The projected economic benefits of the thermal energy storage (TES) market by 2032 are substantial, driven by increasing demand for renewable energy, energy efficiency, and sustainable solutions. Here are some key projections:
-
Market Size:
- The global TES market is projected to reach USD 10.7 billion by 2032, growing at a CAGR of 10.1% from its 2023 value of approximately USD 4.5 billion.
- Another forecast suggests the market could exceed USD 91.6 billion by 2032, highlighting the potential for significant growth.
-
Economic Benefits:
- Job Creation: As the industry expands, it will create new job opportunities in manufacturing, installation, and maintenance.
- Reduced Energy Costs: TES systems allow the use of off-peak electricity rates, reducing overall energy expenditures for industries and residents.
- Increased Energy Efficiency: By storing excess thermal energy and releasing it when needed, TES enhances grid stability and ensures a more reliable energy supply.
-
Environmental Benefits:
- Carbon Emission Reduction: By facilitating the integration of renewable energy sources, TES contributes to lowering greenhouse gas emissions and reducing dependence on fossil fuels.
- Support for Sustainable Energy Systems: TES supports the decarbonization of the energy sector by enabling renewable energy sources like solar and wind to operate more effectively.
-
Sector Growth:
- The thermal storage tank market, a subset of TES, is expected to grow at a CAGR of 3.8% during 2024-2032, driven by demand for reliable energy storage solutions for renewable energy integration.
- The U.S. TES market is projected to grow at a CAGR of 13.50% during 2024-2032, driven by factors like government incentives and rising awareness of environmental sustainability.
Overall, the thermal energy storage market is poised to provide significant economic benefits while supporting a more sustainable energy future.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-projected-economic-benefits-of-the-thermal-energy-storage-market-by-2032/
