Thermal energy storage (TES) is an often unrecognized but important component of the developing market for energy storage systems, Pike Research (Boulder, Colorado, U.S.) emphasizes in a press release.
Most often used to provide cooling capacity for commercial buildings, TES systems are also increasingly seen as an effective means of shifting electricity use from daytime peak periods into less expensive periods of the day or at night, saving money and increasing overall system efficiency.
TES market to grow substantially through 2020, with worldwide revenues of USD 3.6 billion
TES is used in packaged air conditioning, chiller systems, district energy, residential heat storage, and commercial heat storage.
The report forecasts that the TES market will expand at a compound annual growth rate of 13.5% through 2020, resulting in an USD 850 million annual domestic market and cumulative TES capacity of 4,500 MW. Globally, TES is expected to grow substantially through 2020, with worldwide revenues of USD 3.6 billion and added capacity of 3,824 MW in that year.
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