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The global thermal energy storage market is evaluated at US$4.204 billion for the year 2019 growing at a CAGR of 12.38% reaching the market size of US$8.466 billion by the year 2025.
Thermal energy storage is the technology that is used to store thermal energy by varying the temperature so that it can be used later for different purposes. The market is majorly driven by the fact that with a significant depletion in the availability of fossil resources and also the negative impact of these resources on nature, the demand for renewable and more sustainable resources has increased significantly. Renewable energies such as ocean waves, solar radiation, wind and biogas. Thermal energy storage systems are used majorly in building and industrial processes. A thermal energy storage has ample number of advantages like, increase in overall efficiency and also provides more reliability. A key factor which drives the market is that thermal energy storage also proves to be economically better as it takes lesser amount of investment and incurs lower running costs. Moreover, there has been a significant increase in the demand of thermal energy storage solutions owing to the increased applications like, heating, ventilating and HVACs.