Global Thermal Systems market demand 2024, Forecast To 2033

The thermal systems market size has grown steadily in recent years. It will grow from $47.59 billion in 2023 to$49.83 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to growing industrialization, rise in energy consumption, government initiatives for energy efficiency, focus on environmental sustainability, expansion of the construction sector, increasing urbanization, adoption of combined heat and power (CHP). The thermal systems market size is expected to see steady growth in the next few years. It will grow to $59.64 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to the shift towards electrification, growing adoption of geothermal heating and cooling, emergence of green building standards, strategic alliances in the industry, demand for temperature-controlled storage. Major trends in the forecast period include integration of renewable energy sources, advancements in heat pump technology, smart and connected thermal systems, energy storage solutions, district heating and cooling systems, advanced thermal insulation materials, waste heat recovery.