Summary

The Global Thermal Energy Storage Market is valued at approximately USD 6.42 billion in 2024 and is poised to expand at a remarkable compound annual growth rate (CAGR) of 9.40% over the forecast period from 2025 to 2035. Thermal Energy Storage (TES) plays a pivotal role in optimizing energy systems by storing surplus thermal energy and redistributing it during periods of peak demand. As governments, utilities, and industries accelerate their shift toward renewable sources and more flexible grid solutions, TES has emerged as a key enabler in decoupling energy generation from consumption. The system enables energy cost reduction, load leveling, improved efficiency, and enhanced sustainability—all critical in the context of transitioning to a net-zero economy. These compelling attributes are intensifying the adoption of TES solutions globally, particularly in power generation and industrial heating applications.
The rising need for reliable energy distribution amid fluctuating renewable supply is amplifying the demand for advanced thermal energy storage technologies. Growing investments in sustainable infrastructure, supported by favorable policy frameworks such as tax credits and renewable portfolio standards, are further propelling market expansion. Technologies like molten salt systems, ice-based storage, and phase change materials are making profound strides, offering versatile applications across commercial, industrial, and utility-scale segments. Moreover, the growing focus on waste heat recovery and decarbonizing industrial operations is driving the development of hybrid TES systems that integrate seamlessly with cogeneration and district heating systems. Such innovations are opening new growth frontiers for stakeholders across the value chain.
Regionally, North America currently dominates the thermal energy storage landscape, underpinned by early technology adoption, stringent carbon emission targets, and a mature grid infrastructure. The United States remains a key contributor owing to its aggressive renewable integration goals and government-backed pilot programs across several states. Meanwhile, the Asia Pacific region is projected to experience the fastest growth, fueled by rapid urbanization, a surging middle-class population, and strong government support for clean energy development in countries like China, India, and Japan. Europe also continues to demonstrate significant momentum, leveraging its advanced energy policies, growing district heating networks, and high renewable energy penetration, especially in nations such as Germany, Denmark, and Sweden.
Major market player included in this report are:
• BrightSource Energy, Inc.
• Abengoa Solar S.A.
• Ice Energy
• CALMAC Corp.
• DN Tanks
• Baltimore Aircoil Company, Inc.
• SolarReserve, LLC
• Steffes Corporation
• Siemens AG
• Cryogel Thermal Energy Storage
• Burns & McDonnell
• EVAPCO, Inc.
• EnergyNest AS
• Terrafore Technologies LLC
• Cristopia Energy Systems
Global Thermal Energy Storage Market Report Scope:
• Historical Data – 2023, 2024
• Base Year for Estimation – 2024
• Forecast period – 2025–2035
• Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
• Customization Scope – Free report customization (equivalent up to 8 analysts’ working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players.
The detailed segments and sub-segments of the market are explained below:
By Product Type:
• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Heat Storage
By Technology:
• Molten Salt
• Ice-based
• Chilled Water
• Phase Change Material (PCM)
• Others
By Storage Material:
• Water
• Molten Salt
• Phase Change Material
• Others
By Application:
• Power Generation
• Heating & Cooling
• Process Heating
By End User:
• Utilities
• Industrial
• Commercial & Residential
By Region:
North America
• U.S.
• Canada
Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific
Latin America
• Brazil
• Mexico
Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa
Key Takeaways:
• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.

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Table of Contents

Table of Contents
Chapter 1. Global Thermal Energy Storage Market Report Scope & Methodology
1.1. Research Objective
1.2. Research Methodology
1.2.1. Forecast Model
1.2.2. Desk Research
1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
1.4.1. Market Definition
1.4.2. Market Segmentation
1.5. Research Assumption
1.5.1. Inclusion & Exclusion
1.5.2. Limitations
1.5.3. Years Considered for the Study
Chapter 2. Executive Summary
2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. Key Findings
Chapter 3. Global Thermal Energy Storage Market Forces Analysis (2024–2035)
3.1. Market Forces Shaping the Global Thermal Energy Storage Market
3.2. Drivers
3.2.1. Increasing demand for grid flexibility and energy efficiency
3.2.2. Growing investment in renewable energy and sustainable infrastructure
3.3. Restraints
3.3.1. High upfront capital investment and long payback periods
3.3.2. Technical limitations in integrating TES with legacy systems
3.4. Opportunities
3.4.1. Advancements in phase change materials and hybrid technologies
3.4.2. Expanding applications across industrial process heating and district energy
Chapter 4. Global Thermal Energy Storage Industry Analysis
4.1. Porter’s 5 Forces Model
4.1.1. Bargaining Power of Buyers
4.1.2. Bargaining Power of Suppliers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Forces Forecast Model (2024–2035)
4.3. PESTEL Analysis
4.3.1. Political
4.3.2. Economic
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024–2025)
4.7. Global Pricing Analysis and Trends (2025)
4.8. Analyst Recommendation & Conclusion
Chapter 5. Global Thermal Energy Storage Market Size & Forecasts by Product Type (2025–2035)
5.1. Market Overview
5.2. Global Thermal Energy Storage Market Performance - Potential Analysis (2025)
5.3. Sensible Heat Storage
5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
5.3.2. Market Size Analysis, by Region, 2025–2035
5.4. Latent Heat Storage
5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
5.4.2. Market Size Analysis, by Region, 2025–2035
5.5. Thermochemical Heat Storage
5.5.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
5.5.2. Market Size Analysis, by Region, 2025–2035
Chapter 6. Global Thermal Energy Storage Market Size & Forecasts by Technology (2025–2035)
6.1. Market Overview
6.2. Molten Salt
6.3. Ice-based
6.4. Chilled Water
6.5. Phase Change Material (PCM)
6.6. Others
Chapter 7. Global Thermal Energy Storage Market Size & Forecasts by Storage Material (2025–2035)
7.1. Water
7.2. Molten Salt
7.3. Phase Change Material
7.4. Others
Chapter 8. Global Thermal Energy Storage Market Size & Forecasts by Application (2025–2035)
8.1. Power Generation
8.2. Heating & Cooling
8.3. Process Heating
Chapter 9. Global Thermal Energy Storage Market Size & Forecasts by End User (2025–2035)
9.1. Utilities
9.2. Industrial
9.3. Commercial & Residential
Chapter 10. Global Thermal Energy Storage Market Size & Forecasts by Region (2025–2035)
10.1. Global Market Regional Snapshot
10.2. Top Leading & Emerging Countries
10.3. North America Thermal Energy Storage Market
10.3.1. U.S.
10.3.1.1. Product Type Breakdown Size & Forecasts, 2025–2035
10.3.1.2. Application Breakdown Size & Forecasts, 2025–2035
10.3.2. Canada
10.3.2.1. Product Type Breakdown Size & Forecasts, 2025–2035
10.3.2.2. Application Breakdown Size & Forecasts, 2025–2035
10.4. Europe Thermal Energy Storage Market
10.4.1. UK
10.4.2. Germany
10.4.3. France
10.4.4. Spain
10.4.5. Italy
10.4.6. Rest of Europe
10.5. Asia Pacific Thermal Energy Storage Market
10.5.1. China
10.5.2. India
10.5.3. Japan
10.5.4. Australia
10.5.5. South Korea
10.5.6. Rest of Asia Pacific
10.6. Latin America Thermal Energy Storage Market
10.6.1. Brazil
10.6.2. Mexico
10.7. Middle East & Africa Thermal Energy Storage Market
10.7.1. UAE
10.7.2. Saudi Arabia
10.7.3. South Africa
10.7.4. Rest of Middle East & Africa
Chapter 11. Competitive Intelligence
11.1. Top Market Strategies
11.2. BrightSource Energy, Inc.
11.2.1. Company Overview
11.2.2. Key Executives
11.2.3. Company Snapshot
11.2.4. Financial Performance (Subject to Data Availability)
11.2.5. Product/Services Portfolio
11.2.6. Recent Development
11.2.7. Market Strategies
11.2.8. SWOT Analysis
11.3. Siemens AG
11.4. Abengoa Solar S.A.
11.5. Steffes Corporation
11.6. CALMAC Corp.
11.7. DN Tanks
11.8. SolarReserve, LLC
11.9. Baltimore Aircoil Company, Inc.
11.10. Cryogel Thermal Energy Storage
11.11. Ice Energy
11.12. EVAPCO, Inc.
11.13. EnergyNest AS
11.14. Terrafore Technologies LLC
11.15. Cristopia Energy Systems