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The global Thermal Energy Storage (TES) market along with the rest of energy industry value chain is expected to be impacted by the ongoing pandemic and the virus led global recession. The global market size is revised at a projected US$8 billion for the year 2027.
Government measures to curtail movement of people and good sand the worst ever economic downturn will together bring down the energy industry in the year 2020. Lockdowns are bringing electricity consumption in malls, hotels, gyms, schools, shops to almost zero. Utilities are staring at a severe cash crunch as revenues sharply decline and spot prices of electricity plummet. Energy storage deployments worldwide will decline steeply from earlier projections for the year 2020. As finances dry-up for consumers and businesses alike, sales of energy storage systems for homes, building and industrial processes will decline.
Evaporative Cooling Market is Expected to Grow at a CAGR of over 5 1% during 2020-2025 marketwatch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketwatch.com Daily Mail and Mail on Sunday newspapers.