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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).

Players of the 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'

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.

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.

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.

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Global Thermal Energy Storage Market

Product ID: SQMIG55F2038