The demand for electricity is expected to grow at a 2.1% annual rate from 2019 till 2040, according to the World Energy Outlook 2019 published by the International Energy Agency (IEA). At this rate, compared to 19% in 2019, the share of electricity in final energy consumption will become 40% by 2040. This would be a result of the rapid industrialization, as an increase in the number of factories directly means a rise in the demand for power. It is not just factories where energy is needed, but almost everywhere — homes, commercial buildings, or transportation.
The concept is exactly what it sounds like: storing the extra energy contained in heat for future usage. Pumped heat electrical storage (PHES), ice thermal energy storage, concentrated solar power (CSP), and chilled-water thermal energy storage are the various ways in which it can be achieved. Among these, the most popular way to do this has been CSP, especially in Australia, the U.A.E., Morocco, and China. In these systems, the sunlight and heat are reflected on to a receiver by concave mirrors or lenses. The heat then drives a steam turbine, which ultimately generates the electricity.
Currently, Asia-Pacific (APAC) is the largest exponent of the CSP method, with China leading the way in the region. According to the National Energy Administration of China, 111 CSP projects, which have a combined electricity generation capacity of 9 gigawatts (GW), were under construction in the country in 2017. Of these, the first network of CSP plants, which can cumulatively create 1,349 megawatts (MW) of energy, has already being commissioned.
Another reason behind the growing demand for the thermal energy storage technology is the increasing construction of green buildings. Such buildings must use only the electricity which is being generated on site, and they have to be energy-efficient at the same time. Currently, the sun is the most widely used source for creating energy in such buildings, which is leading to the rapid incorporation of thermal energy storage technologies in such settings to store the extra heat for future use.
Similarly, the usage of district heating and cooling (DHC) systems is also rising, as, compared to individual appliances for individual buildings, a DHC system is more energy-efficient. Since, these systems draw power from utility companies, these firms are swiftly integrating thermal energy storage systems to power DHC. Majorly, combined heat and power (CHP) plants are used for the purpose of providing the energy as well as generating heat at the same time, which further leads to energy efficiency.
Around the world, North America is the largest thermal energy storage market, on account of the quick development of CHP stations and rising requirement for backup power for heating ventilation, and air conditioning (HVAC) systems. In the coming years, the demand for storing thermal energy would surge the fastest in APAC, as the growing population in the region is raising the demand for energy, while depleting the fossil fuel reserves are shifting the limelight on renewable energy.
Thus, with the increasing concerns regarding air pollution, due to the burning of fossil fuels for generating electricity, the focus on renewable electricity will keep on rising, thus driving the popularity of the thermal energy storage concept.
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