SELBYVILLE, Del. — As per a recent industry report put forward by Global Market Insights Inc., the thermal energy storage market is forecast to register its name in the billion-dollar fraternity down the line of six years, by exceeding a revenue of $55 billion by 2024, with a projected compound annual growth rate of 18.5 percent over 2018-2024.
Favorable government initiatives toward renewable energy-based power generation, along with increasing demand for uninterrupted power supply, will augment the thermal energy storage market. In addition, increasing customer focus toward energy efficiency, coupled with the implementation of energy storage plans, will further complement the industry landscape.