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Thermal Energy Storage Market Surges as Renewable Demand and Decarbonization Drive Global Growth - Key Trends Inside

07-13-2025 06:42 PM CET | Energy & Environment

Press release from: Spherical Insights LLP

/ PR Agency: Spherical Insights LLP
Thermal Energy Storage Market Size

Thermal Energy Storage Market Size

According to a research report published by Spherical Insights & Consulting, the Global Thermal Energy Storage Market Size is Expected to Grow from USD 46.5 Billion in 2023 to USD 88.8 Billion by 2033, at a CAGR of 6.68% during the forecast period 2023-2033.

The Thermal Energy Storage global market research studies offer an in-depth analysis of current industry trends, development models, and methodology. Production processes, development platforms, and the actual product models are some of the variables that have a direct impact on the market. The aforementioned characteristics can drastically vary in response to even minor changes in the product profile. The study provides a thorough explanation of each of these elements of Energy & Power.

Request To Download Free Sample copy of the report @ - https://www.sphericalinsights.com/request-sample/6016

Comprehensive historical analysis of global market for Global Thermal Energy Storage has thoroughly analyzed in this report. It offers data and insights from 2020-2023, and provides extensive market forecasts from 2024-2035 by region/country and subsectors. It covers the price, sales volume, revenue, historical growth, gross margin, and future outlooks for the Global Thermal Energy Storage Market.

Market Overview
Thermal energy storage (TES) is a system that stores energy in the form of heat or cold, rather than electricity, for use at a later time. This technology plays a key role in balancing energy supply and demand, enhancing system efficiency, and integrating renewable energy sources. TES also supports the development of sustainable, flexible, and energy-efficient buildings. With the rising demand for electricity, district heating and cooling, and smart infrastructure, TES is increasingly seen as a viable alternative to fossil fuels.

Growing investments from governments, academic institutions, and industry associations in R&D are accelerating the development of innovative, eco-friendly storage solutions. However, high upfront costs associated with installing TES systems-including expenses for infrastructure, control systems, heat exchangers, insulation, and storage tanks-pose a major challenge. In regions lacking financial incentives or policy support, these costs can hinder adoption and limit market growth.

The global market is witnessing robust growth due to:
• Growing demand for renewable energy integration and grid stability
• Rising need for efficient heating and cooling in buildings and industries
• Increasing investments in smart energy infrastructure and district energy systems
• Government initiatives promoting decarbonization and energy efficiency
• Technological advancements in storage materials and thermal management systems

Buy Now this report: https://www.sphericalinsights.com/checkout/6016

Technology Segment: Sensible Heat Storage Leads the Market
Based on technology, the thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. Among these, the sensible heat storage segment is expected to hold the largest market share during the forecast period. This dominance is due to its simplicity and cost-effectiveness. Sensible heat storage stores energy by raising the temperature of a storage medium (e.g., water or rocks) without a phase change, making it a widely adopted and efficient solution for thermal energy storage.

Storage Material Segment: Molten Salts to Dominate
By storage material, the market is categorized into water, molten salts, phase change materials, and others. The molten salts segment is projected to account for the highest market share during the forecast period. Molten salts, often used in concentrated solar power (CSP) systems, serve as effective phase-change materials that store large amounts of thermal energy and enable continuous power generation. Their ability to retain heat at high temperatures makes them ideal for sustainable and large-scale energy storage applications.

End-User Segment: Utilities Hold the Largest Share
In terms of end users, the market is divided into utilities, commercial, and industrial sectors. The utilities segment is set to dominate the market throughout the forecast period. This is driven by rising demand for efficient grid management, increased integration of renewable energy sources, and the need to stabilize power supply. Utilities use thermal energy storage to store excess energy during low-demand periods and release it during peak hours, enhancing grid flexibility and reducing operational costs.

Leading players of Thermal Energy Storage Market including:
• Abengoa S.A.
• Baltimore Aircoil Company
• Burns & McDonnell
• Caldwell Energy Company
• CALMAC
• Deepchill Solutions Inc.
• DN Tanks
• Dunham-Bush Limited
• EVAPCO, Inc.
• FAFCO, Inc.
• Goss Engineering, Inc.
• McDermott
• New BrightSource, Ltd.
• Siemens Gamesa Renewable Energy, S.A.
• Steffes, LLC
• Others

🔻 Market Challenges
1. High Initial Investment Costs
TES systems require substantial upfront capital for installation, infrastructure, and specialized materials.
2. Limited Financial Incentives in Some Regions
Lack of supportive policies or subsidies can hinder adoption, especially in developing markets.
3. Technological Complexity
Advanced TES systems involve complex designs and require precise thermal control, increasing implementation difficulty.
4. Long Payback Period
Return on investment may take several years, which can deter commercial and industrial users.
5. Space Constraints
Some TES systems, especially sensible heat storage, demand significant space for tanks or other large installations.
6. Low Public Awareness and Expertise
Limited understanding and trained professionals in the TES field slow down deployment and adoption.
7. Integration Challenges with Existing Infrastructure
Retrofitting TES solutions into current grids or building systems can be technically and economically challenging.

🎯 Research Objectives
1. To analyze current market trends, growth drivers, and challenges impacting the global thermal energy storage market.
2. To evaluate key technologies, materials, and end-user applications contributing to market expansion.
3. To assess regional market dynamics, competitive landscape, and future opportunities across major geographies.

Recent Development
• In March 2024, NTPC has invited bids to set up a pilot project for 200 MWh of thermal energy storage system integrated with a thermal power plant to supply 15 MW of additional electrical power.

Access Full Report: https://www.sphericalinsights.com/reports/thermal-energy-storage-market

Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the thermal energy storage market based on the below-mentioned segments:

Global Thermal Energy Storage Market, By Technology
• Sensible Heat Storage
• Latent Heat Storage
• Thermochemical Storage

Global Thermal Energy Storage Market, By Storage Material
• Water
• Molten Salts
• Phase Change Materials
• Others

Global Thermal Energy Storage Market, By End User
• Utilities
• Commercial
• Industrial

Regional Segment Analysis of the Thermal Energy Storage Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

What's covered in the report?
1. Overview of the Thermal Energy Storage Market.
2. The current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa) market size data for the Thermal Energy Storage Market, based on segment.
3. Thermal Energy Storage Market trends.
4. Thermal Energy Storage Market drivers.
5. Analysis of major company profiles.

⚙️ FIVE FORCES ANALYSIS
1. 🔹 Threat of New Entrants - Moderate
o High initial capital investment and technical expertise required create entry barriers.
o However, rising demand and supportive policies may attract new players.
2. 🔹 Bargaining Power of Suppliers - Moderate to High
o Dependence on specialized materials (e.g., molten salts, phase change materials) can give suppliers leverage.
o Limited number of technology providers may increase supplier influence.
3. 🔹 Bargaining Power of Buyers - Moderate
o Industrial and utility buyers often demand customized, large-scale solutions.
o However, growing options and competition among suppliers slightly reduce buyer power.
4. 🔹 Threat of Substitutes - Moderate
o Competing energy storage technologies like batteries and hydrogen can act as substitutes.
o TES still holds unique advantages for thermal applications and long-duration storage.
5. 🔹 Industry Rivalry - High
o The market is competitive with both established players and new entrants innovating rapidly.
o Intense focus on cost reduction, efficiency, and sustainability fuels rivalry.

🔍 PESTLE Analysis
• Political: Supportive energy policies and clean energy incentives drive growth.
• Economic: High installation costs may limit adoption in cost-sensitive regions.
• Social: Rising environmental awareness fuels demand for sustainable energy storage.
• Technological: Advancements in materials and smart grid integration boost efficiency.
• Legal: Compliance with energy and environmental regulations is crucial.
• Environmental: TES reduces carbon emissions and supports renewable energy use.

Browse Related Reports:
Global Energy Retrofit Systems Market Size, Share
https://www.sphericalinsights.com/reports/energy-retrofit-systems-market
Global Carbon Neutrality Market Size, Share
https://www.sphericalinsights.com/reports/carbon-neutrality-market

About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
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