Latest Market Research Report 2025

  The global thermal energy storage (TES) market   was valued at   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. The growing shift towards   renewable energy generation, particularly in   concentrated solar power, and rising demand for TES systems in   HVAC (heating, ventilation, and air conditioning) are among the key factors driving the growth of the market. Additionally, the increasing need for energy efficiency, coupled with the ongoing global efforts to improve energy utilization, is expected to positively influence the demand for TES systems. For example, in September 2018, the Canadian government updated its Commercial Energy Conservation and Efficiency Program, offering USD 15,000 worth rebates for energy upgrades in the commercial sector, encouraging the adoption of more energy-efficient systems like TES. The U.S. is expected to see ...

  The global thermal energy storage (TES) market was valued at an impressive USD 4.1 billion in 2019 and is forecasted to experience robust growth, projected to expand at a compound annual growth rate (CAGR) of 9.45% from 2020 to 2027. This upward trajectory is primarily driven by a notable shift in preference towards renewable energy sources, particularly concentrated solar power. Additionally, there is an increasing demand for thermal energy storage systems within heating, ventilation, and air conditioning (HVAC) applications. The growing necessity for enhanced energy efficiency, along with ongoing efforts to optimize energy usage, further bolsters the demand for TES solutions. For example, in September 2018, the Canadian government revised its financial incentive initiative, the "Commercial Energy Conservation and Efficiency Program," which provides rebates worth USD 15,000 for energy upgrades in the commercial sector. Furthermore, the U.S. Department of Energy (DoE) plays...