The global thermal energy storage market size was valued at USD 6,068.1 million in 2023, which is estimated to be valued at USD 6,603.8 million in 2024 and reach USD 13,103.1 million by 2031, growing at a CAGR of 10.28% during the forecast period.
The growth is driven by the rising integration of renewable energy sources, increasing demand for energy-efficient solutions, and supportive government policies promoting sustainable energy infrastructure worldwide.
Kings Research Says
The Thermal Energy Storage Market is positioned to become a cornerstone of the global clean energy ecosystem. As nations accelerate toward carbon neutrality, TES technologies will bridge the gap between renewable supply and round-the-clock energy demand.
Kings Research emphasizes that the integration of TES with AI, IoT, and digital twins will redefine how energy is stored, distributed, and consumed — offering new business models and opportunities for both utilities and consumers.
Organizations investing early in scalable, efficient, and modular TES systems will be better prepared to capitalize on global energy transitions, decarbonization policies, and smart grid modernization trends.
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