Global thermal energy storage market to surpass USD 374 Million by 2030 from USD 190 Million in terms of value growing at a CAGR of 14.2% throughout the forecast period, i.e., 2020-30.
The shifting preference towards the generation of renewable energy, including concentrated solar power, and the growing demand for HVAC thermal energy storage (TES) systems are key factors driving the growth of the industry. The rising need for improved energy efficiency, combined with ongoing efforts to use energy, would have a positive impact on the demand for thermal energy storage. Increasing government steps towards the implementation of sustainable technologies would help to achieve the carbon emission reduction goals developed and thus stimulate consumer demand. The market environment will be complemented by rising demand for energy-efficient and cost-competitive sources coupled with continuous and reliable power requirements across different industries.
The climate crisis is all around us.
There is more carbon dioxide in our atmosphere right now than at any previous point in human history. Global temperatures are warming as a result, the effects of which are both alarming and widespread.
Indonesia, for instance, recently announced plans to search for a new capital city with almost half of Jakarta sitting below sea level. Oceans globally have been rising at the fastest rate in 3,000 years as polar ice caps continue to melt, causing the already overcrowded city to sink roughly 25 centimetres every year.
At the same time, average wildlife populations around the world have dropped 60 percent in little over 40 years, owing to deforestation and fundamental habitat changes to ecosystems such as unpredictable weather patterns. The 2010s were the hottest decade on record, evidenced by 2019 which saw 99 tropical storms and 6.7 million people being displaced from their homes because of the rise in the number of natural disasters.
President Biden s announcement of the United States nationally determined contribution under the Paris Agreement signals a new trajectory for the energy transition. America will need to generate near-zero-emission electricity and deeply electrify transportation and industry to reduce yearly carbon emissions 50% below 2005 levels. The WATT Coalition applauds President Biden s leadership and diplomacy to increase worldwide climate ambition with this commitment. In order to achieve low-cost, rapid decarbonization, Grid-Enhancing Technologies must be integrated into the electric grid.
The electric grid is a dynamic resource, with capacity far greater than is currently accessible. A recent report by the Brattle Group shows that incorporating the variability of grid capacity into operations would jump-start the massive deployment of renewable energy necessary achieve a zero-emission economy, while saving $5 billion per year nationwide. The WATT Coalition members are at work across the
Protecting submerged turbines from their marine co-habitants isn’t the only step tidal power plants should take. Sudden changes in water flow can be equally challenging for tidal turbines.