The global thermal energy storage market size reached USD 7.5 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 15.5 Billion by 2033, exhibiting a growth rate (CAGR) of 8.4% during 2025-2033.
Thermal energy storage refers to a power storage system that is used for transferring and storing energy obtained from ice, cold air or water for later usage. It includes sensible, latent and thermochemical heat storage that is based on molten salt, ice and miscibility gap alloy technology (MGA). Some of these solutions are used for storing hot or cold energy for powering electrical systems in commercial and residential complexes, while others are used for storing solar energy in the summers, which is further utilized in the winters. This aids in preventing the overutilization of conventional energy from the grid systems.
Increasing emphasis on the utilization of renewable energy resources across the globe is one of the key factors driving the growth of the market. The growing demand for thermal energy storage systems in heating, ventilation and air conditioning (HVAC) technology for large-scale heating and cooling is also providing a boost to the market growth. Furthermore, concentrated solar power (CSP) is increasingly being integrated with the thermal energy storage systems to offer grid flexibility and minimize efficiency losses by generating electricity through dry cooling during lower ambient temperatures. Additionally, increasing environmental consciousness, coupled with the growing adoption of thermal energy storage for power generation in green buildings, is acting as another growth-inducing factor. Other factors, including the implementation of favorable government policies to promote sustainable infrastructural development, along with extensive research and development (R&D) activities, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global thermal energy storage market report, along with forecasts at the global, regional and country level from 2025-2033. Our report has categorized the market based on storage type, technology, material type, application and end-use.
Breakup by Storage Type:
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Heat Storage
- Molten Salt Technology
- Electric Thermal Storage Heaters
- Solar Energy Storage
- Ice-Based Technology
- Miscibility Gap Alloy Technology (MGA)
- Others
- Water
- Molten Salt
- Phase Change Materials (PCM)
- Others
- Power Generation
- District Heating and Cooling
- Process Heating and Cooling
- Residential and Commercial Sector
- Utility Industry
- Other Industries
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being Abengoa Solar S.A., Baltimore Aircoil Company Inc., Brightsource Energy Inc., Burns & McDonnell Inc., Chicago Bridge & Iron Company (McDermott International), DC Pro Engineering, Fafco Inc., Solarreserve LLC, Steffes Corporation, Terrafore Technologies LLC, etc.
Key Questions Answered in This Report
1.How big is the global thermal energy storage market?
2.What is the expected growth rate of the global thermal energy storage market during 2025-2033?
3.What are the key factors driving the global thermal energy storage market?
4.What has been the impact of COVID-19 on the global thermal energy storage market?
5.What is the breakup of the global thermal energy storage market based on the storage type?
6.What is the breakup of the global thermal energy storage market based on the technology?
7.What is the breakup of the global thermal energy storage market based on the material type?
8.What is the breakup of the global thermal energy storage market based on the application?
9.What is the breakup of the global thermal energy storage market based on the end-use?
10.What are the key regions in the global thermal energy storage market?
11.Who are the key players/companies in the global thermal energy storage market?
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Thermal Energy Storage Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
- 6 Market Breakup by Storage Type
- 6.1 Sensible Heat Storage
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Latent Heat Storage
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Thermochemical Heat Storage
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 7 Market Breakup by Technology
- 7.1 Molten Salt Technology
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Electric Thermal Storage Heaters
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Solar Energy Storage
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Ice-Based Technology
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Miscibility Gap Alloy Technology (MGA)
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
- 7.6 Others
- 7.6.1 Market Trends
- 7.6.2 Market Forecast
- 8 Market Breakup by Material Type
- 8.1 Water
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Molten Salt
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Phase Change Materials (PCM)
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Others
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 9 Market Breakup by Application
- 9.1 Power Generation
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 District Heating and Cooling
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Process Heating and Cooling
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 10 Market Breakup by End-Use
- 10.1 Residential and Commercial Sector
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Utility Industry
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Other Industries
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
- 11 Market Breakup by Region
- 11.1 North America
- 11.1.1 United States
- 11.1.1.1 Market Trends
- 11.1.1.2 Market Forecast
- 11.1.2 Canada
- 11.1.2.1 Market Trends
- 11.1.2.2 Market Forecast
- 11.2 Asia Pacific
- 11.2.1 China
- 11.2.1.1 Market Trends
- 11.2.1.2 Market Forecast
- 11.2.2 Japan
- 11.2.2.1 Market Trends
- 11.2.2.2 Market Forecast
- 11.2.3 India
- 11.2.3.1 Market Trends
- 11.2.3.2 Market Forecast
- 11.2.4 South Korea
- 11.2.4.1 Market Trends
- 11.2.4.2 Market Forecast
- 11.2.5 Australia
- 11.2.5.1 Market Trends
- 11.2.5.2 Market Forecast
- 11.2.6 Indonesia
- 11.2.6.1 Market Trends
- 11.2.6.2 Market Forecast
- 11.2.7 Others
- 11.2.7.1 Market Trends
- 11.2.7.2 Market Forecast
- 11.3 Europe
- 11.3.1 Germany
- 11.3.1.1 Market Trends
- 11.3.1.2 Market Forecast
- 11.3.2 France
- 11.3.2.1 Market Trends
- 11.3.2.2 Market Forecast
- 11.3.3 United Kingdom
- 11.3.3.1 Market Trends
- 11.3.3.2 Market Forecast
- 11.3.4 Italy
- 11.3.4.1 Market Trends
- 11.3.4.2 Market Forecast
- 11.3.5 Spain
- 11.3.5.1 Market Trends
- 11.3.5.2 Market Forecast
- 11.3.6 Russia
- 11.3.6.1 Market Trends
- 11.3.6.2 Market Forecast
- 11.3.7 Others
- 11.3.7.1 Market Trends
- 11.3.7.2 Market Forecast
- 11.4 Latin America
- 11.4.1 Brazil
- 11.4.1.1 Market Trends
- 11.4.1.2 Market Forecast
- 11.4.2 Mexico
- 11.4.2.1 Market Trends
- 11.4.2.2 Market Forecast
- 11.4.3 Others
- 11.4.3.1 Market Trends
- 11.4.3.2 Market Forecast
- 11.5 Middle East and Africa
- 11.5.1 Market Trends
- 11.5.2 Market Breakup by Country
- 11.5.3 Market Forecast
- 12 SWOT Analysis
- 12.1 Overview
- 12.2 Strengths
- 12.3 Weaknesses
- 12.4 Opportunities
- 12.5 Threats
- 13 Value Chain Analysis
- 14 Porters Five Forces Analysis
- 14.1 Overview
- 14.2 Bargaining Power of Buyers
- 14.3 Bargaining Power of Suppliers
- 14.4 Degree of Competition
- 14.5 Threat of New Entrants
- 14.6 Threat of Substitutes
- 15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 Abengoa Solar S.A.
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.1.3 Financials
- 15.3.2 Baltimore Aircoil Company Inc.
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.3 Brightsource Energy Inc.
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.4 Burns & McDonnell Inc.
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.5 Chicago Bridge & Iron Company (McDermott International)
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.6 DC Pro Engineering.
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.7 Fafco Inc.
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.8 Solarreserve LLC
- 15.3.8.1 Company Overview
- 15.3.8.2 Product Portfolio
- 15.3.9 Steffes Corporation
- 15.3.9.1 Company Overview
- 15.3.9.2 Product Portfolio
- 15.3.10 Terrafore Technologies LLC
- 15.3.10.1 Company Overview
- 15.3.10.2 Product Portfolio
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