Due to the rapidly increasing urbanization rate in several countries, the demand for power and electricity is surging, which is, in turn, fueling the requirement for various types of power-producing utilities such as concentrated solar power (CSP) plants. The Asia-Pacific region has witnessed a sharp rise in the deployment of CSP plants over the last few years. According to the National Energy Administration of China, nearly 111 CSP projects are currently underway in the country.
These plants have an aggregated capacity of approximately 9 GW. Out of these, the first batch of plants having an aggregated capacity of 1,349.0 MW has been made operational recently, with more plants predicted to be commissioned soon. These CSP plant development projects are propelling the demand for thermal energy storage systems. Besides this, the rising consumption of power for cooling and district heating purposes is also positively impacting the demand for thermal energy storage systems across the world.
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Because of the lack of abundant availability of independent heating and cooling systems for commercial and residential buildings, these establishments are heavily reliant on the power utilities for meeting their energy requirements. As a result, power utilities all over the world are rapidly deploying thermal energy storage systems that can help them meet the soaring energy demands of these facilities. This is consequently propelling the expansion of the global thermal energy storage market.
In the forthcoming years, the demand for these systems will soar in the Asia-Pacific region, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the surging energy requirement, on account of the soaring population of the regional countries. Moreover, the increasing popularity of renewable energy sources, on account of the depletion in fossil fuel reserves, is further boosting the demand for energy storage systems in the region.
Therefore, it can be said with surety that the demand for thermal energy storage systems will shoot up all over the world in the coming years, mainly because of the mushrooming power requirements in several countries.
