THERMAL ENERGY STORAGE MARKET ANALYSIS

Thermal Energy Storage MarketSize and Trends

The global thermal energy storage market size was valued at US$ 4.65 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030. The global thermal energy storage market is expected to witness a significant growth during the forecast period. This is attributed to increasing adoption of renewable power generation and growing demand for HVAC thermal energy storage systems. Moreover, the rising concern over greenhouse gas emissions and increasing fuel prices are further expected to drive demand for advanced thermal energy storage systems.

Global Thermal Energy Storage Market Trends:

Shift towards renewable energy generation is a trend

Several countries globally are shifting towards renewable energy generation and adopting thermal energy storage to meet their carbon reduction targets. In addition, governments, associations and universities are investing actively in R&D to come up with innovative thermal storage mediums that have a low or zero impact on the environment. In this regard, the emergence of new technologies like smart sensor, IoT and AI is expected to enhance the efficiency of thermal energy storage.

New product launch due to ongoing innovation is a recent trend

Key players are introducing novel product in TES due to ongoing innovation in the field. This will favor the market growth in the near future. For instance, in April 2023, Brenmiller has launch a 4 GW to 5 GW production line for its thermal energy storage systems, which use crushed rocks to retain heat that can be released as steam, hot water, or hot air. Thermal energy storage (TES) has shown great potential to contribute to the decarbonization of global heat and power.