Global Thermal Energy Storage Market - Forecast Overview, Insightful Analysis and Opportunities by 2023

The global thermal energy storage market is expected to witness significant growth during the forecast period (2017-2023) due to the growing demand for efficient, reliable and economical energy storage technologies, and imminent shift towards renewable energy sources owing to the increasing environment concerns.

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The key trend observed in the thermal energy storage market is the rising R&D activities. In July 2016, the Office of Energy Efficiency and Renewable Energy invested approximately US$9.0 million for 6 R&D projects in the concentrated solar power (CSP) market.

The major factor driving the growth of thermal energy storage market are increasing policy support from the government in the form of incentives to promote the use of thermal energy storage systems.
The increasing cost of conventional/non-renewable energy generation, growing demand for back-up sources and increasing need to access reliable, cost-effective and efficient electricity are expected to further spike the demand for thermal energy storage systems during the forecast period.

Lack of technical expertise poses as a major challenge for the growth of global thermal energy storage market during the forecast period. High grid interconnection barriers are another restraint that would further hinder the market for thermal energy storage during the forecast period.

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Some of the key players in the global thermal energy storage market include Abengoa Solar, S.A., Brightsource Energy, Inc., Solarreserve, LLC, Baltimore Aircoil Company, Caldwell Energy, Burns & Mcdonnell, Calmac, Cristopia Energy Systems and Cryogel.