Thermal Energy Storage Market Updates

Thermal Energy Storage Market size was valued at USD 5.88 Billion in 2023 and is poised to grow from USD 6.44 Billion in 2024 to USD 13.24 Billion by 2032, growing at a CAGR of 9.45% during the forecast period (2025-2032).

Major market players are extensively investing in R&D to increase their product lines, which will support the thermal energy storage market to grow even more. Market participants are also taking a range of strategic initiatives to increase their presence globally, with key market developments like new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the thermal energy storage industry must provide cost-efficient items for expanding and surviving in an increasingly competitive and growing market environment.  'Abengoa Solar', 'BrightSource Energy', 'Burns & McDonnell', 'CALMAC', 'Cryogel Thermal Energy Storage', 'DN Tanks', 'EDF Renewables', 'EnergyNest', 'Evapco', 'Goss Engineering', 'Ice Energy', 'Infinia Corporation', 'Johnson Controls', 'Kelvin Thermal Technologies', 'NRG Energy', 'Promethean Power Systems', 'SolarReserve', 'Steffes Corporation', 'TESVOLT', 'Viking Cold Solutions'

Rising Decentralization of Renewable Energy: The introduction of decentralized renewable energy is creating a transformation of the energy sector. The rapid growth of decentralized renewable energy technologies will transform the structure of the energy sector towards a multi-operator set-up. With the help of decentralized renewable energy large technologies utilities can easily interact with captive consumers and mini utilities. Renewable energy distributed through the grid, along with mini-grids and off-grid installations, have provided power to most of the people who have gained access to electricity since 2000.  

Europe is dominating with the largest thermal energy storage market share. Europe accounted for the largest share of revenue and is projected to maintain its lead throughout the forecast period. The region is characterized by a significant number of thermal energy storage systems used for various applications such as space heating, water heating, district heating and cooling, and power generation. One of the key contributors to the regional market is Spain due to its numerous operational TES projects and the presence of major players like Abengoa Solar. The governments of Europe have developed a model known as the European model, which efficiently stores and distributes energy depending on population density in specific regions. Furthermore, the federal government of Germany heavily invests in advanced research for electrical energy storage, especially in relation to its use in residential solar panels.