Global $10+ Billion Thermal Energy Storage Market to 2027: Rising Demand for Cost Competitive and Efficient Energy Sources
The global thermal energy storage market size is expected to reach USD 10.1 billion by 2027, expanding at a CAGR of 12.6% from 2020 to 2027.
- The global thermal energy storage market size is expected to reach USD 10.1 billion by 2027, expanding at a CAGR of 12.6% from 2020 to 2027.
- Rising demand for cost competitive and efficient energy sources is likely to boost the market growth over the forecast period.
- The market is primarily driven by the use of thermal energy storage as a major renewable option for electricity generation.
- Heat stored by seasonal and short-term thermal energy storage systems helps balance the variations in the production and distribution of renewable electricity in a cost-effective manner.