Thermal Energy Storage Market Deep Research Report with Forecast by 2032 | BrightSource Energy, Inc., EnergyNest AS., Ice Energy

The thermal energy storage industry is central to decarbonizing power systems and enhancing grid flexibility. Rapid adoption of concentrated solar power (CSP), district heating, and industrial waste heat recovery has driven innovation in sensible, latent and thermochemical storage solutions. Recent advances in materials science and modular design are reshaping the competitive landscape. This thermal energy storage market report offers data-backed market insights to support business growth and long-term strategy.

Market Size and Overview-

The Global Thermal Energy Storage Market size is estimated to be valued at USD 6.24 Bn in 2025 and is expected to reach USD 12.39 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 10% from 2025 to 2032. This thermal energy storage market size underscores expanding market opportunities driven by renewable integration and industrial heat management.

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Key Takeaways:

• Region:
- North America: Robust CSP installations in U.S. Southwest; growing district cooling pilot projects.
- Latin America: Brazil's sugar cane industry boosting latent heat storage adoption.
- Europe: Germany and Spain leading industrial waste-heat recovery pilots.
- Asia Pacific: China's 2024 deployment of 1 GWh thermal batteries in CSP.
- Middle East: UAE's phase-change salt systems in large-scale solar parks.
- Africa: Morocco's Noor O CSP expansion enhancing grid stability.
• Segment Covers:
- Technology:
• Sensible Heat (molten salts, water tanks) - used in solar trough plants to shift peak output by 6-8 hours.
• Latent Heat (wax, salt hydrates) - small-scale commercial units for building HVAC with 1-2 MWh capacity.
• Thermochemical (metal oxides) - emerging pilot in Europe storing >10 MWh for industrial drying.
- Application:
• Industrial (steel, cement) - 2024 pilot at HeidelbergCement cut fuel consumption by 12%.
• Commercial/Residential - Ice-based systems in U.S. data centers reducing cooling peak loads by 15%.
• District Heating/Cooling - Scandinavian networks integrating 50 MWh thermal stores.

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Growth Factors:

• Rising renewable targets: Global CSP capacity grew 12% in 2024, spurring demand for latent and sensible thermal storage.
• Industrial decarbonization: 2025, 40 MW of waste-heat recovery units installed across Europe's cement plants, driving 8% growth.
• Policy support: EU's Fit for 55 accelerated funding by EUR 250 M in 2024 for seasonal storage, boosting market growth by 9%. These market drivers and opportunities underpin robust market forecast projections.

Market Trends:

• Modularization: Pre-fabricated molten salt units reduced installation time by 25% in 2024 projects across China.
• Hybridization: Combined battery and thermal systems in U.S. microgrids demonstrated 30% higher round-trip efficiency.
• Advanced materials: Salt hydrate composition improvements in 2025 prototypes increased energy density by 18%. This thermal energy storage market trends foster competitive differentiation and product innovation.

Actionable Insights:

• Supply-side indicators:
- Production Capacity: Global thermal storage production reached 2.8 GWh in 2024, up 15% year-on-year.
- Pricing: Average cost dropped from USD 100/kWh_th in 2023 to USD 80/kWh_th in 2024.
- Exports: Eurozone exports rose 22% in 2024, led by Germany's molten-salt systems.
• Demand-side indicators:
- Imports: North American imports surged 18% in 2024, driven by latent heat units.
- Use Cases: Data centers in Europe deployed 50 MWh of ice-based storage, cutting peak electricity rates by 10%.
• Micro-indicators:
- Residential uptake: 5 MWh small-scale heat batteries sold across Japan in 2024.
- Nano-indicators: 250 kWh lab-scale thermochemical modules demonstrated 90% retention over 100 cycles.

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Key Players:

BrightSource Energy, Inc.; EnergyNest AS.; Ice Energy; Baltimore Aircoil Company, Inc.; Abengo; Calmac; Siemens AG; ABB Ltd.; Honeywell International Inc.; Trane Technologies; Aztec Energy; Hubei Leisen Thermal; Ceres Power; SolarReserve; Joulia; Thermagen; Sunamp Ltd.; INER; Clean Energy Renewables; Mitsubishi Electric.

• Competitive Strategies:
- In 2024, EnergyNest AS partnered with Cementos Argos on a 5 MWh cement‐plant project, reducing fuel costs by 10%.
- Ice Energy launched IceBank Plus in early 2025, achieving a 15% improvement in coefficient of performance (COP) in Florida data centers.
- Siemens AG's 2024 acquisition of Ceres Power's thermal storage arm expanded its portfolio by 20%, strengthening its market position in Europe.

FAQs:

1. Who are the dominant players in the Thermal Energy Storage Market?
Leading market players include BrightSource Energy, Ice Energy, EnergyNest AS. and Siemens AG, collectively driving R&D and market share.
2. What will be the size of the Thermal Energy Storage Market in the coming years?
The market revenue is projected to grow from USD 6.24 Bn in 2025 to USD 12.39 Bn by 2032 at a CAGR of 10%.
3. Which end-user industry has the largest growth opportunity?
Industrial segments (steel, cement, chemical) are expanding fastest, with a projected 12% CAGR from 2025 to 2032.
4. How will market development trends evolve over the next five years?
Trends will focus on modular systems, hybrid ESS integration, and advanced phase-change materials, improving efficiency by up to 20%.
5. What is the nature of the competitive landscape and challenges?
Market challenges include high upfront costs and material degradation. Competitive dynamics revolve around technological differentiation, cost reduction, and strategic partnerships.
6. What go-to-market strategies are commonly adopted in the Thermal Energy Storage Market?
Key strategies include project partnerships (e.g., EnergyNest-Cementos Argos), technology licensing, and M&A activities, as seen in Siemens' 2024 acquisition of Ceres Power's division.

✍️ Author of this marketing PR:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.

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