Rapid Adoption of Variable Energy Sources Uplifting Its Demand

Posted on: May-2017 | Food & Beverages

Thermal energy storage primarily offers a relation between the secondary and primary energy sources. It is projected to play a vital part in the development of emission-free and low carbon economy. Chiefly utilized for collecting thermal energy by cooling or heating a storage instrument, thermal energy storage is utilized to offer cooling facility for commercial buildings.

The captured energy is used for cooling and heating purposes and also for producing power. These are small-scale devices that consist of latent heat storage systems, thermochemical storage systems, and sensible heat storage systems. Major benefits of adopting these systems include the decrease in power utilization, reduction in CO2 emissions, and enhanced effectiveness of energy systems. The major factor fueling the growth of this market is the increasing requirement for uninterrupted supply of power.

The market is observing a noteworthy growth owing to the increasing thrust on renewable energy production such as concentrated solar power, the government incentives for thermal energy storage systems, and rising need for thermal energy storage systems in HVAC.

Rapid adoption of variable energy sources

A significant factor influencing the growth of the thermal energy storage market globally is the rising implementation of variable energy sources in the power production portfolio. The variable energy sources, such as solar and wind, are irregular and changeable in nature, and frequently need backup and firming to be helpful in a utility system. These sources are gradually becoming reasonable with traditional energy production technologies. The fast rate at which they are being implemented along with the objectives for energy security and de-carbonization set by government around the globe is driving the need for thermal energy storage technologies.

Huge initial investment: a barrier to market growth

Thermal energy storage techniques consist of several technologies each with a certain performance, application, and price. Among them, the prices of thermochemical storage and phase change materials are generally higher compared to the capability of storage they offer. The other market restriction is the several problems to grid interconnection that involves the complexity in generating suitable market signals to stimulate the provision of storage services and the making of storage capacity.