Thermal Energy Storage Market Size, Share, Growth Report 2032

The global thermal energy storage market size was worth around USD 6.40 billion in 2023 and is predicted to grow to around USD 14.45 billion by 2032 with a compound annual growth rate (CAGR) of roughly 9.47% between 2024 and 2032.

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The report covers forecast and analysis for the thermal energy storage (TES) market on a global and regional level. The study provides historic data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion).

Thermal Energy Storage Market: Overview

Thermal Energy Storage (TES) is the technology which allows excess thermal energy to be stored by heating or cooling a storage medium, which can be used at required time for different heating and cooling applications. The thermal energy is stored and used at scales ranging from town, region, or individual process, building, multi-user building. Thermal energy storage is fundamentally thermal batteries which store energy in terms of temperature difference rather than potential difference. 

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Thermal energy storage helps in balancing the increasing energy demand and supply. Thermal energy storage deals with the storage of energy by cooling, melting, heating, vaporizing of a material. Due to the increased thermal energy consumption, thermal energy management practices are growing which, in turn, is boosting the thermal energy storage market.

Increasing adoption of the renewable energy resources is the major factor driving the thermal energy storage market. In addition to this, the rapid industrialization across the globe has increased the need for continuous power supply which positively leads to the growth of the overall market during the forecast period. Thermal energy storage technologies reduce the Green House Gas (GHG) emissions which will positively influence in increasing the demand for thermal energy storage market. TES is secured, clean, and user-friendly. However, it also benefits in decreasing the power consumption of end consumers. The major end-users of thermal energy market are thermal power plants, concentrated solar power plants, and other energy storage applications. Lack of awareness of the storage technologies and high capital cost associated with the use of storage system is restraining the market growth. 

The study includes drivers and restraints for the thermal energy storage market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the thermal energy storage market on a global level.

In order to give the users of this report a comprehensive view of the thermal energy storage market, we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein material recovery segment and source type segment are benchmarked based on their market size, growth rate, and general attractiveness.

The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, research & development, technology and regional expansion of major participants involved in the market on the global and regional basis. Moreover, the study covers price trend analysis, product portfolio of various companies according to region.

Thermal Energy Storage Market: Segmentation

The study provides a decisive view of the thermal energy storage market by segmenting the market based on material recovery, source type, and regions. All the segments have been analyzed based on present and the future trends and the market is estimated from 2024 to 2032.

In terms of technology, thermal energy storage market is categorized into sensible heat storage, latent heat storage, and thermal heat storage.

On the basis of storage material, the market is categorized into water, molten salt, Phase Change Material (PCM), and others.

Based on end-users, the market is segmented into commercial and industrial, utilities, and residential.

Thermal Energy Storage Market: Regional Analysis

The regional segmentation includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. This segmentation includes demand for thermal energy storage market based on all segments in all the regions and countries. 

North America held a major share in 2023; the trend is projected to continue over the upcoming years. This growth is attributed due to increasing demand for the renewable energy resources. Moreover, installations of concentrating solar power plants with thermal energy storage systems will boost the market growth in this region. 

Thermal Energy Storage Market: Report Scope

Thermal Energy Storage Market: Competitive Analysis

The report also includes detailed profiles of end players such as

• CALMAC
• EVAPCO Inc.
• Chicago Bridge & Iron Company (CB&I)
• Goss Engineering Inc.
• Cryogel
• Energy Storage Association
• Cristopia Energy Systems
• Ice Energy
• Solar Reserve
• Others

The global thermal energy storage market is segmented as follows:

Global Thermal Energy Storage Market: Technology Segment Analysis

• Sensible Heat Storage
• Latent Heat Storage
• Thermal Heat Storage

Global Thermal Energy Storage Market: Storage Material Segment Analysis

• Water
• Molten Salt
• Phase Change Material (PCM)
• Others

Global Thermal Energy Storage Market: End-Users Segment Analysis

• Commercial and Industrial
• Utilities
• Residential

Global Thermal Energy Storage Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa