LONDON--(BUSINESS WIRE)--The growing demand for uninterrupted power supply has resulted in the growth of the global thermal energy storage market, which is expected to post a CAGR of 18.7% from 2015-2019, says research firm Technavio.
A rise in electrical disturbances in the power grid has created a demand for thermal energy storage systems. Installation of these systems helps reduce power disturbances considerably as large-scale grid storage batteries prevent intermittence by providing stored electricity during power shortages.
“The decentralization of power generation using various renewable energy resources can curb many grid failures and help in developing green solutions,” says Faisal Ghaus, Vice President of Technavio.
The latest report by Technavio also highlights vendors who are focusing on upgrading their technology to increase the energy storing capacity of storage systems. Vendors in the US and China are investing in efficient storage batteries, power grid capacitors and compressed air energy storage (CAES).
“The adoption of electric vehicles will trigger innovations in electric vehicle storage technology. Therefore, the rising investment in advanced energy storage technologies will fuel the growth of the global thermal energy storage market through the projected period,” says Ghaus.
Technavio currently has more than 3000 market research reports on a huge range of topics, including:
- Global Energy Storage for Microgrids Market 2014-2018
- Global Flywheel Energy Storage Market 2014-2018
Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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