Thermal Energy Storage Market Size

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.

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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.