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Thermal Energy Storage Market Size

  • Report ID: GMI2589
  • Published Date: Mar 2023
  • Report Format: PDF

Thermal Energy Storage Market Size

Thermal Energy Storage Market size crossed USD 36 billion in 2022 and is anticipated to grow at a CAGR of 7.5% from 2023 to 2032.

 

Increasing investments toward concentrated solar power plants coupled with favorable regulations toward sustainable energy generation technologies will propel the market growth. The renewable energy sources and CSP are widely gaining acceptance on account of accelerating demand for efficient and reliable energy generation technology. Moreover, stringent regulatory norms and standards toward emission reduction have significantly influenced the industry outlook. In addition, supportive policy framework toward the development of renewable energy is set to boost the market progression.

 

Thermal Energy Storage Market

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Shifting consumer preference toward adaptive, efficient, and durable centralized cooling system have urged the deployment of thermal energy storage across the HVAC applications. Moreover, the thermal energy storage technology is being widely used for comfort cooling owing to growing demand for climate-controlled buildings. For instance, the U.S. government in November 2022, under its U.S. Department of Energy Office of Clean Energy Demonstrations landmark has proposed to fund USD 350 billion toward long-duration energy storage (LDES) projects.

 

Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The market size of thermal energy storage crossed USD 36 million in 2022 and is set to progress at over 7.5% gains through 2032 owing to supportive laws and financial plans for producing renewable energy.

The district heating & cooling application accounted for USD 1.5 billion revenue in 2022 due to significant investments in the implementation of district heating and cooling systems across industries.

The sensible heat segment registered over 8 GW in 2022 owing to the soaring suitability of the technology in district heating & cooling systems and the mounting demand for solar thermal technology systems.

The Asia Pacific is slated to acquire over 45% of the market share by 2032 on account of the widespread use of thermal energy storage technology for producing heat in a variety of applications and supportive governmental requirements in the region.

Thermal Energy Storage Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 743
  • Countries covered: 16
  • Pages: 410
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