Thermal energy storage module price trend chart

What is the demand for thermal energy storage?

The tremendous demand for a secure and reliable source of energy with the adaptation of renewable energy to mitigate the rising carbon emission is anticipating the growth of the thermal energy storage market. Rapid demand for thermal energy storage for heating, ventilation, and air conditioning is expected to boost market growth.

Why is thermal energy storage system so expensive?

The thermal energy storage system is in a developing stage and needs research & development in order to achieve high efficiency which is quite expensive and can inhibit the growth of the thermal storage system market. In addition, the high installation cost is a factor which can be hinder the growth of thermal energy storage market.

What is thermal energy storage?

Thermal energy storage is a technology that enables the transfer and storage of heat energy or energy from ice, water, or cold air. This method is integrated into new technologies that complement solar and hydroelectric power sources.

What is the future of thermal energy storage in building walls?

The ongoing R&D is also focused on implementing the thermal energy storage techniques to be implemented in building walls by employing the PCMs in air vents and plasters. The increasing government initiatives coupled with technological advancement initiatives adopted by various vendors are anticipated to boost the market over the forecast period.

Who uses thermal energy storage?

The residential and commercial sector is one of the major users of thermal energy storage as it is typically used in refrigeration equipment which creates a reservoir of solid material and cold water at night. This can be used during the daytime to provide cooling capacity.

What are the main sources of thermal energy storage?

The major sources for thermal energy storage include heat pumps and heat generated by power plants & waste. These storage systems reduce the demand for energy during peak hours, lower the carbon dioxide emissions, and decrease the energy consumption of end consumers.