The global thermal
energy storage market is projected to grow at a CAGR of 11.0% to
reach USD 6.20 Billion by 2022. The Middle East & African region is
estimated to be the largest market, followed by Asia-Pacific. The trend is
expected to continue till 2022. The growth of the thermal energy storage market
is driven by 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
lucrative opportunity for thermal energy storage.
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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 dispatch able. 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.
Government incentives for thermal energy
storage systems drive the growth of this market
TES helps shifting electrical load by creating and
storing ice or cold water during the day or later evening hours, when energy
rates are lower. When rates are higher during the afternoon hours, the
building’s HVAC system uses this cold resource stored beforehand, to reduce
cooling costs, and maintain comfortable facility temperatures. State’s
investor-owned utilities (IOUs) administer a wide variety of
public-purpose-funded energy efficiency programs. For example, in the U.S.,
IOUs that offer such programs are Pacific Gas and Electric (PG&E), Southern
California Edison (SCE), Southern California Gas (SoCal Gas), San Diego Gas and
Electric (SDG&E), and Southwest Gas Corporation (SWG). Rebates are offered
for the installation of new distributed generation equipment, specifically wind
turbines, Combined Heat and Power (CHP), biogas, fuel cells, and advanced
energy storage, through the Self-Generation Incentive Program (SGIP), which is
administered by PG&E, SCE, SoCal Gas, and, for customers of SDG&E, the
center for sustainable energy. Incentives which range from USD 0.44/watt to USD
1.46/watt, depending on technology, are capped at 3 MW, although there are no
criteria for minimum or maximum system size.
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The thermal energy storage market is dominated by a few
global players. Some of the key players operating in the thermal energy storage
market are Ice Energy (U.S.), Calmac (U.S.), DN Tanks (U.S.), Abengoa Solar
(Spain), SolarReserve, LLC (U.S.), and Burns & McDonnell (U.S.) among
others.
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