Thermal Energy Storage Market

Thermal Energy Storage Market Outlook 2030: Industry Insights & Opportunity Evaluation, 2019-2030

Thermal Energy Storage Market

Thermal Energy Storage Market Outlook 2030: Industry Insights & Opportunity Evaluation, 2019-2030

Exclusive deal : 20% Instant discount on Direct purchases! Don't wait—claim your discount today!

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:
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
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.

Market Size
  • Segmental value
  • Geographic Penetration
  • Product Adoption Rate for Different market
  • Journals, Websites, and Press Releases
  • Annual Reports and SEC Filings
  • Company Websites and Press Releases
  • Public and Paid Databases
  • Market Intellix Data Repository
Market Position of Top Company
  • Product Financials
  • Geographic value Mix
  • Total Company value
  • Business/Segmental value Mix
Qualitative Analysis
  • Influence Factors
  • Market Potential
  • Market Risks and Opportunities
  • Industry Trends
  • Geographical Features
  • Government Policies
  • Company Websites and Press Releases
  • Public and Paid Databases
  • Annual Reports
  • Industry Associations
  • Market Intellix Data Repository

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

Primary Sources Parameters Key Data
Market Segments(by Application, by Type)
  • Value by Type
  • Status and Forecast
  • Value by Application
  • Value by Regions, Status and Forecast (2025-2031)
  • Value Market Share by Type
  • Value Growth Rate by Type
  • Value by Application
  • Percentage and Growth Rate by Application
  • Value Growth Rate and Market Share by Regions
  • Market Size Status and Forecast (2025-2031)
Total Market
  • Overall Size, Status and Forecast
  • Market Size Status and Forecast (2025-2031)
Frequently asked questions(FAQ's):
What is the market share of the Thermal Energy Storage Market?
The Global Thermal Energy Storage Market share by vendor, as well as the concentration rate using the CR4, CR8 Index, determine the strength of competitive players like ., • SolarReserve LLC, • Abengoa SA, • Terrafore Technologies LLC, • Baltimore Aircoil Company, • Ice Energy, • Caldwell Energy, • Cryogel, • Steffes Corporation, • Trane Technologies plc.
What is the major concern of the players in the Thermal Energy Storage Market?
As manufacturers prepare to scale up, Thermal Energy Storage companies must be clear and transparent about the impact of such volatility on the balance sheet.
Who are the significant end-users in the Thermal Energy Storage Market?
The key end-users in the Thermal Energy Storage Market are (Process Heating & Cooling, District Heating & Cooling, Power Generation, Ice storage air-conditioning and Others);
What is the expected rate of growth in the Thermal Energy Storage Market?
From 2025 to 2030, the Thermal Energy Storage Market is expected to grow at a compound annual growth rate of YY%, reaching a value of USD XXX Million.
What are the underlying opportunities in the Thermal Energy Storage Market?
The influx of capital into the Thermal Energy Storage Market, as well as the deployment of technologies designed to increase efficiency and yield high volume, are paving the way for promising market opportunities.
What are the primary data sources used to evaluate the Thermal Energy Storage Market sizing?
The majority of data for the Thermal Energy Storage Industry is gathered through primary sources, which include interviews and surveys with industry experts from the core and related industries involved in the supply chain. Secondary sources, such as SEC filings, annual reports, whitepapers, and press releases, are also used.