Market players are adopting more sustainable ways of storing thermal energy than before. Many startups have entered the market and introduced sustainable ways of thermal energy storage. Companies are targeting new geographic locations for their projects.
The concept of thermal energy storage has been practiced by many companies all over the globe. It is one of the conservative methods of consuming energy. There are several technologies for energy storage. Many companies are developing more ways than before to conserve energy. Market players are expanding their projects in new geographical areas as they see huge potential in new locations. There has been an entry of several startups in the last few years in the market. Some of the companies are Stash Energy, Axiom Energy, Highview Power, Phase Change Energy Solution, and Skyven Technologies. According to the report published by Allied Market Research, the global thermal energy storage market is expected to reach $8.86 billion by 2023. Companies are following many trends to withstand other competitors and capture major part of market. Some of the trends are-
Market players are developing methods to offer green thermal energy storage. Phase change material (PCMs) are synthetic polymers produced from petrochemicals. But companies are trying to develop a more stable and sustainable materials than before. Recently, there was a development by Department of Energy’s Argonne National Laboratory’s scientists in the U.S. regarding a thermal energy storage system for industrial use. It can store and capture wasted heat for later use. The device was developed by scientists, and it stores and releases latent heat by using specific kind of molten salts which act as phase-change materials. While molten salts are effective as phase-change materials, they have a drawback in terms of poor thermal conductivity. Due to this drawback, it takes too long for molten salts to absorb and release energy. The scientists are developing a plan to overcome this problem. They are devising a method to integrate the phase-change materials with another high-thermal-conductivity material. They are planning to seal the composite material system into a cylindrical module and then bath in inert gas. The heat stored in the module can be further used to heat water to create steam.
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