NEW YORK, March 19, 2019 /PRNewswire/ -- About this
market
In the commercial and industrial (C&I) sectors, downtime caused
by power outages leads to huge losses for the companies. For
commercial and industrial sectors, such as the manufacturing,
engineering and construction, pharmaceutical and healthcare, oil
and gas, industrial farming, mining, energy, aerospace,
petrochemical, warehousing, and distribution sectors, power backup
is crucial for smooth operations. Many mission-critical businesses,
from data centers to financial institutions, can incur losses by
even a short power outage. Morten salt thermal energy storage
solutions help reduce utility costs and improve power reliability
and quality. Many companies have started investing in energy
storage to overcome the challenges with power outages. Therefore,
the increased need for power backup across industries will drive
the global molten salt thermal energy storage market during the
forecast period. Analysts have predicted that the molten salt
thermal energy storage market will register a CAGR of over 4% by
2023.
Read the full report:
https://www.reportlinker.com/p05756624/?utm_source=PRN
Market Overview
Cost savings by ESSs
The rise in demand for power has led to power outages and heavy
loads during peak hours in many countries. Power loss during
transmission and distribution can cause power outages. Therefore,
this ESS helps reduce power bills. The addition of renewables, such
as concentrated solar power, into the energy mix drives the demand
for molten salt ESSs to store heat that can be converted into
electricity.
Regulatory barriers
One of the main procedural issues is the administrative delay in
the implementation of new regulations in favor of energy storage,
which acts as a barrier to ESSs' deployment. Reasons for this delay
include the slow adoption of pay-for-performance and slow progress
in considering ESSs as an alternative in planning and procurement
process by state public utility commissions. Considering such
factors, administrative delay still remains a challenge for ESSs
development.
For the detailed list of factors that will drive and challenge the
growth of the molten salt thermal energy storage market during the
2019-2023, view our report.
Competitive Landscape
The market appears to be fairly fragmented and with the presence of
several vendors. This market research report will help clients
identify new growth opportunities and design unique growth
strategies by providing a comprehensive analysis of the market's
competitive landscape and offering information on the products
offered by companies.
Read the full report:
https://www.reportlinker.com/p05756624/?utm_source=PRN
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