
Global Thermal Energy Storage Market was valued at $3,988 million in 2016, and is anticipated to reach $8,862 million, growing at a CAGR of 10.9% from 2017 to 2023. Thermal energy storage systems are particularly utilized to store energy for later use. Thermal energy storage (TES), also known as heat storage, is a simple & highly efficient method of transferring energy, which does not involve chemical conversion. This is among the most feasible eco-friendly energy saving solutions. It holds thermal energy temporarily in the hot or cold form for utilization at a later stage. The thermal energy storage systems reduce carbon dioxide emissions, reduce energy consumption of end consumers, and decrease the demand for energy during peak hours. The effectiveness and economy of the system depend on the type of material used in manufacturing. It is widely used in solar plants, thermal power plants, combined heat & power plants, and process industries including other energy storage applications.