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Solar Thermochemical Energy Storage Market

Solar Thermochemical Energy Storage Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030

Solar Thermochemical Energy Storage: Introduction

  • Solar thermochemical energy storage is the process of storing thermal energy in the form of chemical energy to help concentrating solar power (CSP) system utilities produce power to match peak demand
  • As energy storage system, solar thermochemical energy storage enables a smarter and more resilient grid infrastructure through peak demand management. Furthermore, some manufacturers also create independent solar thermochemical energy storage systems to match power demand at remote locations.
  • In solar thermochemical energy storage, the thermal energy drives a reversible endothermic chemical reaction, which stores energy in the form of chemical potential
  • Solar thermochemical energy storage systems enable efficient method of power generation to overcome intermittent challenges faced by other types of renewable energy power generation

Key Drivers of Global Solar Thermochemical Energy Storage Market

  • Rise in transition toward renewable energy is likely to offer significant opportunities to manufacturers of solar thermochemical energy storage systems, due to the long-term benefits of solar energy. This is expected to drive the global solar thermochemical energy storage market during the forecast period.
  • Developing economies need to offer reliable access to electricity in remote areas. The traditional centralized grids are not capable of providing cost-effective basic electricity supply to underserved areas in a reasonable amount of time. Remote and distributed power storage systems have the potential to supply electricity across the world. Hence, deployment of higher numbers of solar thermochemical energy storage systems is expected to boost the market in developing economies across the world during the forecast period.
  • Government subsidies for solar power across the world can be leveraged by solar thermochemical energy storage systems manufacturing companies. This is estimated to offer lucrative opportunities to the global solar thermochemical energy storage market during the forecast period.

Restraints of Global Solar Thermochemical Energy Storage Market

  • Solar thermochemical energy storage systems are costly. They have not been deployed commercially yet. This is estimated to restrain the global solar thermochemical energy storage market during the forecast period.

Major Developments

  • In June 2020, Siemens Energy and EnergyNest announced the signing of their entry into a long-term partnership to develop thermal energy storage solutions for industrial customers. The two companies are exploring the use of excess renewable electricity to charge a thermal battery, which would in turn release steam when needed to provide power. This is expected to lower the plant’s demand for natural gas, while increasing flexibility.

Europe to Hold Major Share of Global Solar Thermochemical Energy Storage Market

  • Based on region, the global solar thermochemical energy storage market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Europe is anticipated to dominate the global solar thermochemical energy storage market during the forecast period. High investments, especially by governments of countries such as Germany, and technological advancements are projected to drive the market in the region from 2020 to 2030.
  • Large amount of energy is consumed by European buildings. This compelled countries in the region to aim to reduce carbon emissions by 80% by 2050. This is expected to drive the market in Europe during the forecast period.
  • On the other hand, the size of the renewable energy industry in the U.S. in North America is anticipated to double by the end of the forecast period. Renewable energy systems in the country are likely to benefit from multi-year federal tax incentives and several state-level policies that promote the use of solar energy in the next few years.
  • Asia Pacific is projected to offer significant opportunities to the global solar thermochemical energy storage market during the forecast period, due to a rise in concerns about air pollution and carbon emissions in India and China. Additionally, government tariff and policies toward the use of solar technology are expected to propel the solar thermochemical energy storage market in the region.

COVID-19 Impact Analysis

  • The global economy has been hampered by the measures put in place to contain the COVID-19 pandemic. The solar industry is estimated to face immediate challenges due to the COVID-19 pandemic such as difficulty in adhering to the social distancing norms, shortage of manpower, lack of parts & equipment, and discerning expenditure by end-users.
  • Currently, the solar industry imports almost 80% of all of its equipment and parts in the value chain from China. The COVID-19 pandemic has adversely affected the manufacturing capacities of China. Most of the ship container companies have stopped functioning out of Chinese ports. Major economies such as India have stopped transportation of goods from China.

Global Solar Thermochemical Energy Storage Market, Research Scope

Global Solar Thermochemical Energy Storage Market, by Application

  • Residential
  • Commercial
  • Industrial
  • Others
Solar Thermochemical Energy Storage Market

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