Press release
Thermal Energy Storage Market to Reach USD 628.69 Mn by 2030, Growing at 14.1% CAGR!
Thermal Energy Storage Market
The global thermal energy storage (TES) market is experiencing robust expansion, driven by the increasing demand for sustainable energy solutions and the integration of renewable sources into the power grid. Valued at approximately USD 284.92 million in 2023, the market is projected to reach nearly USD 628.69 million by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period.
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Competitive Landscape
The TES industry is characterized by a blend of prominent international and regional players. Leading companies such as Abengoa Solar, BrightSource Energy, and Linde plc are at the forefront, continually innovating to enhance the efficiency and reliability of TES systems. These companies are investing heavily in research and development, strategic partnerships, and expanding their project portfolios to maintain a competitive edge.
Regional Demand Highlights
Europe holds a dominant position in the TES market, accounting for a significant share of global revenue. This dominance is attributed to the region's strong commitment to renewable energy integration and supportive regulatory frameworks. The Asia Pacific region is also witnessing substantial growth, driven by rapid industrialization and urbanization, leading to increased energy consumption and the need for efficient energy storage solutions.
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Segmentation Analysis
by Technology
Sensible
Latent
TCS
Different TES technologies have different technical readiness levels (TRLs), with some trailing behind while rival technologies, such low-cost fossil-generated heating, have greater TRLs. This gap in technology prevents TES solutions from being seamlessly integrated into the energy sector, which jeopardizes their immediate viability. Furthermore, there is a widespread lack of understanding and consciousness about the possible advantages that TES might provide to industry, the public sector, and society. Research and development (R&D) activities aimed at electrical battery storage have received an excessive amount of attention as a result of this knowledge gap.
by Storage Material
Water
Molten salt
Phase Change Material (PCM)
by Application
Power Generation
District Heating & Cooling
Process Heating & Cooling
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Key Market Participants:
Major Contributors in the Thermal Energy Storage Market in North America:
1. BrightSource Energy, Inc. - (United States)
2. Caldwell Energy Company - (United States)
3. Cryogel - (United States)
4. DN Tanks - (United States)
5. Evapco, Inc. - (United States)
6. Fafco, Inc. - (United States)
7. Goss Engineering, Inc. - (United States)
8. Ice Energy - (United States)
9. McDermott International, Inc. - (United States)
10. SolarReserve, LLC - (United States)
11. Steffes Corporation - (United States)
12. Terrafore Technologies LLC - (United States)
13. Tesla, Inc. - (United States)
Major Leading Player in the Thermal Energy Storage Market in Europe:
1. Abengoa Solar, S.A. - (Spain)
2. Linde plc - (United Kingdom)
3. Nestlé S.A. - (Switzerland)
4. SaltX Technology Holding AB - (Sweden)
5. Siemens AG - (Germany)
Major Prmoninant Players in the Thermal Energy Storage Market in Asia Pacific:
1. Dunham-Bush Holding Bhd - (Malaysia)
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