The global advanced energy storage systems market is expected to grow significantly over the next six years. As global electricity consumption has been significantly increasing, new types of energy sources are being utilized to make provision for future demand. Frequently changing demand for power generation has made energy storage an essential element within the system. Peak-shifting and load-leveling are some of the applications for energy storage. Thermal energy storage systems are increasingly being considered as an effective means of shifting electricity from daytime peak periods to lesser expensive period of the day or at night. In traditional energy systems, need for thermal energy systems is often short-term; therefore, technical solutions for thermal energy storage are simpler. Pumped hydroelectric storage is among the oldest and most prominent storage devices. Three main physical ways for Thermal Energy Storage include: thermo chemical reactions, phase change reactions and sensible heat. Storage based on chemical reactions has much higher storage capacity than sensible heat; however, these systems are not yet commercially viable. Large sensible heat systems offer enhanced technology with low prices and low heat losses. Some of the key growth drivers include growing electric vehicles market, energy arbitrage and renewable policies. Industrialization is another factor driving the growth of this market. However, high initial setup costs for storage mediums along with the maintenance cost may act as a restraint to the market.
