It has been estimated that the primary energy consumption will increase by 48% in 2040, owing to the surging population and rapid industrialization and urbanization all across the globe. This is highly problematic when the swift decline of fossil fuels is taken into consideration. In addition to this, even if fossil fuels were enough to support the energy demand, their high consumption would cause unrepairable damage to the planet. Because of all these reasons, the focus has now been shifting towards renewable energy resources, including ocean waves, solar radiation, biogas, and wind, for quite some time now. 

Now, in order to make efficient usage of energy generated from renewable sources, the need for developing and utilizing sustainable methods of storing energy is also growing. Energy storage is an integral part of renewable energy technology systems. One of the such technologies is thermal energy storage, which stores thermal energy by cooling or heating a storage medium so that the energy can be utilized for different applications whenever needed. These systems enhance the overall efficiency, provide better reliability, cause less pollution, and results in better reduction in running costs and investments. 

Browse detailed report - Thermal Energy Storage Market Analysis and Demand Forecast Report

This is because of the large-scale adoption of this technology, since it facilitates the discharging and charging of heat for an unlimited number of cycles in an energy storage system. Geographically, North America emerged as the largest thermal energy storage market in the past, which is particularly because of the wide deployment of CSP plants in the U.S. In addition to this, the surging requirement for power backup in heating, ventilation, and air conditioning systems has been resulting in the growing usage of thermal energy storage in the region. 

In conclusion, the growing dependence on renewable energy resources and depletion of fossil fuels is leading to the rising demand for thermal energy storage systems.