Increasing demand for renewable and clean energy sources is a key factor fueling 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.

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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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Moreover, economies such as Australia and the US are developing solar cities.The government provides incentives to deploy solar modules in various sectors such as industrial, building, commercial and so on. The governments of different countries initiate policies to provide incentives to solar panel owners to reduce the installation cost load. In Australia, the Renewable Energy Target (RET) was formed to ensure 33,000 GWh of energy to be generated by renewable sources by 2020. To enable to achieve this target, two schemes have been set up, including the Small-scale Renewable Energy Scheme (SRES), which applies to small scale renewable installations and Small-scale Technology Certificates (SSTC) that encourage homeowners to install renewable energy sources such as solar power.

Renewable energy includes various subcategories depending upon the source of energy. Various sources such as hydropower, solar power, wind, biomass, geothermal and so forth are available as renewable energy sources. The depletion of petroleum reserves and other fossil fuels due to increasing utilization in internal combustion engines have been motivating researchers to develop new alternative energy resources. As a result, several alternatives to liquid fossil fuels have been explored including gaseous fuels, biofuel, synthetic fuels and e-fuels.

Global Thermal Energy Storage Market- Segmentation

By Technology

• Sensible
• Latent
• Thermochemical

By Application

• Power Generation
• District Heating & Cooling
• Process Heating & Cooling

Global Thermal Energy Storage Market – Segment by Region

North America

• US
• Canada

Europe

• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East Africa

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