Published Date : May 20, 2016
The US Energy Information Administration (EIA) states that in 2011 an estimated 21 per cent of the electricity produced across the globe was with the help of renewable sources of energy. The energy body predicts that this number is most likely to increase to 25 per cent by the year 2040. The growing pressure to up the share of renewable energy in the overall power mix is, in turn, lead to an increased demand for the efficient storage of this energy. The focus is now on alternative systems for the storage of energy such as thermal energy storage. Systems such as these add a degree of dependency to the supply of renewable energy sources such as solar and wind power, which are otherwise unpredictable.
Growing Interest in Thermal Energy Storage Technology
The technology of thermal energy storage is being used for almost a decade but it is just gaining more prominence owing to its ability to transfer the load from peak to off peak hours. The market for thermal energy storage has been witnessing steady growth over the past couple of years and over the next four years, the market is projected to gain steam.
Benefits Presented by Thermal Energy Storage Driving Global Market
One of the most significant advantages offers by thermal energy storage is that it tackles the issue of increased strain on the grid, occurring owing to the peak afternoon durations when air conditioning systems and coolers consume large amounts of energy. Thermal energy storage systems also permits the smart use of nighttime power, which is cheaper than power that is available during the day, especially in peak hours. The wider deployment of thermal energy storage systems can be attributed to this inherent advantage. For instance, in Wilson Creek Winery in California, efficient air conditioning coupled with the installation of thermal energy storage systems has allowed them to save a whopping US$ 27,000 per year.