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Thermal Energy Storage Market Trends 2020 : SolarReserve, LLC, Burns & McDonnell, Brightsource Energy, Inc., Dunham-Bush Holding Bhd., Steffes Corporation, TAS Energy

The growing awareness towards harvesting thermal energy and storing it for later use has propelled thermal energy storage market

 

Ocean View, DE -- (SBWIRE) -- 05/15/2020 -- The growing awareness towards harvesting thermal energy and storing it for later use has propelled thermal energy storage market. Additionally, the increasing government initiatives to support renewable energy-based power generation will also foster product demand. The rising demand for uninterruptible power supply coupled with the latest advancements to achieve energy efficiency will have positive effects on the industry outlook.

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Key Companies in Thermal Energy Storage Market: - Ice Energy Technologies, Inc., CALMAC Manufacturing Corp., DN Tanks, Inc., Abengoa Solar S.A., SolarReserve, LLC, Burns & McDonnell, Brightsource Energy, Inc., Baltimore Aircoil Company, Cryogel Thermal Energy Storage, Dunham-Bush Holding Bhd., Goss Engineering, Steffes Corporation, TAS Energy, Evapco, Inc., FAFCO, Sunwell Technologies, Finetex EnE, Inc., McDermott International, Inc., Caldwell Energy, Axiom Exergy

There has been a rising trend of accepting renewable energy solutions like solar power. Industries are widely deploying the concentrated solar power (CSP) to generate thermal energy in the form of heat and steam to be used in various manufacturing processes. But as when thermal energy cannot be utilized instantly, it is required to be stored in a medium for later use. A material like molten salt consists of large-scale thermal energy storage capacity coupled with limited heat loss property.

Furthermore, its ability to provide super-heated steam for power generation is expected to stimulate product demand. The increasing range of thermal energy storage applications like district heating and cooling systems will impel thermal energy storage industry share over forecast period. In 2017, molten salt thermal energy storage market reached over USD 9 billion.

The U.S. thermal energy storage market was valued over USD 6 billion in 2017. Regional inclinations towards the adoption of renewable based power generation coupled with the surge in fuel costs will stimulate industry. In addition to this, the huge investments in the research & development programs will also accelerate thermal energy storage market trends.

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The rising environmental concerns due to combustion of the fossil fuels will force governments to apply stringent rules towards limiting the carbon emissions. Government initiatives to adopt sustainable technologies like renewable energy storage will stimulate the thermal energy storage market growth. Additionally, rising energy demand owing to urbanization will also foster storage technologies helping to create new materials and manufacturing techniques. The existence of off grid areas and the government focus towards provisioning cost effective energy solutions and uninterrupted power supply will invite more investments in the thermal energy storage industry landscape.

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