Exploring Thermal Energy Storage: Key Product Types and Their Impacts
The global thermal energy storage (TES) market was valued at approximately USD 4.1 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 9.45% from 2020 to 2027. Several factors are driving this growth, notably the increasing preference for renewable energy generation, including concentrated solar power (CSP), and the rising demand for TES systems in heating, ventilation, and air conditioning (HVAC) applications. The growing emphasis on enhanced energy efficiency, alongside ongoing initiatives to optimize energy utilization, is expected to significantly boost the demand for thermal energy storage solutions. For example, in September 2018, the Canadian government launched an updated financial incentive program called the “Commercial Energy Conservation and Efficiency Program.” This initiative offers rebates of up to USD 15,000 for energy upgrades in the commercial sector, highlighting governmental efforts to encourage energy-efficient technolog...