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Thermal Energy Storage Market Trends

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

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Thermal Energy Storage Market Trends

Thermal energy storage systems are being increasingly deployed in district heating and cooling networks. These systems enhance the flexibility and reliability of heating and cooling services, making them more sustainable and cost-effective. The industrial sector is adopting TES systems to manage process heating and cooling loads, improve energy efficiency, and reduce operational costs. Industries such as chemicals, food and beverage, and manufacturing are notable adopters. The integration of TES systems with smart grids is becoming more prevalent. This integration allows for better demand-side management, enhanced grid stability, and the ability to absorb and store surplus renewable energy, making energy systems more resilient.

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.