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United States (US) Thermal Energy Storage (TES) Industry Analysis
The Grid-scale/Utility Scale Thermal Energy Storage System (TESS) industry in the United States is currently experiencing a surge in construction of new projects. This is due to the increasing demand for renewable energy sources and the need for energy storage solutions to balance the intermittent nature of renewable energy generation.
One of the major drivers of this growth is the declining cost of TESS technology. As the cost of materials and manufacturing processes decreases, TESS systems become more affordable and accessible to utilities and grid operators. Additionally, the increasing adoption of renewable energy sources, such as wind and solar, has created a need for energy storage solutions that can store excess energy during times of high generation and release it during times of low generation.
Another driver of growth in the TESS industry is the increasing demand for grid stability and reliability. TESS systems can provide grid operators with the ability to balance supply and demand, reduce peak demand, and improve grid stability. This is particularly important as the grid becomes more decentralized and reliant on intermittent renewable energy sources.
The outlook for the TESS industry in the United States is positive, with continued growth expected in the coming years. The Energy Storage Association predicts that the US energy storage market will grow from 43 MW in 219 to over 7, MW by 225. This growth is expected to be driven by a combination of declining costs, increasing demand for renewable energy, and the need for grid stability and reliability.
In conclusion, the Grid-scale/Utility Scale Thermal Energy Storage System (TESS) industry in the United States is experiencing a period of growth and expansion. The declining cost of TESS technology, increasing adoption of renewable energy sources, and the need for grid stability and reliability are all driving factors behind this growth. The outlook for the industry is positive, with continued growth expected in the coming years.
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