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Israel Thermal Energy Storage (TES) Industry Analysis
The Grid-scale/Utility Scale Thermal Energy Storage System (TESS) industry in Israel 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.
One of the major drivers of this growth is the Israeli government's commitment to increasing the share of renewable energy in the country's energy mix. The government has set a target of generating 3% of the country's electricity from renewable sources by 23. This has led to the implementation of various policies and incentives to encourage the development of renewable energy projects, including TESS systems.
Another driver of growth in the TESS industry is the decreasing cost of energy storage technologies. The cost of lithium-ion batteries, which are commonly used in TESS systems, has decreased significantly in recent years, making them more affordable and accessible to developers.
In addition, the increasing demand for energy storage solutions is also being driven by the growth of the electric vehicle market. As more electric vehicles are being produced and sold, there is a need for more charging infrastructure and energy storage solutions to support the increased demand for electricity.
The outlook for the TESS industry in Israel is positive, with continued growth expected in the coming years. The government's commitment to renewable energy and the decreasing cost of energy storage technologies are expected to drive further investment in the sector.
In conclusion, the Grid-scale/Utility Scale Thermal Energy Storage System (TESS) industry in Israel is experiencing a surge in construction of new projects, driven by the government's commitment to renewable energy, decreasing cost of energy storage technologies, and the growth of the electric vehicle market. The outlook for the industry is positive, with continued growth expected in the coming years.
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