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
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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.
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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.
- 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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.