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Thermal Energy Storage Market Size

Report ID: GMI2589
Published Date: Aug 2024
Report Format: PDF

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Thermal Energy Storage Market Size

Thermal Energy Storage Market was valued at USD 47.5 billion in 2023 and is estimated to grow at a CAGR of 6.7% from 2024 to2032, driven by the growing adoption of renewable energy sources, such as solar and wind. Thermal energy storage systems help mitigate the intermittent nature of these renewable sources by storing excess energy during periods of low demand and releasing it when needed. Continuous innovations in materials and storage methods are enhancing the efficiency and capacity of thermal energy storage systems.

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TES systems contribute to improved energy efficiency by reducing peak demand, lowering energy costs, and enhancing the performance of heating, ventilation, and air conditioning (HVAC) systems. They are increasingly being adopted in commercial and industrial applications to optimize energy use. Supportive government policies and incentives aimed at promoting clean energy and energy efficiency are boosting the adoption of TES systems. Regulations encouraging the integration of renewable energy sources and the reduction of carbon emissions are particularly influential.

Thermal Energy Storage Market Report Attributes
Report Attribute	Details
Base Year:	2023
Thermal Energy Storage Market Size in 2023:	USD 47.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.7%
2032 Value Projection:	USD 91.6 Billion
Historical Data for:	2021 to 2023
No. of Pages:	80
Tables, Charts & Figures:	20
Segments covered:	Storage Material, Technology, Application, End User
Growth Drivers:	Rising deployment of Concentrated Solar Power Plants Growing demand for TES technologies for comfort cooling Favorable government incentives to promote the adoption of thermal energy storage
Pitfalls & Challenges:	High costs associated with TES systems

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Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of thermal energy storage was valued at USD 47.5 billion in 2023 and is estimated to record about 6.7% CAGR through 2032, backed by the growing adoption of renewable energy sources, such as solar and wind.

The power generation application is anticipated to record a CAGR of more than 6.2% through 2032, owing to increased renewable energy integration, advancements in storage technology, demand for grid stability, and supportive government policies.

Asia Pacific thermal energy storage market is projected to reach over USD 42.7 billion by 2032, backed by the increasing deployment of concentrated solar power (CSP) plants, and rising energy demand.

Burns & McDonnell, Caldwell Energy Company, CALMAC, Deepchill Solutions Inc., DN Tanks, Dunham-Bush Limited, EVAPCO, Inc., FAFCO, Inc., and Goss Engineering, Inc. among others.