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Thermal Energy Storage Market: Market Segments: By Product Type (Sensible Heat Storage, Latent Heat Storage and Thermochemical Heat Storage); By Technology (Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-based Technology and Miscibility Gap Alloy Technology); By Application (Process Heating & Cooling, District Heating & Cooling, Power Generation, Ice storage air-conditioning and Others); By End-user (Industrial, Utilities and Residential & Commercial); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Product Overview
Thermal energy storage systems are especially used to store energy which are also known as heat storage. It has an energy transfer process that is quick and highly efficient and does not require chemical conversion. This is among the most feasible options for eco-friendly energy savings. It temporarily retains thermal energy for utilization at a later stage in the hot or cold form.
Market Highlights
Thermal Energy Storage Market is expected to project a notable CAGR of 14.2% in 2030.
Thermal Energy Storage Market to surpass USD 374 Million by 2030 from USD 190 Million in terms of value growing at a CAGR of 14.2% throughout the forecast period, i.e., 2020-30. The shifting preference towards the generation of renewable energy, including concentrated solar power, and the growing demand for HVAC thermal energy storage (TES) systems are key factors driving the growth of the industry.
Thermal Energy Storage Market: Segments
Thermochemical heat storage Segment to grow with the highest CAGR of 13.2% during 2019-30
Thermal Energy Storage Market is segmented by Product Type as Sensible Heat Storage, Latent Heat Storage and Thermochemical Heat Storage. The sensible heat storage segment is estimated to lead the market with a share of over 45.0% which can be attributed to increased demand for solar thermal systems, along with applicability across HVAC systems on a large scale. A main aspect of the technology that will further increase the penetration of the product is the provision of reversible charging and discharge facilities for an infinite number of cycles.
Thermal Energy Storage Market: Market Dynamics
Drivers
Rapidly growing urbanization
The demand for electricity has been on the rise with rapid urbanization around the world leading to the deployment of various forms of energy-generating utilities, including CSP plants. In addition, there has been a considerable increase in power consumption for district heating and cooling purposes.
Restrain
Lack of awareness about technology and High Initial Cost
Factors such as the lack of awareness of storage technology, the additional costs associated with the use of the thermal energy storage system and the need for highly qualified technicians to maintain the system are expected to hinder market growth. Thermal storage is a relatively new technology which has been introduced to the market. There are different components in the energy storage system, each having its own associated cost.
Thermal Energy Storage Market: Key Players
• BrightSource Energy Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
• SolarReserve LLC
• Abengoa SA
• Terrafore Technologies LLC
• Baltimore Aircoil Company
• Ice Energy
• Caldwell Energy
• Cryogel
• Steffes Corporation
• Trane Technologies plc
Thermal Energy Storage Market: Regions
Thermal Energy Storage Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Thermal Energy Storage Market in Europe led the market with a lion share of more than 30% in 2019 and is projected to maintain its lead over the forecast period. A large number of thermal energy storage systems that are used for space heating, water heating, district heating and cooling, and power generation characterize this region. Due to the large number of operational TES projects across the country, along with the presence of major players, Spain is the largest contributor to regional market growth. The Asia Pacific market is expected to expand over the forecast period at the highest CAGR of 14.3%. The urbanization and population of developing nations such as China, India, South Korea, Japan, Indonesia and Malaysia are experiencing rapid growth. There are many unreliable power grids and fundamental infrastructure systems for these developing nations. This factor is expected to force industry participants to invest in these countries and thus increase the growth of thermal energy storage facilities and distribution grids.
Thermal Energy Storage Market report also contains analysis on:
Thermal Energy Storage Market Segments:
By Product Type:
• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Heat Storage
By Technology:
• Molten Salt Technology
• Electric Thermal Storage Heaters
• Solar Energy Storage
• Ice-based Technology
• Miscibility Gap Alloy Technology
By Application:
• Process Heating & Cooling
• District Heating & Cooling
• Power Generation
• Ice storage air-conditioning
• Others
By End-user:
• Industrial
• Utilities
• Residential & Commercial
• Thermal Energy Storage Market Dynamics
• Thermal Energy Storage Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
FAQs on Thermal Energy Storage Market
· Which segment is anticipated to hold the largest market share
· At what CAGR is the market anticipated to grow between 2020 and 2030
· Who are the key players in the Thermal Energy Storage Market
· What could be the challenging factors in the growth of Thermal Energy Storage Market
· What are the growth drivers for the Thermal Energy Storage Market
Contents
1. Executive Summary
2. Thermal Energy Storage Market
2.1. Product Overview
2.2. Market Definition
2.3. Segmentation
2.4. Assumptions and Acronyms
3. Research Methodology
3.1. Research Objectives
3.2. Primary Research
3.3. Secondary Research
3.4. Forecast Model
3.5. Market Size Estimation
4. Average Pricing Analysis
5. Macro-Economic Indicators
6. Market Dynamics
6.1. Growth Drivers
6.2. Restraints
6.3. Opportunity
6.4. Trends
7. Correlation & Regression Analysis
7.1. Correlation Matrix
7.2. Regression Matrix
8. Recent Development, Policies & Regulatory Landscape
9. Risk Analysis
9.1. Demand Risk Analysis
9.2. Supply Risk Analysis
10. Thermal Energy Storage Analysis
10.1. Porters Five Forces
10.1.1. Threat of New Entrants
10.1.2. Bargaining Power of Suppliers
10.1.3. Threat of Substitutes
10.1.4. Rivalry
10.2. PEST Analysis
10.2.1. Political
10.2.2. Economic
10.2.3. Social
10.2.4. Technological
11. Thermal Energy Storage Market
11.1. Market Size & forecast, 2019A-2030F
11.1.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
11.1.2. By Volume (Million Units) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12. Thermal Energy Storage: Market Segmentation
12.1. By Regions
12.1.1. North America:
• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.1.2. Europe:
• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.1.3. Asia-Pacific:
• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.1.4. MEA:
• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.1.5. Latin America:
• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.2. By Product Type: Market Share (2020-2030F)
12.2.1. Sensible Heat Storage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.2.2. Latent Heat Storage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.2.3. Thermochemical Heat Storage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.3 By Technology: Market Share (2020-2030F)
12.3.1. Molten Salt Technology, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.3.2. Electric Thermal Storage Heaters, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.3.3. Solar Energy Storage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.3.4. Ice-based Technology, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.3.5. Miscibility Gap Alloy Technology, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.4. By Application: Market Share (2020-2030F)
12.4.1. Process Heating & Cooling, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.4.2. District Heating & Cooling, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.2.3. Power Generation, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.4.4. Ice storage air-conditioning, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.2.5. Others, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
13. Company Profile
13.1.1. BrightSource Energy Inc.
13.1.2. Company Overview
13.1.3. Company Total Revenue (Financials)
13.1.4. Market Potential
13.1.5. Global Presence
13.1.6. Key Performance Indicators
13.1.7. SWOT Analysis
13.1.8. Product Launch
13.2. SolarReserve LLC
13.3. Abengoa SA
13.4. Terrafore Technologies LLC
13.5. Baltimore Aircoil Company
13.6. Ice Energy
13.7. Caldwell Energy
13.8. Cryogel
13.9. Steffes Corporation
13.10. Trane Technologies plc
14 Consultant Recommendation
**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
Research Methodology:
Thermal Energy Storage Market Size Estimation
To estimate market size and trends, we use a combination of top-down and bottom-up methods. This allows us to evaluate the market from various perspectives—by company, region, product type, and end users.
Our estimates are based on actual sales data, excluding any discounts. Segment breakdowns and market shares are calculated using weighted averages based on usage rates and average prices. Regional insights are determined by how widely a product or service is adopted in each area.
Key companies are identified through secondary sources like industry reports and company filings. We then verify revenue estimates and other key data points through primary research, including interviews with industry experts, company executives, and decision-makers.
We take into account all relevant factors that could influence the market and validate our findings with real-world input. Our final insights combine both qualitative and quantitative data to provide a well-rounded view. Please note, these estimates do not account for unexpected changes such as inflation, economic downturns, or policy shifts.
Data Source
Secondary Sources
This study draws on a wide range of secondary sources, including press releases, annual reports, non-profit organizations, industry associations, government agencies, and customs data. We also referred to reputable databases and directories such as Bloomberg, Wind Info, Hoovers, Factiva, Trading Economics, Statista, and others. Additional references include investor presentations, company filings (e.g., SEC), economic data, and documents from regulatory and industry bodies.
These sources were used to gather technical and market-focused insights, identify key players, analyze market segmentation and classification, and track major trends and developments across industries.
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Primary Sources
As part of our primary research, we interviewed a variety of stakeholders from both the supply and demand sides to gather valuable qualitative and quantitative insights.
On the supply side, we spoke with product manufacturers, competitors, industry experts, research institutions, distributors, traders, and raw material suppliers. On the demand side, we engaged with business leaders, marketing and sales heads, technology and innovation directors, supply chain executives, and end users across key organizations.
These conversations helped us better understand market segmentation, pricing, applications, leading players, supply chains, demand trends, industry outlook, and key market dynamics—including risks, opportunities, barriers, and strategic developments.
Key Data Information from Primary Sources
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