Increasing demand for renewable and clean energy sources is a key factor fuelling the thermal energy storage market growth. With continuously growing environmental concerns, the demand for renewable and clean energy has increased multifold. Particularly in the developed economies, investments have grown substantially in order to adopt renewable energy in the place of conventional energy sources. According to the Renewable Energy Buyer’s Alliance (REBA), Facebook, Microsoft Corp., and other 65 companies along with 60 leading project developers and many service providers have been participating in a solar energy network. REBA is majorly targeting in the breakdown of the obstacles to lower-carbon energy such as solar energy. The demand for solar energy is rapidly increasing due to which global giants such as Facebook and IBM are expected to utilize 100% renewable power.
Moreover, increasing the use of thermal energy storage for solar energy and photovoltaic cells and rising preferences for solar energy and renewable energy are the factors anticipated to propel the thermal energy storage market in the near future. Governments of key economies such as the US, Canada, the UK, Spain, Australia and many more are promoting green energy, which includes wind, solar, hydro and geothermal energy.Many economies around the world are setting targets and introducing polices for promoting renewable energy and reducing greenhouse gas (GHG) emissions.
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Global Thermal Energy Storage Market- Segmentation
By Technology
- Sensible
- Latent
- Thermochemical
By Application
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
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