Thermal energy storage market projected to hit $1.27t by 2035

Market growth is driven by renewable energy demand, regulations, and grid stability efforts.

The thermal energy storage (TES) market is expected to reach $1.27t by 2035, according to a new analysis by Market Research Future.

In its study, the company noted that the projected expansion reflects a 15.2% compound annual growth rate until 2035.

“TES systems play a crucial role in balancing energy supply and demand by storing thermal energy for later use, thereby reducing dependency on conventional power sources and minimising carbon emissions. These systems are increasingly adopted in sectors such as power generation, industrial processes, and building heating and cooling, driving market expansion,” the company said.

Some of the factors driving the TES market expansion are the rise in demand for renewable energy, energy cost reduction, environmental regulations and carbon reduction goals, and grid stability and reliability efforts.

Growth is being observed across various regions, including the Asia Pacific, which is witnessing rapid industrialisation and urbanisation, driving increased demand for efficient energy storage solutions. Countries such as China, India, and Japan are investing heavily in solar energy and industrial TES applications, creating substantial market opportunities.