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PUBLISHER: IMARC | PRODUCT CODE: 1660668
PUBLISHER: IMARC | PRODUCT CODE: 1660668
Thermal Energy Storage Market Report by Storage Type, Technology, Material Type, Application, End-Use, and Region 2025-2033
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PAGES: 142 Pages
DELIVERY TIME: 2-3 business days
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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:
Breakup by Storage Type:
- Sensible Heat Storage
- Latent Heat Storage
- Thermochemical Heat Storage
Breakup by Technology:
- Molten Salt Technology
- Electric Thermal Storage Heaters
- Solar Energy Storage
- Ice-Based Technology
- Miscibility Gap Alloy Technology (MGA)
- Others
Breakup by Material Type:
- Water
- Molten Salt
- Phase Change Materials (PCM)
- Others
Breakup by Application:
- Power Generation
- District Heating and Cooling
- Process Heating and Cooling
Breakup by End-Use:
- Residential and Commercial Sector
- Utility Industry
- Other Industries
Breakup by Region:
- 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
Competitive Landscape:
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?
Product Code: SR112025A2090
Table of Contents
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
- 11.1.1 United States
- 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
- 11.2.1 China
- 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
- 11.3.1 Germany
- 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
- 11.4.1 Brazil
- 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
- 15.3.1 Abengoa Solar S.A.
Product Code: SR112025A2090
List of Figures
- Figure 1: Global: Thermal Energy Storage Market: Major Drivers and Challenges
- Figure 2: Global: Thermal Energy Storage Market: Sales Value (in Billion USD), 2019-2024
- Figure 3: Global: Thermal Energy Storage Market: Breakup by Storage Type (in %), 2024
- Figure 4: Global: Thermal Energy Storage Market: Breakup by Technology (in %), 2024
- Figure 5: Global: Thermal Energy Storage Market: Breakup by Material Type (in %), 2024
- Figure 6: Global: Thermal Energy Storage Market: Breakup by Application (in %), 2024
- Figure 7: Global: Thermal Energy Storage Market: Breakup by End-Use (in %), 2024
- Figure 8: Global: Thermal Energy Storage Market: Breakup by Region (in %), 2024
- Figure 9: Global: Thermal Energy Storage Market Forecast: Sales Value (in Billion USD), 2025-2033
- Figure 10: Global: Thermal Energy Storage (Sensible Heat Storage) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 11: Global: Thermal Energy Storage (Sensible Heat Storage) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 12: Global: Thermal Energy Storage (Latent Heat Storage) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 13: Global: Thermal Energy Storage (Latent Heat Storage) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 14: Global: Thermal Energy Storage (Thermochemical Heat Storage) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 15: Global: Thermal Energy Storage (Thermochemical Heat Storage) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 16: Global: Thermal Energy Storage (Molten Salt Technology) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 17: Global: Thermal Energy Storage (Molten Salt Technology) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 18: Global: Thermal Energy Storage (Electric Thermal Storage Heaters) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 19: Global: Thermal Energy Storage (Electric Thermal Storage Heaters) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 20: Global: Thermal Energy Storage (Solar Energy Storage) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 21: Global: Thermal Energy Storage (Solar Energy Storage) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 22: Global: Thermal Energy Storage (Ice-Based Technology) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 23: Global: Thermal Energy Storage (Ice-Based Technology) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 24: Global: Thermal Energy Storage (Miscibility Gap Alloy Technology-MGA) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 25: Global: Thermal Energy Storage (Miscibility Gap Alloy Technology-MGA) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 26: Global: Thermal Energy Storage (Other Technologies) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 27: Global: Thermal Energy Storage (Other Technologies) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 28: Global: Thermal Energy Storage (Water) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 29: Global: Thermal Energy Storage (Water) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 30: Global: Thermal Energy Storage (Molten Salt) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 31: Global: Thermal Energy Storage (Molten Salt) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 32: Global: Thermal Energy Storage (Phase Change Materials- PCM) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 33: Global: Thermal Energy Storage (Phase Change Materials- PCM) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 34: Global: Thermal Energy Storage (Other Material Types) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 35: Global: Thermal Energy Storage (Other Material Types) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 36: Global: Thermal Energy Storage (Power Generation) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 37: Global: Thermal Energy Storage (Power Generation) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 38: Global: Thermal Energy Storage (District Heating and Cooling) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 39: Global: Thermal Energy Storage (District Heating and Cooling) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 40: Global: Thermal Energy Storage (Process Heating and Cooling) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 41: Global: Thermal Energy Storage (Process Heating and Cooling) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 42: Global: Thermal Energy Storage (Residential and Commercial Sector) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 43: Global: Thermal Energy Storage (Residential and Commercial Sector) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 44: Global: Thermal Energy Storage (Utility Industry) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 45: Global: Thermal Energy Storage (Utility Industry) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 46: Global: Thermal Energy Storage (Other Industries) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 47: Global: Thermal Energy Storage (Other Industries) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 48: North America: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 49: North America: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 50: United States: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 51: United States: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 52: Canada: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 53: Canada: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 54: Asia Pacific: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 55: Asia Pacific: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 56: China: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 57: China: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 58: Japan: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 59: Japan: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 60: India: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 61: India: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 62: South Korea: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 63: South Korea: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 64: Australia: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 65: Australia: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 66: Indonesia: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 67: Indonesia: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 68: Others: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 69: Others: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 70: Europe: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 71: Europe: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 72: Germany: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 73: Germany: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 74: France: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 75: France: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 76: United Kingdom: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 77: United Kingdom: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 78: Italy: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 79: Italy: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 80: Spain: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 81: Spain: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 82: Russia: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 83: Russia: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 84: Others: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 85: Others: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 86: Latin America: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 87: Latin America: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 88: Brazil: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 89: Brazil: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 90: Mexico: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 91: Mexico: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 92: Others: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 93: Others: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 94: Middle East and Africa: Thermal Energy Storage Market: Sales Value (in Million USD), 2019 & 2024
- Figure 95: Middle East and Africa: Thermal Energy Storage Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 96: Global: Thermal Energy Storage Industry: SWOT Analysis
- Figure 97: Global: Thermal Energy Storage Industry: Value Chain Analysis
- Figure 98: Global: Thermal Energy Storage Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Thermal Energy Storage Market: Key Industry Highlights, 2024 and 2033
- Table 2: Global: Thermal Energy Storage Market Forecast: Breakup by Storage Type (in Million USD), 2025-2033
- Table 3: Global: Thermal Energy Storage Market Forecast: Breakup by Technology (in Million USD), 2025-2033
- Table 4: Global: Thermal Energy Storage Market Forecast: Breakup by Material Type (in Million USD), 2025-2033
- Table 5: Global: Thermal Energy Storage Market Forecast: Breakup by Application (in Million USD), 2025-2033
- Table 6: Global: Thermal Energy Storage Market Forecast: Breakup by End-Use (in Million USD), 2025-2033
- Table 7: Global: Thermal Energy Storage Market Forecast: Breakup by Region (in Million USD), 2025-2033
- Table 8: Global: Thermal Energy Storage Market Structure
- Table 9: Global: Thermal Energy Storage Market: Key Players
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