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Advanced Technologies Boost Energy Retention And Sustainability Industry Trends Gaining Momentum in the Global Thermal Energy Storage Market
Thermal Energy Storage Market
Thermal Energy Storage Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the thermal energy storage market has witnessed a rapid expansion. The market value that is anticipated to rise from $5.77 billion in 2024 to $6.5 billion in 2025, reflects a compound annual growth rate (CAGR) of 12.6%. This remarkable growth during the historic phase is due to factors such as increased energy efficiency demand, widespread use of renewable energy, escalating electricity expenses, government schemes, and policies as well as the necessity for peak load control.
Thermal Energy Storage Market Size Forecast: What's the Projected Valuation by 2029?
A swift upswing is projected in the market size of thermal energy storage over the upcoming years, with expectations of reaching $10.62 billion by 2029, at a compound annual growth rate (CAGR) of 13.1%. This surge in the period under review can be credited to factors such as increased necessity for energy storage in smart grids, intensified concentration on carbon neutrality, escalating investment in green infrastructure, heightened use of electric vehicles necessitating thermal management, and an escalated demand for hardy energy solutions. The period under review will witness trends such as innovative phase change materials, highly efficient molten salt storage, utilization of artificial intelligence for energy optimization, hybrid thermal storage models, the employment of nanotechnology to improve storage materials, and the evolution of intelligent thermal grids.
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What Are the Drivers Transforming the Thermal Energy Storage Market?
The growth of the thermal energy storage market is projected to be driven by the rising demand for renewable energy. Derived from perpetually renewable natural resources such as sunlight, wind, water, geothermal heat, and biomass, renewable energy is an environmentally friendly substitute that minimises greenhouse gas emissions. The demand for renewable energies is mainly sparked by the urgent need to cut down on greenhouse gas emissions, these emissions play a substantial role in climate change, urging governments and industries to transition into using cleaner and more sustainable energy solutions. Thermal Energy Storage improves the dependability and effectiveness of renewable energy by storing surplus heat generated during high production periods for utilization during high energy demand or low supply instances. For example, Eurostat, a Luxembourg-based government agency, revealed in December 2024 that in 2023, the European Union saw an increase in energy consumption from 23.0% in 2022 to 24.5% coming from renewable sources. Consequently, the escalating demand for renewable energy is fuelling the expansion of the thermal energy storage market.
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What Long-Term Trends Will Define the Future of the Thermal Energy Storage Market?
Leading firms in the thermal energy storage market are prioritizing the development of innovative solutions like next-gen energy storage systems. These systems aim to enhance energy efficiency, lower carbon emissions, and facilitate the incorporation of renewable energy sources into the power system. Technologies such as solid-state and flow batteries, which are included in next-gen energy storage systems, assist thermal energy applications by storing excess heat efficiently and dispensing it when necessary, thereby improving energy efficiency overall. To illustrate, in February 2025, Brenmiller Energy Ltd., a thermal energy storage enterprise based in Israel, introduced bGen zero thermal oil (ZTO)- a high-end thermal energy storage (TES) solution. This solution, developed to electrify thermal oil heating in industrials applications, uses green electricity to accumulate and store thermal energy in crushed rocks. It then transfers the energy to thermal oil, reaching up to 340°C with high efficiency and offering a sustainable, zero-emission alternative for industrial heating applications.
Which Segments in the Thermal Energy Storage Market Offer the Most Profit Potential?
The thermal energy storagemarket covered in this report is segmented -
1) By Product Type: Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage
2) By Technology: Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-Based Technology, Miscibility Gap Alloy Technology
3) By Storage Material: Water, Molten Salt, Phase Change Material (PCM), Other Storage Materials
4) By Application: Power Generation, Heating, Cooling
5) By End User: Utilities, Commercial, Industrial
Subsegments:
1) By Sensible Heat Storage: Water-Based Storage, Molten Salt Storage, Solid Media Storage
2) By Latent Heat Storage: Phase Change Materials (PCMs), Ice Storage, Molten Salt Phase Change
3) By Thermochemical Heat Storage: Sorption Heat Storage, Chemical Reaction Heat Storage, Reversible Thermochemical Material
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Which Firms Dominate the Thermal Energy Storage Market by Market Share and Revenue in 2025?
Major companies operating in the thermal energy storage market are Siemens Energy AG, Danfoss, Burns & McDonnell, Alfa Laval AB, MAN Energy Solutions SE, Dunham-Bush Limited, EVAPCO Inc., Baltimore Aircoil Company Inc., BrightSource Energy Inc., DN Tanks, Thermofin, Steffes, TEXEL Energy AB, Cox Energy Solar S.A., Malta Inc., Cryogel, Deepchill Solutions Inc., Terrafore Technologies LLC, Caldwell Energy Company, Brenmiller Energy Ltd.
Which Regions Offer the Highest Growth Potential in the Thermal Energy Storage Market?
Europe was the largest region in the thermal energy storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermal energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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