in Northern Cape in the country. South Africa is endowed with enormous solar and wind resources. This will drive the thermal energy storage market in the country during the forecast period.

Key players in the thermal energy storage market include Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar (Spain), and SolarReserve, LLC (U.S.) among others.

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