IMARC Group has published a market research report titled "United States Thermal Energy Storage Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the United States thermal energy storage market growth. The market size is projected to exhibit a growth rate (CAGR) of 13.50% during 2024-2032.
Thermal energy storage (TES) is a technology that facilitates the capture and retention of thermal energy for later use. It contributes to grid stability by providing grid operators with greater flexibility in managing fluctuations in supply and demand. It can improve energy efficiency by allowing excess thermal energy generated during off-peak periods to be stored for use during peak demand times. It enables better integration of renewable energy sources into the energy mix. It optimizes industrial processes by storing waste heat and using it later for heating or powering equipment, thus improving energy efficiency. It also helps in preventing the overutilization of conventional energy from the grid systems.
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United States Thermal Energy Storage Market Trends and Drivers:
Presently, the growing modernization of the electricity grid to accommodate distributed energy resources, smart grids, and electric vehicles (EVs) is driving the demand for energy storage solutions. This represents one of the key factors offering a favorable market outlook in the United States. Additionally, continuous advancements in TES technologies, materials, and manufacturing processes that can improve system performance, efficiency, and affordability are strengthening the growth of the market in the US. In line with this, the rising adoption of thermal energy storage systems in heating, ventilation, and air conditioning (HVAC) technology for large-scale heating and cooling is bolstering the market growth in the country. In addition, the increasing energy independence and resilience against disruptions, such as extreme weather events and grid outages, is propelling the growth of the market. Besides this, governing agencies in the country are undertaking incentives, such as grants, tax credits, and funding programs, to promote the deployment of energy storage technologies, which is supporting the market growth. Furthermore, the growing utilization of TES in the development of microgrids, as they can enhance the reliability, resilience, and self-sufficiency of microgrids by storing excess energy from renewable sources and diesel generators for use during periods of low generation or grid outages, is impelling the market growth in the country.
Report Segmentation:
The report has segmented the market into the following categories:
Storage Type Insights:
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Heat Storage
Technology Insights:
- Molten Salt Technology
- Electric Thermal Storage Heaters
- Solar Energy Storage
- Ice-Based Technology
- Miscibility Gap Alloy Technology (MGA)
- Others
Material Type Insights:
- Water
- Molten Salt
- Phase Change Materials (PCM)
- Others
Application Insights:
- Power Generation
- District Heating and Cooling
- Process Heating and Cooling
End Use Insights:
- Residential and Commercial Sector
- Utility Industry
- Others
Regional Insights:
- Northeast
- Midwest
- South
- West
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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