What is the global market size of Thermal Energy Storage Market?

Thermal Energy Storage Market size was valued at USD 4.91 billion in 2021 and is poised to grow from USD 5.37 billion in 2022 to USD 11.07 billion by 2030, at a CAGR of 9.45% during the forecast period (2023-2030).

Who are the key vendors in the Global Thermal Energy Storage Market?

Players of the global thermal energy storage market are integrating innovative technologies into existing technology in order to increase product demand through the supply of improved thermal energy management systems. Furthermore, as part of their strategic expansion, prominent players are emphasizing inorganic growth endeavors. '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'.

What is the key driver of Global Thermal Energy Storage Market?

With the increasing focus on reducing carbon emissions and dependence on fossil fuels, the demand for renewable energy sources such as solar and wind power has been growing rapidly. Thermal energy storage systems help to store the excess energy generated by these sources and can be used during periods of low energy production or high demand.

What is the key market trend for Global Thermal Energy Storage Market?

Growing demand for renewable energy: The increasing demand for renewable energy sources, such as wind and solar power, is driving the growth of the thermal energy storage market. Thermal energy storage systems are used to store the excess energy generated by these sources, which can be used when there is a low energy production or high demand.

Thermal Energy Storage Market Size

Q: Which region accounted for the largest share in Global Thermal Energy Storage Market?

Europe held the highest revenue share (30.1%) in 2022 and is expected to maintain its dominance throughout the forecast period. This region is notable for its abundant deployment of thermal energy storage systems which are utilized for various purposes such as space heating, water heating, district heating and cooling, and power generation. The growth of the regional market owes much to Spain, which is the major driving force behind it. because of the vast number of operating TES projects across the country, as well as the presence of significant players such as Abengoa Solar.

Thermal Energy Storage Market Insights

Global Thermal Energy Storage Market size was valued at USD 13.74 billion in 2023 and is poised to grow from USD 15.22 billion in 2024 to USD 34.58 billion by 2032, growing at a CAGR of 10.8% during the forecast period (2025-2032).

The thermal energy storage market is growing immensely because of the growing preference towards renewable energy generation, like concentrated solar power and growing demand for thermal energy storage (TES) systems in HVAC. Furthermore, the rising necessity for improved energy efficiency along with constant energy utilization initiatives, is contributing to the rising demand for thermal energy storage. Thermal energy storage systems are utilizing various technologies like sensible, latent, and thermochemical. They are also using varied store materials like water, molten salt, and phase change material (PCM). The TES systems are utilized in thermal and solar power facilities for providing dependable power even during night times and use heat in different industrial procedures.

The growing demand for electricity because of the rising commercialization and their high usage of electricity, particularly during peak hours, is leading to the thermal energy storage market growth. Moreover, high demand for heating and cooling applications in the smart infrastructure is also increasing popularity of TES. Many government policies in the developing and developed regions are also supporting renewable energy technologies, contributing to the expansion of the market. In recent times, many countries are also making investments in renewables, which is a vital part that acts as a stimulus for the development of the thermal energy storage market.

US Thermal Energy Storage Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

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.