Thermal Energy Storage Market Analysis, Share, Trend, Industry Report Forecast till 2032 | Abengoa Solar, Burns & McDonnell, SolarReserve

Global Thermal Energy Storage Market Size, Status, and forecast for the 2025-2032. The research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the Thermal Energy Storage Market industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data. Additionally, the report includes upstream and downstream analyses of key players, as well as global certainties and assurances. The report evaluates dynamic aspects such as forecast market information, Porter's Five Forces Analysis, sales estimates, wide product portfolio, market scenarios, and possibility studies.

The global thermal energy storage market size was valued at $25.7 billion in 2024, and is projected to reach $56.5 billion by 2032, growing at a CAGR of 8.5% from 2025 to 2032.

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Thermal Energy Storage Market Growth Drivers:

Increasing demand for electricity due to the increased commercialization increased use of electricity during the peak hours and a demand for heating and cooling applications in the smart infrastructure are all leading to a growth in this market. The growth will be supplemented by many supportive government policies in the developed as well as the developing nations for renewable energy technologies. Many countries across the globe are making investments in renewables which is an important part which acts as a stimulus for the growth of this market in different economies.

Investments in solar and wind is creating jobs reducing emissions and fostering innovation. In order to reduce the carbon emissions in the energy sector to cap the global climate change it's the most important goal of many governments. It has led to an increase in the energy efficiency of the electric grids which are able to achieve reduced carbon dioxide emissions. By the year 2022 the Government of India it's targeting to install 175 gigawatts of renewable energy capacity. This energy will come from a wind, biopower solar and hydro power.

Major Players in Thermal Energy Storage Markets are:

Abengoa Solar, Burns & McDonnell, SolarReserve, BrightSource Energy, Calmac, MAN Energy Solutions, and Baltimore Air Coil Technology are the leading players in the market. Cristopia Energy, Cryogel, Caldwell Energy, Dunham Bush, Goss Engineering, Steffes Corporation, DN Tanks, Turbine Air Systems (TAS), Evapco Inc., Fafco, Sunwell Tehnologies, DC Pro Engineering, CB&I (McDermott), and LIME

Recent Developments

In August 2021, a new prototype technology for thermal energy storage was introduced by the researchers at the National Renewable Energy Laboratory, U.S. This system uses silica sand as the storage medium. The cost effective storage medium can prove to be a new technology which can be installed in small modular structures in many nations to supply heat and electricity.

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Global Thermal Energy Storage Market Segmentation:

By technology:
Sensible Heat Storage
Latent Heat Storage
Thermochemical Storage

By storage material:
Water
Molten Salts
Phase Change Materials
Others

By application:
Power generation
District Heating & Cooling
Process Heating & Cooling

By end user:
Utilities
Commercial
Industrial

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The following areas and countries are covered in the worldwide Thermal Energy Storage Market file:

North America (US, Canada, Mexico)
Europe (Germany, France, UK, Russia, Italy)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE), Egypt, Nigeria, and South Korea)

The Asia-Pacific region is rapidly increasing its adoption of renewable energy sources, such as solar and wind power. However, the intermittent nature of these energy sources poses a significant challenge to grid stability and reliability. Thermal energy storage (TES) systems offer a viable solution to this problem by storing excess energy generated during peak production times and releasing it during periods of high demand or low production. This integration of TES with renewable energy systems ensures a stable and continuous supply of electricity, thereby enhancing grid resilience and supporting the region's transition to a more sustainable energy mix.

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