Thermal Energy Storage Market To Reach 6.20 Billion USD
According to a report published by MarketsandMarkets, the market for thermal energy storage is anticipated to increase at a CAGR of 11% from 2017 to 2022 reaching $6.20 billion. Thermal energy storage has been used for years in Europe and now is growing in popularity within the HVAC sector in the U.S.
Energy storage has only recently entered the mainstream, but its importance is already being recognized and policymakers try their best to facilitate its adoption by businesses, homes, and utilities. According to Mike Hopkins, CEO, Ice Energy, as energy storage becomes more accepted, the costs will be even more attractive.
One example of regulators taking strategic action and influencing the market is:
California’s Assembly Bill passed in 2013 that intended to stimulate the incorporation of energy storage into the electricity grid so that more renewable energy could be integrated. This legislation not only contributed to the mainstream acceptance of energy storage in this state, but it has also influenced policymakers in the entire country.
But it is not only the governments that are trying to impact positively the energy transition. A lot of market players are looking for new business models to offer different solutions / great products to satisfy their customers needs. For example, in order to help its customers optimize their electricity consumption, Trane has decided to invest in thermal storage solutions. According to Owen Smith, director of utility and grid solutions, Trane, “thermal storage systems are mature, cost-effective solutions that provide energy savings and operational flexibility”. As the use of renewable energy increases, energy storage becomes a valuable tool in managing peak demand thus providing cost savings for customers.
According to Steve Benz, Evapco’s director of global thermal storage and district energy, thermal energy storage may be considered mature, but it has proven to be reliable and energy-efficient. Benz hopes the demand for Evapco’s technology in the U.S. will increase as the demand for electricity increases.
There is no doubt that the market for thermal energy storage will continue to grow in the upcoming years bringing new products and optimizing existing ones.
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