Intermittent renewables driving thermal energy storage worldwide
January 30, 2015 | By
Barbara Vergetis Lundin
The installed capacity of the global thermal energy storage market is expected to reach 6,070 MW by 2020, up from 2938 MW in 2013. That is according to new findings from Transparency Market Research (TMR). In terms of revenue, the global thermal energy storage market was valued at USD $627.6 million in 2013 and TMR predicts that amount will reach $1,818.8 million by 2020, expanding at a compound annual growth rate of 16.7 percent between 2014 and 2020. Global demand for energy is increasing due to rising population and an improved standard of living. Demand for primary energy is likely to increase at a rate of 1.6% p.a. from 2011 to 2030. Energy users are shifting to renewable energy sources due to the rise in energy costs and growing importance of environmental protection, driving gains in solar and wind as means to achieve more efficient, environmentally friendly energy. The intermittent nature of renewables increases the need for energy storage. Thermal energy storage is defined as the temporary holding of thermal energy for later usage. TMR expects that sensible heat storage will dominate the global thermal energy storage market through 2020; however, the market share of this technology is anticipated to decrease due to their low storage capacity per volume of the storage medium and advancements in technologies, such as latent heat and thermochemical storage. Driven by rising demand for backup power supplies and increasing energy prices, latent heat and thermochemical storage technologies are being used increasingly across the globe, primarily due to their ability to provide high-energy storage density in commercial and industrial (accounting for the majority share in 2013), utility, and residential markets, TMR noted. The future, though, will depend on regulatory frameworks. In 2013, Europe accounted for most thermal energy storage capacity installations due to the EU's emphasis on energy efficiency and growing share of renewable energy generation. TMR predicts that Europe will add nearly 1,307.0 MW by 2020, driving significant growth. For more:
© 2015 FierceMarkets, a division of Questex Media Group LLC. All rights reserved. |