Thermal power refers to the rate at which fuel is transformed into heat in various energy systems, such as gasoline engines. These heat engines generate heat to perform useful work. The process of supplying heat to a power plant's boiler for electricity generation is commonly referred to as thermal power. 

COVID-19's Impact on the Renewable Energy Landscape 

The development of renewable energy technologies in several markets has already been hindered by factors like financing, policy uncertainty, and grid integration. The COVID-19 pandemic has further complicated matters. The global renewable power capacity addition has been significantly affected by the COVID-19 crisis, leading to construction delays due to disruptions in supply chains, especially from China. Lockdown measures, social-distancing guidelines, and financial challenges have compounded the situation. 

Key Influencing Factors 

Governments, energy authorities, and utilities worldwide are heavily focused on decarbonizing the energy sector and reducing carbon emissions to mitigate global climate change. Among power plants using natural gas, combined-cycle plants are the most efficient. While slightly cheaper to construct than gas turbine cycle plants, they can generate more energy by utilizing generated heat. Despite advancements in solar and other renewables, cost-effective electricity production with storage or molten salt remains a challenge. As such, natural gas is expected to remain a dominant alternative until renewable technology becomes competitive. In the years to come, natural gas combined cycle plants are projected to dominate new electricity generation, particularly in countries like China and India. 

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Emerging Trends in the Market 

Thermal energy storage involves heating or cooling a medium like sand, rocks, water, or molten salt to store solar thermal energy. This stored energy can be used later for applications like cooling, heating, and power generation. Thermal energy storage is crucial for concentrating solar power plants, enabling them to generate electricity even when the sun isn't shining. Common thermal energy storage technologies in CSP plants include single-tank thermocline, two-tank indirect, and two-tank direct systems. The advantages of thermal energy storage in CSP plants include enhanced reliability, overall efficiency, reduced investment and operating costs, and lowered carbon dioxide emissions. The integration of thermal energy storage is expected to drive market growth. 

Bulk industrial consumption, self-consumption, and distributed storage offer benefits to end users and the power system. This trend is expected to lead to increased popularity of thermal energy storage technology. However, to achieve widespread adoption, project costs need to be reduced and made cost-effective at scale. 

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Market Projection and Regional Dominance 

The growth of natural gas-based thermal power plants is expected to outpace nuclear and coal-based counterparts. Natural gas power plants, characterized by low carbon emissions, affordability in construction, and high efficiency, are predicted to be the fastest-growing segment. 

Coal thermal power plants are anticipated to continue being widely used, although more efficient technologies like Ultra Supercritical Coal Technology are poised to replace older plants, presenting a market opportunity. 

The Asia-Pacific region, with China and India as key players, is projected to dominate the market. China's construction of numerous thermal power plants, particularly ultra-supercritical coal plants, underscores its leadership in the field. 

Key Benefits of the Report 

• This study provides a comprehensive analysis of thermal energy storage, including current trends and future investment opportunities. 
•  The report delves into key drivers, restraints, and opportunities, accompanied by detailed thermal energy storage market share analysis. 

•  Quantitative analysis highlights growth scenarios in the thermal energy storage market.  
• Porter's five forces analysis sheds light on buyer and supplier dynamics.  
• The report furnishes an in-depth thermal energy storage market analysis based on competitive intensity and the expected evolution of competition in the coming years. 

Thermal Power Market Report Highlights 

Key Aspects 

Technology 

• Sensible 
• Latent 
• Thermochemical 
• Others 

Storage Material 

• Water 
• Molten Salts 
• PCM 
• Others 

Application 

• Power Generation 
• District Heating and Cooling 
• Process Heating and Cooling 
• Others 

Regional Landscape 

• North America (U.S., Canada, Mexico) 
• Europe (France, Germany, Italy, Spain, UK, Rest of Europe) 
• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) 
• LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Rest of LAMEA) 

About Us 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. 

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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