Thermal Energy Storage Market Size, Share, Growth Analysis, By Product(Sensible Heat Storage, Latent Heat Storage), By Technology(Molten Salt Technology, Electric Thermal Storage Heaters) - Industry Forecast 2024-2031

Global Thermal Energy Storage Market size was valued at around USD 5.37 billion in 2022 and is expected to rise from USD 5.88 billion in 2023 to reach a value of USD 12.10 billion by 2031, at a CAGR of 9.45% over the forecast period (2024–2031).

The rise in inclination towards renewable energy generation, especially concentrated solar power, and increased demand for heat storage (TES) systems in HVAC are some of the primary drivers driving market growth. The growing desire for improved energy efficiency, together with ongoing energy utilization efforts, are going to boost thermal power storing demand.

The US Department of Energy (DoE) assesses thermal energy storage facilities for their safety, dependability, cost-effectiveness, and compliance with environmental legislation and industry standards. It also noted that Europe and Asia Pacific had higher grid energy storage proportions than North America. The growing demand for a clean energy future is leading governments around the world to invest in the development of novel energy storage systems.

The fundamental difficulty confronting the thermal energy storage business is the cost-effective storage of energy. The use of lithium-ion batteries has been a significant advancement in this field. These batteries have a high energy density and a long lifespan of 500 deep cycles, which is the number of times they can be charged from 20% to full capacity before performance degrades. They are also suitable for use in electric automobiles, district heating and cooling, and power generating.

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