How Are Green Buildings Driving Thermal Energy Storage Market Growth?
A number of factors such as the escalating adoption rate of concentrated solar power (CSP) systems and the soaring demand for energy solutions for heating, ventilation, and air conditioning (HVAC) systems will drive the thermal energy storage market at a CAGR of 15.9% during the forecast period. The market revenue stood at $3,000.9 million in 2017 and it is projected to reach $7,472.9 million by 2023. A thermal energy storage system allows the storage of extra thermal energy, thereby ensuring the availability of energy during periods of peak demand. The burgeoning electricity demand, owing to the rapid urbanization across the world, has led to the installation of different types of power production systems, such as CSP plants. In recent years, Asia-Pacific (APAC) installed and operationalized the largest number of CSP plants in the world. For instance, at present, China has around 111 operational CSP plants. Furthermore, India aims to establish 500 MW capacity CSP plants during the ph...