The Thermal Energy Storage Market research report provides a detailed analysis of diverse segments across 6 regions and 25 countries including Technology (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), End-User (Residential & Commercial, Utilities, Industrial), Storage (Water, Molten Salt, PCM, Others), Application (Power Generation, District Heating & Cooling, Process Heating & Cooling).
Productivity, technology enablement, and sustainability remain the key market-driving forces in the global Thermal Energy Storage industry landscape. Companies that invest in that supply chain and operational resiliency are poised to gain a competitive edge over other market players. The global energy investments are set to increase from around $1,652 Billion in 2024 to $2845 Billion in 2040. As the world is making steady progress towards net zero, energy security, affordability, and industrial competitiveness remain key focus areas of most Thermal Energy Storage companies. The Thermal Energy Storage demand trajectory varies based on multiple scenarios, from macroeconomic conditions, regulatory support, investment scenarios, and the global landscape. Decision makers across the Thermal Energy Storage industry value chain formulating long-term transition strategies with a diverse range of future scenarios are likely to stay ahead of the competition curve.
In the thermal energy storage market, there's a trend towards scalable and efficient thermal storage solutions for various applications. Innovations in phase change materials, molten salt storage, and thermal storage systems are prevalent trends. Additionally, the adoption of thermal energy storage for grid stabilization, industrial processes, and HVAC systems is gaining traction. Moreover, advancements in thermal storage capacity, material durability, and integration with renewable energy sources are shaping the market.
Key drivers propelling the thermal energy storage market include the need for energy management, the increasing demand for renewable integration, and advancements in thermal storage technologies. Thermal energy storage offers advantages such as grid flexibility, renewable energy utilization, and reduced energy costs, driving its adoption across industries and utility-scale applications. Moreover, technological advancements in thermal storage materials, system efficiency, and thermal storage integration contribute significantly to market growth.
Opportunities in the thermal energy storage market lie in expanding thermal storage capacities and promoting thermal energy storage for diverse applications. Collaboration among thermal storage providers, utilities, and energy-intensive industries offers significant growth prospects. Moreover, investing in research and development for advanced thermal storage materials, large-scale storage solutions, and innovative thermal storage applications can unlock new avenues for market expansion. Exploring emerging markets with increasing renewable energy adoption and promoting the benefits of thermal energy storage for energy efficiency and grid stability can further drive market growth and facilitate widespread adoption.
Thermal Energy Storage systems store thermal energy generated from various sources like solar, waste heat, or electricity. These systems store and release heat for heating, cooling, or power generation purposes, optimizing energy use and reducing peak energy demands.
Application
• Power Generation
• District Heating & Cooling
• Process Heating & Cooling
Technology
• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Storage
End-User
• Residential & Commercial
• Utilities
• Industrial
Storage Material
• Water
• Molten Salt
• PCM
• Others
By Region
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)
• Abengoa Solar, S.A.
• Baltimore Aircoil Company, Inc.
• BrightSource Energy, Inc.
• Burns & McDonnell Engineering Company, Inc.
• Caldwell Energy
• Calmac Manufacturing Corporation
• Chicago Bridge & Iron Company N.V.
• DC PRO Engineering LLC
• DN Tanks, Inc.
• Evapco Inc
• Ice Energy, Inc.
• SolarReserve, LLC
• Deepen your industry insights and navigate uncertainties for strategy formulation, CAPEX, and Operational decisions
• Gain access to detailed insights on the Thermal Energy Storage market, encompassing current market size, growth trends, and forecasts till 2030.
• Access detailed competitor analysis, enabling competitive advantage through a thorough understanding of market players, strategies, and potential differentiation opportunities
• Stay ahead of the curve with insights on technological advancements, innovations, and upcoming trends
• Identify lucrative investment avenues and expansion opportunities within the Thermal Energy Storage industry, guided by robust, data-backed analysis.
• Understand regional and global markets through country-wise analysis, regional market potential, regulatory nuances, and dynamics
• Execute strategies with confidence and speed through information, analytics, and insights on the industry value chain
• Corporate leaders, strategists, financial experts, shareholders, asset managers, and governmental representatives can make long-term planning scenarios and build an integrated and timely understanding of market dynamics
• Benefit from tailored solutions and expert consultation based on report insights, providing personalized strategies aligned with specific business needs.
TABLE OF CONTENTS
1 INTRODUCTION TO 2024 Thermal Energy Storage MARKETS
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 RESEARCH METHODOLOGY
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 EXECUTIVE SUMMARY
3.1 Global Thermal Energy Storage Market Size Outlook, $ Million, 2021 to 2030
3.2 Thermal Energy Storage Market Outlook by Type, $ Million, 2021 to 2030
3.3 Thermal Energy Storage Market Outlook by Product, $ Million, 2021 to 2030
3.4 Thermal Energy Storage Market Outlook by Application, $ Million, 2021 to 2030
3.5 Thermal Energy Storage Market Outlook by Key Countries, $ Million, 2021 to 2030
4 MARKET DYNAMICS
4.1 Key Driving Forces of Thermal Energy Storage Industry
4.2 Key Market Trends in Thermal Energy Storage Industry
4.3 Potential Opportunities in Thermal Energy Storage Industry
4.4 Key Challenges in Thermal Energy Storage Industry
5 MARKET FACTOR ANALYSIS
5.1 Competitive Landscape
5.1.1 Global Thermal Energy Storage Market Share by Company
5.1.2 Product Offerings by Company
5.2 Porter’s Five Forces Analysis
6 GROWTH OUTLOOK ACROSS SCENARIOS
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 GLOBAL Thermal Energy Storage MARKET OUTLOOK BY SEGMENTS
7.1 Thermal Energy Storage Market Outlook by Segments
Application
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
Technology
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage
End-User
- Residential & Commercial
- Utilities
- Industrial
Storage Material
- Water
- Molten Salt
- PCM
- Others
8 NORTH AMERICA Thermal Energy Storage MARKET ANALYSIS AND OUTLOOK TO 2030
8.1 Introduction to North America Thermal Energy Storage Markets in 2024
8.2 North America Thermal Energy Storage Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Thermal Energy Storage Market size Outlook by Segments, 2021-2030
Application
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
Technology
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage
End-User
- Residential & Commercial
- Utilities
- Industrial
Storage Material
- Water
- Molten Salt
- PCM
- Others
9 EUROPE Thermal Energy Storage MARKET ANALYSIS AND OUTLOOK TO 2030
9.1 Introduction to Europe Thermal Energy Storage Markets in 2024
9.2 Europe Thermal Energy Storage Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Thermal Energy Storage Market size Outlook by Segments, 2021-2030
Application
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
Technology
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage
End-User
- Residential & Commercial
- Utilities
- Industrial
Storage Material
- Water
- Molten Salt
- PCM
- Others
10 ASIA PACIFIC Thermal Energy Storage MARKET ANALYSIS AND OUTLOOK TO 2030
10.1 Introduction to Asia Pacific Thermal Energy Storage Markets in 2024
10.2 Asia Pacific Thermal Energy Storage Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Thermal Energy Storage Market size Outlook by Segments, 2021-2030
Application
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
Technology
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage
End-User
- Residential & Commercial
- Utilities
- Industrial
Storage Material
- Water
- Molten Salt
- PCM
- Others
11 SOUTH AMERICA Thermal Energy Storage MARKET ANALYSIS AND OUTLOOK TO 2030
11.1 Introduction to South America Thermal Energy Storage Markets in 2024
11.2 South America Thermal Energy Storage Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Thermal Energy Storage Market size Outlook by Segments, 2021-2030
Application
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
Technology
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage
End-User
- Residential & Commercial
- Utilities
- Industrial
Storage Material
- Water
- Molten Salt
- PCM
- Others
12 MIDDLE EAST AND AFRICA Thermal Energy Storage MARKET ANALYSIS AND OUTLOOK TO 2030
12.1 Introduction to Middle East and Africa Thermal Energy Storage Markets in 2024
12.2 Middle East and Africa Thermal Energy Storage Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Thermal Energy Storage Market size Outlook by Segments, 2021-2030
Application
- Power Generation
- District Heating & Cooling
- Process Heating & Cooling
Technology
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Storage
End-User
- Residential & Commercial
- Utilities
- Industrial
Storage Material
- Water
- Molten Salt
- PCM
- Others
13 COMPANY PROFILES
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
- Abengoa Solar, S.A.
- Baltimore Aircoil Company, Inc.
- BrightSource Energy, Inc.
- Burns & McDonnell Engineering Company, Inc.
- Caldwell Energy
- Calmac Manufacturing Corporation
- Chicago Bridge & Iron Company N.V.
- DC PRO Engineering LLC
- DN Tanks, Inc.
- Evapco Inc
- Ice Energy, Inc.
- SolarReserve, LLC
14 APPENDIX
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
Thermal Energy Storage systems store thermal energy generated from various sources like solar, waste heat, or electricity. These systems store and release heat for heating, cooling, or power generation purposes, optimizing energy use and reducing peak energy demands.
Application
• Power Generation
• District Heating & Cooling
• Process Heating & Cooling
Technology
• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Storage
End-User
• Residential & Commercial
• Utilities
• Industrial
Storage Material
• Water
• Molten Salt
• PCM
• Others
By Region
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)
The global Thermal Energy Storage Market is one of the lucrative growth markets, poised to register a 9.8% growth (CAGR) between 2024 and 2030.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Abengoa Solar, S.A., Baltimore Aircoil Company, Inc., BrightSource Energy, Inc., Burns & McDonnell Engineering Company, Inc., Caldwell Energy, Calmac Manufacturing Corporation, Chicago Bridge & Iron Company N.V., DC PRO Engineering LLC, DN Tanks, Inc., Evapco Inc, Ice Energy, Inc., SolarReserve, LLC,
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2030; Currency: USD; Volume