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Thermal Energy Storage Market to Reach USD 15.06 Billion by 2033 | Straits Research
Thermal Energy Storage Market Size
The global Thermal Energy Storage (TES) market was valued at USD 6.43 billion in 2024 and is projected to reach USD 7.07 billion in 2025, eventually expanding to USD 15.06 billion by 2033, growing at a CAGR of 9.92% during the forecast period (2025-2033), according to Straits Research. The increasing demand for renewable energy and rising need for efficient cooling and air conditioning solutions are driving this growth.
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What is Thermal Energy Storage (TES)?
TES refers to the storage of heat or cold energy for future use in applications such as power generation, industrial processes, and heating or cooling systems. By reducing energy demand during peak hours, TES minimizes carbon emissions and improves overall energy efficiency. TES is particularly critical for stabilizing intermittent renewable energy sources like solar and wind.
Drivers of Market Growth
The growing incorporation of renewable energy sources is a major factor driving TES adoption. Solar and wind power generation is intermittent and often misaligned with peak electricity demand. TES systems store energy when production is high and release it when required. According to the International Energy Agency (IEA), renewable energy is projected to account for 95% of global power capacity growth by 2026, with solar PV contributing more than half of the increase.
TES is also increasingly used to provide cooling during peak hours. Systems store cold energy during low demand and release it during high demand, reducing electricity usage and costs. The global air conditioner market is expected to reach USD 67.32 billion by 2024 and grow at a CAGR of 6.42% through 2028. By 2050, the number of air conditioners worldwide is projected to reach 5.6 billion, significantly boosting the demand for TES solutions.
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Regional Insights
Europe dominates the TES market due to stringent environmental regulations and high adoption of renewable energy. Companies such as Kraftblock and Kyoto Group are implementing innovative solutions, including molten salt storage and power-to-heat systems, to enhance grid stability and energy efficiency.
The Asia-Pacific region is expected to register the highest growth due to rising energy consumption, proactive government policies, and partnerships between global and domestic players. Brenmiller Energy's MoU with India's Waaree Energies exemplifies the increasing adoption of TES technology in this region.
Segments Covered
Technological Insights
TES systems are classified into sensible heat, latent heat, and thermochemical technologies. Sensible heat dominates the market due to its extensive use in solar, heating, and cooling systems. Storage materials include molten salt, water, and phase change materials (PCM), with molten salt widely used in concentrated solar power (CSP) plants for its high heat retention and stability.
Applications of TES
TES is primarily used in power generation, enhancing grid efficiency and reducing reliance on fossil fuels. Other applications include district heating and cooling and industrial process heating and cooling, all contributing to energy optimization and greenhouse gas reduction.
End-User Insights
The residential and commercial sector accounts for the largest share of the market, driven by urbanization and increasing construction activity. Industrial and utility sectors also contribute to growth, supported by investments in modernizing energy infrastructure.
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List of key players in Thermal Energy Storage Market
CALMAC Manufacturing Corp.
Abengoa Solar S.A.
Ice Energy Technologies Inc.
DN Tanks Inc.
SolarReserve LLC
Burns & McDonnell
Brightsource Energy Inc.
Baltimore Aircoil Company
Cryogel Thermal Energy Storage
Dunham- Bush Holding Bhd
Goss Engineering
Steffes Corporation
TAS Energy
Evapco Inc.
FAFCO
Sunwell Technologies
Finetex ENE Inc.
McDermott International Inc.
Caldwell Energy
Axiom Energy
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Conclusion
The global Thermal Energy Storage market is poised for substantial growth through 2033, driven by renewable energy integration, rising cooling demands, and technological advancements. Strategic initiatives by market players, coupled with government support for clean energy, are expected to create a sustainable and lucrative market landscape.
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For over a decade, Straits Research has been a trusted partner to more than 2,000 small and large enterprises, empowering senior leaders and decision-makers with actionable intelligence to navigate complex markets. Our structured syndicate reports, published year-round, cover critical sectors such as chemicals, materials, food and beverage, healthcare, pharmaceuticals, automotive, technology, aerospace, and defense. Combined with our custom research tailored to client-specific needs, we deliver insights that drive business progress and informed decision-making.
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