Thermal Energy Storage Market Analysis

Thermal Energy Storage Market Analysis

The thermal energy storage market size from molten salt-based TES systems segment is predicted to record a CAGR of 7.5% through 2032. The technology has a wide scale storage capacity and provides stable and continuous supply across CSP plants. Moreover, these materials are being widely used for electrochemical treatment, heat transfer, and heat treatment. Additionally, high boiling point and volumetric heat capacity along with low vapor pressure are also set to enhance the market outlook.

The sensible heat segment accounted for 8 GW in 2022, on account of its low capital requirement when compared with its counterparts. Increasing investments toward sustainable district heating and cooling systems coupled with exponential growth in solar thermal technology are anticipated to impel the segment development.

The residential & commercial segment will reach USD 2 billion in 2032, due to the ongoing replacement and renovations projects across various establishments on account of growing electricity consumption. In addition, accelerating investments toward expansion and upgradation of power infrastructure in enhancing the deployment of sustainable grid systems will positively foster the industry growth.

Based on application, the thermal energy storage market share from district heating & cooling segment was valued at USD 1.5 billion revenue in 2022, attributed to growing demand for centralized heating & cooling systems across residential and commercial establishments along with deployment of sustainable district energy network.

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The Asia Pacific thermal energy storage industry held over 45% of the revenue share by 2032, driven by increasing investments across environment friendly cooling technologies along with rapid development of sustainable energy sources. Furthermore, the supportive government policies coupled with accelerating use of thermal energy storage technology for heat across various application is set to impede the industry statistics.