Report: Thermal energy storage capacity will nearly triple in the U.S. by 2020
Thermal energy storage (TES) has been used commercially for many decades, largely to shift peak energy use into lower-cost periods. It's also used at concentrated solar power plants to improve energy production by storing heat for later power generation.
But as interest in energy storage technologies continues to increase, it will create new opportunities for TES and lead to steady growth, according to a report from Pike Research. Pike estimates installed TES capacity will nearly triple in the U.S., from 2.7 GW in 2011 to 7.2 GW in 2020.
But the strongest growth, Pike predicts, will be in Europe due to the European Union's heavy emphasis on energy efficiency and what it calls the rise in volatile renewable electricity generation.