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Thermal Energy Storage Market: Introduction

Thermal energy storage (TES) systems can store heat or cold to be used later, under varying conditions such as temperature, place, or power. TES systems are divided into three types: sensible heat, latent heat, and thermochemical. Thermal energy storage systems are cost-effective compared to other storage technologies. In terms of environmental impact, thermal energy storage is a clean energy storage technology. Thermal energy storage systems are generally used in small-scale applications for hot water and heating. They are also used in the field of electrical energy generation in large-scale applications. Thus, electricity generation is realized with the stored heat energy during periods of intense power demand. Thermal energy storage systems help meet short-term high load demands in quick time.

The thermal energy storage market is expected to expand at a fast-paced CAGR of 16.3% during the forecast period from 2021 to 2031. In this context, the global thermal energy market was valued at US$ 4.3 Bn in 2020 and is expected to reach US$ 22.6 Bn by 2031.

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