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Title: Current Market Dynamics of Thermal Energy Storage & India Exported Solar Components

China, 9th Jul 2024 - 2024 latest news During the fiscal year 2023-24, India exported solar components totaling $1.9 billion USD, predominantly to the US, constituting 98.5% of India's total PV component exports. Data from the Indian Ministry of Commerce and Industry reveals exports to South Africa amounted to $4.73 million USD. China retained its position as India's primary supplier of solar cells. In the 2024 fiscal year, India's imports from China nearly doubled, escalating from $5.8145 billion USD in the 2023 fiscal year to $10.3598 billion USD. Current Market Dynamics of Thermal Energy Storage1.1 Surge in Demand for Sustainable Energy SolutionsThe global market for thermal energy storage (TES) systems is experiencing a robust surge, primarily fueled by the escalating demand for sustainable energy solutions. With a significant shift towards renewable energy sources such as solar and wind power, there's a pressing need for efficient energy storage mechanisms. Thermal energy storage emerges as a promising solution, facilitating the storage of surplus energy generated from renewables and ensuring a stable power supply amidst intermittent energy production.1.2 Wide-Scale Adoption Across Diverse SectorsThe adoption of thermal energy storage systems is witnessing widespread momentum across various sectors. In residential domains, TES systems are seamlessly integrating into HVAC (Heating, Ventilation, and Air Conditioning) setups, optimizing energy utilization and curbing electricity expenses. Meanwhile, in commercial and industrial realms, energy storage system is proving instrumental for tasks like peak shaving, load shifting, and backup power, offering substantial cost savings and bolstering grid resilience.1.3 Innovations Driving Industry TransformationIn recent y...

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