The demand for energy is increasing with each passing day and such is going to be the case in the foreseeable future as well. These days, the lives of human being are highly dependent on electricity, so much so that the conduction of daily activities will be quite impossible without it. In addition to this, the population across the globe is increasing at rapid pace and is bound to create additional demand for energy in the years to come.
Owing to these factors, the global market for thermal energy storage is projected to grow at a considerable pace in the coming years. The demand for thermal energy storage is predicted to rise further due to the rising shift towards eco-friendly buildings, which are also known as green buildings. These building have very low carbon footprint and widely utilize energy storage technologies for generating power. The increasing construction of such building will drive the demand for thermal energy storage in the coming years.
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In 2017, the thermal energy storage market reached a value of $3,000.9 million, which is expected to rise to $7,472.9 million by 2023, progressing at a 15.9% CAGR during the forecast period (2018–2023). On the basis of type, the market is divided into pumped heat electrical storage (PHES), concentrated solar power (CSP), and others, out of which, the CSP diviosn held the largest share of the market in the past, owing to increasing adoption of these systems in several countries, including, the U.A.E and Australia.
As per a study conducted by P&S Intelligence, North America held the major share (over 75.0%) of the thermal energy storage market in 2017. The increasing deployment of CPS plants and rising demand for power backup in HVAC systems in the U.S. and Canada are resulting in the growth of the regional domain. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period, due to the increasing population and growing adoption of renewable energy resources.
In conclusion, the market is majorly growing due to the rising focus on renewable sources for producing energy and increasing population.
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