Asia Pacific Thermal Energy Storage Market Forecast to 2030 – Regional Analysis – by Technology (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), Storage Material (Water, Molten Salt, PCM, Others), Application (Power Generation, Proces

Asia Pacific Thermal Energy Storage Market Forecast to 2030 – Regional Analysis – by Technology (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), Storage Material (Water, Molten Salt, PCM, Others), Application (Power Generation, Process Heating and Cooling, District Heating and Cooling), and End User (Utility, Nonutility)


The Asia Pacific thermal energy storage market is expected to grow from US$ 3,953.59 million in 2022 to US$ 6,357.69 million by 2030. It is estimated to grow at a CAGR of 6.1% from 2022 to 2030.

Application of Thermal Energy Storage Technology in the Defense Sector Fuels Asia Pacific Thermal Energy Storage Market

Defense applications impose a set of challenges on the usage of energy storage infrastructure. A stable, reliable, and steady power supply is important in defense applications. Phase change materials (PCM) are one of the most promising technologies in thermal energy storage. PCMs are being significantly employed and researched for enhancing thermal performance of buildings by stabilizing temperature peaks as well as power-saving functions where heating or cooling is essential. The exclusive features of a PCM-based latent heat storage system can be used in lightweight prefabricated PUF (polyurethane foam) insulated shelters leveraged by security forces to upsurge the system’s thermal resistance or used in the process of storing surplus heat from sporadic renewable sources during daytime for usage at night. These features primarily help in maintaining a comfortable temperature inside the shelters. Governments of various countries are launching several research and development projects in the field of PCM applications to meet the problems of extreme temperatures met by armed forces: for example, high-capacity heat sinks for critical instruments and hot jackets for high-altitude areas. Thus, the rise in the application of thermal energy storage technology in the defense sector is likely to create lucrative opportunities for the thermal energy storage market growth during the forecast period.

Asia Pacific Thermal Energy Storage Market Overview

In Asia Pacific, China, Australia, and India are notable countries in terms of thermal energy storage implementation. The growing number of solar, wind, and concentrated solar power projects in countries such as China, Australia, and India positively impact the thermal energy storage market. The growing investment in overall energy storage infrastructure for facilitating better management of energy utilization, when required, is boosting the thermal energy storage market in Asia Pacific. Energy storage is a rapidly emerging and crucial part of Asia Pacific's progressing clean energy transition. A cost-effective approach and a collaborative drive toward achieving zero carbon emission objectives are creating a need for energy storage across Asia Pacific. Thermal energy storage has high potential applications in different commercial, residential, and industrial applications. China, India, Australia, South Korea, and Japan are major contributors to the thermal energy storage market in the region. The growing number of concentrated solar power plants, growing interest towards combining wind and solar hybrid plants with thermal energy storage facilities, realization of the importance of alternative power generation resources for secure energy supply, and climate concerns are a few of the key factors contributing to the market growth. However, a major share of power generation is still sourced from fossil fuel, but the rise in government policies, incentives, and mandates for encouraging renewable energy is also driving the market. Over the past decade, electrification rates have also improved regarding household products; as a result, the ongoing trend towards a more sustainable lifestyle is anticipated to register substantial growth in the market in the region in the coming years.

Asia Pacific Thermal Energy Storage Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Thermal Energy Storage Market Segmentation

The Asia Pacific thermal energy storage market is segmented into technology, storage material, application, end user, and country.

Based on technology, the Asia Pacific thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held the largest share of the Asia Pacific thermal energy storage market in 2022.

Based on storage material, the Asia Pacific thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held the largest share of the Asia Pacific thermal energy storage market in 2022.

Based on application, the Asia Pacific thermal energy storage market is segmented into power generation, process heating and cooling, and district heating and cooling. The district heating and cooling segment held the largest share of the Asia Pacific thermal energy storage market in 2022.

Based on end user, the Asia Pacific thermal energy storage market is segmented into utility and nonutility. The utility segment held a larger share of the Asia Pacific thermal energy storage market in 2022.

Based on country, the Asia Pacific thermal energy storage market is segmented int o Australia, Japan, China, India, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific thermal energy storage market in 2022.

Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Evapco Inc, MAN Energy Solutions SE, and Sunamp Ltd are some of the leading companies operating in the Asia Pacific thermal energy storage market.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific Thermal Energy Storage Market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific Thermal Energy Storage Market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.


1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Thermal Energy Storage Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. Asia Pacific Thermal Energy Storage Market - Key Industry Dynamics
5.1 Asia Pacific Thermal Energy Storage Market - Key Industry Dynamics
5.2 Market Drivers
5.2.1 Rising share of renewables
5.2.2 Growing adoption in Concentrated Solar Plants
5.2.3 Increasing Applications of Thermal Energy Storage
5.2.4 Growing Focus on Building Robust Storage Infrastructure
5.3 Market Restraints
5.3.1 Lack of Technology Readiness Levels
5.3.2 Lack of Decarbonization Policies in Underdeveloped Economies
5.3.3 Uncertainties Associated with Future Energy System Development
5.4 Market Opportunities
5.4.1 Application of Thermal Energy Storage Technology in Defense Sector
5.4.2 Deployment of Thermal Energy Storage Technology for Electric Vehicles at Extreme Temperatures
5.5 Future Trends
5.5.1 Application of AI for Optimization and Control of Thermal Energy Storage Systems
5.6 Impact of Drivers and Restraints:
6. Thermal Energy Storage Market - Asia Pacific Market Analysis
6.1 Asia Pacific Thermal Energy Storage Market Revenue (US$ Million), 2022 – 2030
6.2 Asia Pacific Thermal Energy Storage Market Forecast and Analysis
7. Asia Pacific Thermal Energy Storage Market Analysis - Technology
7.1 Sensible Heat Storage
7.1.1 Overview
7.1.2 Sensible Heat Storage: Asia Pacific Thermal Energy Storage Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Latent Heat Storage
7.2.1 Overview
7.2.2 Latent Heat Storage: Asia Pacific Thermal Energy Storage Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Thermochemical Storage
7.3.1 Overview
7.3.2 Thermochemical Storage: Asia Pacific Thermal Energy Storage Market Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Thermal Energy Storage Market Analysis – Storage Material
8.1 Water
8.1.1 Overview
8.1.2 Water: Asia Pacific Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Molten Salt
8.2.1 Overview
8.2.2 Molten Salt: Asia Pacific Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Phase Change Material (PCM)
8.3.1 Overview
8.3.2 Phase Change Material: Asia Pacific Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Others
8.4.1 Overview
8.4.2 Others: Asia Pacific Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
9. Asia Pacific Thermal Energy Storage Market Analysis – Application
9.1 Power Generation
9.1.1 Overview
9.1.2 Power Generation: Asia Pacific Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
9.2 Process Heating and Cooling
9.2.1 Overview
9.2.2 Process Heating and Cooling: Asia Pacific Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
9.3 District Heating and Cooling
9.3.1 Overview
9.3.2 District Heating and Cooling: Asia Pacific Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
10. Asia Pacific Thermal Energy Storage Market Analysis – End User
10.1 Utility
10.1.1 Overview
10.1.2 Utility: Asia Pacific Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
10.2 Nonutility
10.2.1 Overview
10.2.2 Nonutility: Asia Pacific Thermal Energy Storage Market Revenue, and Forecast to 2030 (US$ Million)
11. Asia Pacific Thermal Energy Storage Market - Country Analysis
11.1 Asia Pacific Thermal Energy Storage Market
11.1.1 Asia Pacific Thermal Energy Storage Market Revenue and Forecasts and Analysis - By Country
11.1.1.1 Asia Pacific Thermal Energy Storage Market Revenue and Forecasts and Analysis - By Country
11.1.1.2 Australia: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.2.1 Australia: Asia Pacific Thermal Energy Storage Market Breakdown by Technology
11.1.1.2.2 Australia: Asia Pacific Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.2.3 Australia: Asia Pacific Thermal Energy Storage Market Breakdown by Application
11.1.1.2.4 Australia: Asia Pacific Thermal Energy Storage Market Breakdown by End User
11.1.1.3 China: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.3.1 China: Asia Pacific Thermal Energy Storage Market Breakdown by Technology
11.1.1.3.2 China: Asia Pacific Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.3.3 China: Asia Pacific Thermal Energy Storage Market Breakdown by Application
11.1.1.3.4 China: Asia Pacific Thermal Energy Storage Market Breakdown by End User
11.1.1.4 India: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.4.1 India: Asia Pacific Thermal Energy Storage Market Breakdown by Technology
11.1.1.4.2 India: Asia Pacific Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.4.3 India: Asia Pacific Thermal Energy Storage Market Breakdown by Application
11.1.1.4.4 India: Asia Pacific Thermal Energy Storage Market Breakdown by End User
11.1.1.5 Japan: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.5.1 Japan: Asia Pacific Thermal Energy Storage Market Breakdown by Technology
11.1.1.5.2 Japan: Asia Pacific Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.5.3 Japan: Asia Pacific Thermal Energy Storage Market Breakdown by Application
11.1.1.5.4 Japan: Asia Pacific Thermal Energy Storage Market Breakdown by End User
11.1.1.6 South Korea: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.6.1 South Korea: Asia Pacific Thermal Energy Storage Market Breakdown by Technology
11.1.1.6.2 South Korea: Asia Pacific Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.6.3 South Korea: Asia Pacific Thermal Energy Storage Market Breakdown by Application
11.1.1.6.4 South Korea: Asia Pacific Thermal Energy Storage Market Breakdown by End User
11.1.1.7 Rest of Asia Pacific: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.7.1 Rest of Asia Pacific: Asia Pacific Thermal Energy Storage Market Breakdown by Technology
11.1.1.7.2 Rest of Asia Pacific: Asia Pacific Thermal Energy Storage Market Breakdown by Storage Material
11.1.1.7.3 Rest of Asia Pacific: Asia Pacific Thermal Energy Storage Market Breakdown by Application
11.1.1.7.4 Rest of Asia Pacific: Asia Pacific Thermal Energy Storage Market Breakdown by End User
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. COMPANY PROFILES
13.1 Evapco Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Burns & McDonnell Consultants Inc
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Baltimore Aircoil Co
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Sunamp Ltd
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 MAN Energy Solutions SE
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. Asia Pacific Thermal Energy Storage Market Segmentation
Table 2. Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Technology
Table 4. Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Storage Material
Table 5. Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – Application
Table 6. Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million) – End User
Table 7. Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Country
Table 8. Australia: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 9. Australia: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 10. Australia: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 11. Australia: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 12. China: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 13. China: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 14. China: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 15. China: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 16. India: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 17. India: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 18. India: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 19. India: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 20. Japan: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 21. Japan: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 22. Japan: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 23. Japan: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 24. South Korea: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 25. South Korea: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 26. South Korea: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 27. South Korea: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 28. Rest of Asia Pacific: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 29. Rest of Asia Pacific: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Storage Material
Table 30. Rest of Asia Pacific: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 31. Rest of Asia Pacific: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 32. List of Abbreviation
LIST OF FIGURES
Figure 1. Asia Pacific Thermal Energy Storage Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Asia Pacific Thermal Energy Storage Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Asia Pacific Thermal Energy Storage Market Revenue (US$ Million), 2022 – 2030
Figure 6. Asia Pacific Thermal Energy Storage Market Share (%) – Technology, 2022 and 2030
Figure 7. Sensible Heat Storage: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Latent Heat Storage: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Thermochemical Storage: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. Asia Pacific Thermal Energy Storage Market Share (%) – Storage Material, 2022 and 2030
Figure 11. Water: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Molten Salt: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Phase Change Material: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Others: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. Asia Pacific Thermal Energy Storage Market Share (%) – Application, 2022 and 2030
Figure 16. Power Generation: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Process Heating and Cooling: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. District Heating and Cooling: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Asia Pacific Thermal Energy Storage Market Share (%) – End User, 2022 and 2030
Figure 20. Utility: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Nonutility: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Asia Pacific Thermal Energy Storage Market, By Key Country – Revenue (2022) (US$ Million)
Figure 23. Asia Pacific Thermal Energy Storage Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 24. Australia: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 25. China: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 26. India: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 27. Japan: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 28. South Korea: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 29. Rest of Asia Pacific: Asia Pacific Thermal Energy Storage Market Revenue and Forecasts To 2030 (US$ Mn)

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