Thermal Energy Storage Market By Type (Sensible Heat Storage, Latent Heat Storage); By Application (Process Heating & Cooling, District Heating & Cooling, Power Generation, Ice Storage Air-Conditioning, Others); By End User (Industrial, Utilities, Residential & Commercial); By Technology (Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-based Technology, Miscibility Gap Alloy Technology); By Material (Molten Salt, Phase Change Material, Water) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032
The Global Thermal Energy Storage Market is projected to grow from USD 15,666.94 million in 2024 to an estimated USD34,568.82 million based on 2032, with a compound annual growth rate (CAGR) of 10.48% from 2025 to 2032.
The market is witnessing significant momentum due to technological advancements in storage mediums, such as molten salts and phase change materials, which improve energy efficiency and cost-effectiveness. Growing demand for energy conservation, peak-load management, and reduction of greenhouse gas emissions further accelerates adoption. Additionally, policy frameworks promoting energy efficiency and renewable integration, particularly in industrial and utility-scale applications, are shaping market growth. Trends such as hybrid energy systems and thermal batteries are also gaining traction in the global energy storage ecosystem.
Geographically, North America and Europe represent major markets, supported by advanced grid networks and strong regulatory support for energy transition. Asia Pacific is expected to register the fastest growth during the forecast period, driven by increasing renewable energy installations in countries like China and India. Key players operating in the thermal energy storage market include Abengoa Solar, BrightSource Energy, Siemens AG, CALMAC, and Burns & McDonnell.
Market Insights
The Global Thermal Energy Storage Market is projected to grow from USD 15,666.94 million in 2024 to USD 34,568.82 million by 2032, registering a CAGR of 10.48% from 2025 to 2032.
Increasing integration of renewable energy and the need for reliable grid systems are primary drivers fueling market growth.
Technological advancements in molten salt and phase change materials are improving system efficiency and cost performance.
High initial capital investment and technical complexity remain key restraints limiting faster adoption across emerging markets.
North America leads the market with a value of USD 5,291.49 million in 2024, driven by smart grid development and industrial demand.
Asia Pacific is expected to witness the highest CAGR of 12.2%, supported by large-scale solar projects in China and India.
Europe contributes a significant market share, backed by strong policy support and widespread deployment of district heating systems.
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Growing Renewable Energy Integration Requires Efficient Storage Solutions
The Global Thermal Energy Storage Market is gaining momentum due to the accelerating deployment of renewable energy sources, particularly solar and wind. These sources produce intermittent energy, creating challenges for grid stability and energy reliability. Thermal energy storage systems help mitigate this issue by storing excess energy during low demand periods and releasing it when needed. This function supports continuous energy supply and enhances the flexibility of power systems. Policymakers in several countries are mandating energy storage integration to stabilize renewable energy contributions to the grid. The market benefits from this regulatory push and the rising demand for clean energy solutions.
For instance, the U.S. accounted for 33% of the 18 under-construction thermal energy storage projects globally in 2018, highlighting its role in advancing energy storage solutions.
Rising Demand for Energy Efficiency in Industrial Applications
Industries with high thermal energy requirements, such as chemicals, food processing, and power generation, are driving the Global Thermal Energy Storage Market. These sectors seek to reduce operational costs by reusing stored heat and improving overall energy efficiency. Thermal storage helps reduce fuel consumption and minimizes dependency on external energy sources. Governments are also introducing stricter energy efficiency regulations, prompting industries to invest in storage technologies. It aligns with global goals to cut emissions and improve sustainability across industrial operations. Companies are adopting it to meet regulatory compliance and gain competitive advantage.
For instance, the Canadian government introduced the Commercial Energy Conservation and Efficiency Program, offering USD 15,000 worth of rebates for commercial sector energy upgrades, encouraging investment in thermal storage technologies.
Smart Grid Development and Peak Load Shifting Support Adoption
Modernization of power infrastructure through smart grids is a significant driver for the Global Thermal Energy Storage Market. Smart grids allow precise demand-response management, where thermal storage plays a critical role in peak load shifting. During high electricity demand, stored energy is released, reducing pressure on the grid and avoiding the need for expensive peaking power plants. This enhances grid reliability and lowers overall electricity costs. Utility providers are recognizing the economic and operational benefits of integrating thermal storage into their systems. It contributes to building a more resilient and responsive energy infrastructure.
Favorable Government Policies and Investment in Sustainable Technologies
The Global Thermal Energy Storage Market benefits from favorable policy frameworks and increasing investments in sustainable energy infrastructure. Governments worldwide are introducing incentives, subsidies, and funding programs to promote energy storage technologies. Public and private investments are accelerating research and deployment of cost-effective and scalable thermal energy storage systems. Supportive regulations targeting carbon neutrality and energy security encourage adoption across sectors. International collaborations and energy transition roadmaps further stimulate growth in this market. It is positioned as a strategic component in achieving long-term energy sustainability goals.
Market Trends
Increasing Adoption of Molten Salt and Phase Change Materials for Enhanced Efficiency
The Global Thermal Energy Storage Market is witnessing a strong shift toward advanced storage materials, particularly molten salts and phase change materials (PCMs). These materials offer higher energy density and longer duration storage compared to conventional systems. Molten salt is widely used in concentrated solar power (CSP) plants due to its ability to retain heat for extended periods. PCMs are being explored for both industrial and residential applications to enhance thermal regulation and energy conservation. Innovations in material science are improving system efficiency and reducing energy losses. It allows greater flexibility in energy usage across different timeframes.
For instance, Fourth Power secured USD 19 million in a Series A funding round in December 2023 for its thermophotovoltaic (TPV) thermal energy storage technology, highlighting growing investment in advanced storage solutions.
Integration with District Heating and Cooling Networks
The use of thermal energy storage in district heating and cooling networks is gaining traction across urban centers. Cities in Europe, Asia, and North America are implementing large-scale thermal storage systems to optimize the operation of centralized heating infrastructure. These systems store heat during off-peak hours and release it during peak demand, improving energy efficiency. It supports the decarbonization of urban energy systems and helps reduce fossil fuel dependency. Governments are supporting these initiatives through smart city policies and low-carbon strategies. The Global Thermal Energy Storage Market is expanding into these integrated urban solutions.
For instance, district heating systems have been widely adopted in Europe and North America, with Asia-Pacific experiencing the fastest growth due to urbanization and infrastructure projects.
Growth of Concentrated Solar Power (CSP) Deployment
CSP plants are becoming a key application area for thermal energy storage, particularly in sun-rich regions such as the Middle East, North Africa, and parts of the U.S. These plants combine solar power generation with thermal storage to ensure 24/7 energy availability. Integration of thermal storage improves plant reliability and maximizes solar energy utilization. It reduces the need for backup fossil-fuel generators and supports base-load power delivery. Project developers are increasingly including storage components in new CSP installations to meet energy performance standards. The Global Thermal Energy Storage Market is closely aligned with the CSP market’s growth trajectory.
Advancement in Modular and Scalable Storage Solutions
Technological innovation is driving the development of modular thermal energy storage systems that cater to both large and small-scale applications. These modular systems offer flexibility in deployment, ease of installation, and lower capital investment. Companies are focusing on designing scalable storage units that can be expanded based on demand growth. It is particularly beneficial for commercial buildings, microgrids, and renewable hybrid systems. The trend is also supported by digital controls and automation that enhance operational efficiency. The Global Thermal Energy Storage Market is responding to the need for decentralized and adaptable storage options.
Market Challenges
High Initial Capital Investment and Infrastructure Requirements Limit Adoption
The Global Thermal Energy Storage Market faces a major challenge in the form of high upfront costs. Setting up thermal storage systems demands significant investment in specialized materials, large-scale infrastructure, and integration with existing energy networks. For many stakeholders, especially in developing economies, the financial barrier outweighs long-term efficiency gains. Limited access to financing and absence of clear return-on-investment timelines deter adoption in cost-sensitive sectors. It requires coordinated government support and private sector confidence to scale effectively. Without financial incentives or subsidies, project developers may prioritize cheaper, short-term solutions over thermal storage.
For instance, government-led initiatives such as the EU Innovation Project and the U.S. Department of Energy’s Industrial Heat Shot are providing funding to companies developing thermal energy storage technologies to help offset high upfront costs.
Technical Complexities and Efficiency Concerns Impact Market Growth
Technical complexity remains a persistent hurdle in the Global Thermal Energy Storage Market. Maintaining thermal efficiency over long storage durations poses engineering challenges, especially in large-scale applications. System performance can vary based on storage material type, insulation quality, and ambient conditions. It often requires ongoing maintenance to prevent degradation and energy loss. The lack of standardized protocols and limited skilled workforce further complicate deployment and operation. These factors collectively slow down commercialization and hinder widespread technology adoption across markets.
Market Opportunities
Rising Demand for Decarbonization Creates Strong Growth Potential
The Global Thermal Energy Storage Market holds significant opportunity in the global push toward decarbonization. Governments and industries are adopting clean energy policies to reduce greenhouse gas emissions and meet climate targets. Thermal storage supports this transition by enabling better integration of renewable sources and improving energy efficiency. It helps utilities and industries reduce dependency on fossil fuels and maintain stable energy supply. Countries investing in net-zero pathways are prioritizing storage technologies in their infrastructure plans. This shift creates long-term growth prospects across power generation, industrial processes, and urban energy systems.
Expanding Applications Across Emerging Markets and Smart Cities
Emerging economies offer untapped potential for the Global Thermal Energy Storage Market due to rising energy demands and ongoing grid modernization. Urban centers are investing in smart city infrastructure that relies on efficient energy use, making thermal storage a critical component. It can address peak load issues, reduce electricity costs, and support resilient energy networks in densely populated regions. Industrial parks, commercial complexes, and residential developments present growing demand for cost-effective and sustainable heating and cooling solutions. Market players can expand reach by developing modular, low-cost storage systems tailored for these regions. Partnerships with governments and local utilities can accelerate project deployment and scale adoption.
Market Segmentation Analysis
By Type
The Global Thermal Energy Storage Market includes two main types: sensible heat storage and latent heat storage. Sensible heat storage holds the dominant revenue share due to its simple design and cost-effectiveness. It stores energy by raising the temperature of a solid or liquid, typically using water or molten salts. Latent heat storage, which uses phase change materials, offers higher energy density but involves more complex systems. It is gaining interest in applications where space-saving and precise temperature control are critical. Both types serve different needs across industrial and building energy systems.
By Application
Thermal energy storage systems are widely used in process heating and cooling, district heating and cooling, power generation, and ice storage air-conditioning. District heating and cooling holds a significant share, driven by urban infrastructure developments and demand for energy-efficient building solutions. Power generation is another key application, particularly in concentrated solar power plants where thermal storage extends energy availability. Process heating and cooling find strong use in industrial operations seeking energy cost reduction. Ice-based air-conditioning systems are expanding in commercial facilities aiming to lower peak electricity demand. It also finds use in smaller, niche applications under the “others” category.
By End-user
End-users of thermal energy storage include industrial, utilities, and residential and commercial sectors. Industrial users lead the market due to high thermal energy demands and the need for cost and emission control. Utilities deploy thermal storage to stabilize power grids and support renewable integration. Residential and commercial segments are growing steadily with the rise of smart buildings and energy-efficient infrastructure. It serves multiple stakeholders aiming for operational efficiency and sustainability targets.
By Technology
The market encompasses technologies such as molten salt, electric thermal storage heaters, solar energy storage, ice-based technology, and miscibility gap alloy technology. Molten salt technology dominates due to its proven use in CSP plants and long-duration storage capabilities. Ice-based and electric storage heaters find use in buildings and localized systems. Solar energy storage solutions are expanding with the rise in solar installations. Miscibility gap alloy technology, while emerging, offers future potential with enhanced thermal retention properties. It diversifies the technological foundation of the Global Thermal Energy Storage Market.
By Material
Thermal energy storage relies on materials like molten salt, phase change materials (PCMs), and water. Molten salt is the most widely used material, especially in large-scale energy projects, due to its high thermal capacity and cost efficiency. PCMs are gaining attention for their compact design and precise temperature control. Water remains a traditional and accessible material, often used in sensible heat systems. Material selection depends on storage requirements, system design, and application scope. It defines the performance and efficiency of thermal storage systems across sectors.
Segments
Based on Type
Sensible Heat Storage
Latent Heat Storage
Based on Application
Process Heating & Cooling
District Heating & Cooling
Power Generation
Ice storage air-conditioning
Others
Based on End-user
Industrial
Utilities
Residential & Commercial
Based on Technology
Molten Salt Technology
Electric Thermal Storage Heaters
Solar Energy Storage
Ice-based Technology
Miscibility Gap Alloy Technology
Based on Material
Molten Salt
Phase Change Material
Water
Based on Region
North America
U.S.
Canada
Mexico
Europe
UK
France
Germany
Italy
Spain
Russia
Belgium
Netherlands
Austria
Sweden
Poland
Denmark
Switzerland
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
Australia
Thailand
Indonesia
Vietnam
Malaysia
Philippines
Taiwan
Rest of Asia Pacific
Latin America
Brazil
Argentina
Peru
Chile
Colombia
Rest of Latin America
Middle East
UAE
KSA
Israel
Turkey
Iran
Rest of Middle East
Africa
Egypt
Nigeria
Algeria
Morocco
Rest of Africa
Regional Analysis
North America Thermal Energy Storage Market
North America accounted for the largest regional share in the Global Thermal Energy Storage Market, contributing 33.77% in 2024 with a market value of USD 5,291.49 million. It is projected to reach USD 12,170.58 million by 2032, growing at a CAGR of 11.1%. The market benefits from strong government support for renewable energy integration and the presence of advanced grid infrastructure. The U.S. leads the region, driven by large-scale deployment of concentrated solar power plants and district heating networks. Utilities and industrial sectors are investing in thermal storage to improve energy efficiency and manage peak loads. It continues to see widespread adoption in commercial buildings, smart cities, and university campuses.
Europe Thermal Energy Storage Market
Europe held the second-largest share in the Global Thermal Energy Storage Market, representing 38.02% in 2024 with a value of USD 5,956.86 million. It is expected to grow to USD 13,007.02 million by 2032 at a CAGR of 10.3%. Countries like Germany, France, and Denmark are leading adopters due to strong sustainability goals and established district energy systems. The European Union’s climate policies and energy transition frameworks have accelerated the integration of thermal storage technologies. It plays a key role in reducing fossil fuel use and supporting decentralized heating solutions. The market continues to expand across both industrial and urban applications.
Asia Pacific Thermal Energy Storage Market
Asia Pacific captured 14.96% of the global market in 2024, with a value of USD 2,344.04 million, projected to reach USD 5,866.87 million by 2032, growing at the fastest CAGR of 12.2%. Rapid urbanization, rising energy demands, and strong solar energy programs in China and India are fueling market growth. Governments are investing in smart grid infrastructure and renewable energy storage to manage peak demand. It is gaining popularity in both utility-scale projects and commercial developments. The region shows potential for large-scale deployment across industrial hubs and megacities focused on decarbonization.
Latin America Thermal Energy Storage Market
Latin America held a 6.24% share of the Global Thermal Energy Storage Market in 2024, valued at USD 978.01 million and forecast to reach USD 1,832.77 million by 2032, at a CAGR of 7.9%. Brazil and Chile are emerging leaders with growing renewable capacity and supportive regulatory frameworks. The region focuses on reducing grid instability through thermal storage integration. Industrial and commercial sectors are adopting thermal solutions for process heating and air-conditioning. It finds increasing use in remote and off-grid installations requiring energy autonomy. Government partnerships and foreign investments help drive market penetration.
Middle East Thermal Energy Storage Market
The Middle East contributed 3.97% to the global market in 2024, valued at USD 621.48 million, and is projected to reach USD 926.39 million by 2032, growing at a CAGR of 4.7%. The market is driven by solar thermal projects in countries like the UAE and Saudi Arabia. High solar irradiance and efforts to diversify energy sources support adoption of thermal storage technologies. It plays a supporting role in utility-scale solar power generation and desalination plants. The region faces challenges due to high capital costs and slower policy implementation. However, pilot projects and public-private partnerships signal long-term opportunity.
Africa Thermal Energy Storage Market
Africa held a 3.03% share of the Global Thermal Energy Storage Market in 2024, with a value of USD 475.05 million, expected to reach USD 765.18 million by 2032 at a CAGR of 6.7%. The region is at an early stage of adoption, with efforts focused on rural electrification and improving energy access. South Africa and Morocco are investing in CSP projects that incorporate thermal storage. It is gradually being adopted in off-grid energy systems and industrial processes requiring thermal regulation. Limited infrastructure and financing gaps pose growth constraints. However, international aid programs and technology transfer initiatives are opening new opportunities.
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The Global Thermal Energy Storage Market features a mix of established engineering firms and emerging technology developers. Leading players like Siemens AG and Abengoa Solar focus on utility-scale projects and solar thermal integration. Companies such as CALMAC and Ice Energy specialize in modular and building-level storage solutions. New entrants like Axiom Energy are leveraging innovation in phase change materials and energy management systems. Strategic partnerships, R\&D investment, and technology differentiation define competition. It drives innovation in cost reduction, energy efficiency, and application flexibility. Players are expanding globally to tap into new markets driven by renewable energy goals and urban development plans.
Recent Developments
In February 2025, Baltimore Aircoil Company showcased sustainable ice thermal storage technologies at AHR Expo 2025, reinforcing its leadership in efficient cooling solutions.
In January 2025, Steffes Corporation’s “Origin” thermal storage system earned the CSE Plumbing Product of the Year award for innovation in multi-family water heating.
In May 2025, Veolia Environnement S.A. reported a 1.5% increase in Q1 2025 revenue, citing growth in energy services and thermal energy storage programs. .
Market Concentration and Characteristics
The Global Thermal Energy Storage Market shows a moderately concentrated structure with a mix of multinational corporations and niche technology providers. A few dominant players hold significant market share due to their expertise in large-scale infrastructure and long-standing industry presence. It features high entry barriers driven by capital intensity, technical complexity, and regulatory compliance requirements. The market favors companies with strong R&D capabilities and diversified portfolios across storage technologies. Regional players often focus on application-specific solutions, such as district cooling or industrial heat reuse. Competitive differentiation depends on efficiency, scalability, and integration with renewable energy systems. Strategic alliances and technology partnerships continue to shape the market’s evolution.
Report Coverage
The research report offers an in-depth analysis based on Type, Application, End-user, Technology, Material and Region. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
Thermal energy storage will play a critical role in supporting the stability of power grids with high renewable penetration. It will enable smoother energy transitions by balancing supply-demand fluctuations.
Urban centers will increasingly adopt thermal storage systems to optimize district energy operations. Governments will support these systems as part of sustainable city planning initiatives.
Advancements in materials such as molten salts and phase change materials will enhance energy density and thermal retention. Research will focus on reducing losses and improving cost-effectiveness.
Adoption will rise across commercial complexes, smart buildings, and residential units. Consumers will seek thermal storage to manage energy costs and improve HVAC efficiency.
CSP plants will increasingly include thermal storage to deliver dispatchable renewable electricity. This trend will be especially strong in sun-rich regions like the Middle East, Africa, and parts of Asia.
Supportive regulations, clean energy mandates, and fiscal incentives will encourage investments in thermal storage. Policy frameworks will align with net-zero targets and energy resilience goals.
Vendors will develop modular thermal storage solutions that suit varying energy demands. These systems will support decentralized energy networks and microgrid operations.
Industries will use thermal storage to recover waste heat and reduce reliance on fossil fuels. The market will benefit from industrial energy efficiency mandates and emission reduction goals.
Digital monitoring and smart controls will enhance storage performance and system responsiveness. Integration with smart grids will allow dynamic load shifting and real-time optimization.
Developing economies in Asia Pacific, Latin America, and Africa will become key growth regions. Infrastructure upgrades and energy access initiatives will boost market penetration.
CHAPTER NO. 1 : GENESIS OF THE MARKET
1.1 Market Prelude – Introduction & Scope
1.2 The Big Picture – Objectives & Vision
1.3 Strategic Edge – Unique Value Proposition
1.4 Stakeholder Compass – Key Beneficiaries CHAPTER NO. 2 : EXECUTIVE LENS
2.1 Pulse of the Industry – Market Snapshot
2.2 Growth Arc – Revenue Projections (USD Million)
2.3. Premium Insights – Based on Primary Interviews CHAPTER NO. 3 : THERMAL ENERGY STORAGE MARKET FORCES & INDUSTRY PULSE
3.1 Foundations of Change – Market Overview
3.2 Catalysts of Expansion – Key Market Drivers
3.2.1 Momentum Boosters – Growth Triggers
3.2.2 Innovation Fuel – Disruptive Technologies
3.3 Headwinds & Crosswinds – Market Restraints
3.3.1 Regulatory Tides – Compliance Challenges
3.3.2 Economic Frictions – Inflationary Pressures
3.4 Untapped Horizons – Growth Potential & Opportunities
3.5 Strategic Navigation – Industry Frameworks
3.5.1 Market Equilibrium – Porter’s Five Forces
3.5.2 Ecosystem Dynamics – Value Chain Analysis
3.5.3 Macro Forces – PESTEL Breakdown
3.6 Price Trend Analysis
3.6.1 Regional Price Trend
3.6.2 Price Trend by product CHAPTER NO. 4 : KEY INVESTMENT EPICENTER
4.1 Regional Goldmines – High-Growth Geographies
4.2 Product Frontiers – Lucrative Product Categories
4.3 Application Sweet Spots – Emerging Demand Segments CHAPTER NO. 5: REVENUE TRAJECTORY & WEALTH MAPPING
5.1 Momentum Metrics – Forecast & Growth Curves
5.2 Regional Revenue Footprint – Market Share Insights
5.3 Segmental Wealth Flow – Type & Application Revenue CHAPTER NO. 6 : TRADE & COMMERCE ANALYSIS
6.1. Import Analysis by Region
6.1.1. Global Thermal Energy Storage Market Import Revenue By Region
6.2. Export Analysis by Region
6.2.1. Global Thermal Energy Storage Market Export Revenue By Region CHAPTER NO. 7 : COMPETITION ANALYSIS
7.1. Company Market Share Analysis
7.1.1. Global Thermal Energy Storage Market: Company Market Share
7.2. Global Thermal Energy Storage Market Company Revenue Market Share
7.3. Strategic Developments
7.3.1. Acquisitions & Mergers
7.3.2. New Product Launch
7.3.3. Regional Expansion
7.4. Competitive Dashboard
7.5. Company Assessment Metrics, 2024 CHAPTER NO. 8 : THERMAL ENERGY STORAGE MARKET – BY TYPE SEGMENT ANALYSIS
8.1. Thermal Energy Storage Market Overview by Type Segment
8.1.1. Thermal Energy Storage Market Revenue Share By Type
8.2. Sensible Heat Storage
8.3. Latent Heat Storage CHAPTER NO. 9 : THERMAL ENERGY STORAGE MARKET – BY APPLICATION SEGMENT ANALYSIS
9.1. Thermal Energy Storage Market Overview by Application Segment
9.1.1. Thermal Energy Storage Market Revenue Share By Application
9.2. Process Heating & Cooling
9.3. District Heating & Cooling
9.4. Power Generation
9.5. Ice storage air-conditioning
9.6. Others CHAPTER NO. 10 : THERMAL ENERGY STORAGE MARKET – BY END-USER SEGMENT ANALYSIS
10.1. Thermal Energy Storage Market Overview by End-user Segment
10.1.1. Thermal Energy Storage Market Revenue Share By End-user
10.2. Industrial
10.3. Utilities
10.4. Residential & Commercial CHAPTER NO. 11 : THERMAL ENERGY STORAGE MARKET – BY TECHNOLOGY SEGMENT ANALYSIS
11.1. Thermal Energy Storage Market Overview by Technology Segment
11.1.1. Thermal Energy Storage Market Revenue Share By Technology
11.2. Molten Salt Technology
11.3. Electric Thermal Storage Heaters
11.4. Solar Energy Storage
11.5. Ice-based Technology
11.6. Miscibility Gap Alloy Technology CHAPTER NO. 12 : THERMAL ENERGY STORAGE MARKET – BY MATERIAL SEGMENT ANALYSIS
12.1. Thermal Energy Storage Market Overview by Material Segment
12.1.1. Thermal Energy Storage Market Revenue Share By Material
12.2. Molten Salt
12.3. Phase Change Material
12.4. Water CHAPTER NO. 13 : THERMAL ENERGY STORAGE MARKET – REGIONAL ANALYSIS
13.1. Thermal Energy Storage Market Overview by Region Segment
13.1.1. Global Thermal Energy Storage Market Revenue Share By Region
13.1.2. Region
13.1.3. Global Thermal Energy Storage Market Revenue By Region
13.1.4. Type
13.1.5. Global Thermal Energy Storage Market Revenue By Type
13.1.6. Application
13.1.7. Global Thermal Energy Storage Market Revenue By Application
13.1.8. End-user
13.1.9. Global Thermal Energy Storage Market Revenue By End-user
13.1.10. Technology
13.1.12. Global Thermal Energy Storage Market Revenue By Technology
13.1.13. Material
13.1.14. Global Thermal Energy Storage Market Revenue By Material CHAPTER NO. 14 : NORTH AMERICA THERMAL ENERGY STORAGE MARKET – COUNTRY ANALYSIS
14.1. North America Thermal Energy Storage Market Overview by Country Segment
14.1.1. North America Thermal Energy Storage Market Revenue Share By Region
14.2. North America
14.2.1. North America Thermal Energy Storage Market Revenue By Country
14.2.2. Type
14.2.3. North America Thermal Energy Storage Market Revenue By Type
14.2.4. Application
14.2.5. North America Thermal Energy Storage Market Revenue By Application
14.2.6. End-user
14.2.7. North America Thermal Energy Storage Market Revenue By End-user
14.2.8. Technology
14.2.9. North America Thermal Energy Storage Market Revenue By Technology
14.2.10. Material
14.2.11. North America Thermal Energy Storage Market Revenue By Material
14.3. U.S.
14.4. Canada
14.5. Mexico CHAPTER NO. 15 : EUROPE THERMAL ENERGY STORAGE MARKET – COUNTRY ANALYSIS
15.1. Europe Thermal Energy Storage Market Overview by Country Segment
15.1.1. Europe Thermal Energy Storage Market Revenue Share By Region
15.2. Europe
15.2.1. Europe Thermal Energy Storage Market Revenue By Country
15.2.2. Type
15.2.3. Europe Thermal Energy Storage Market Revenue By Type
15.2.4. Application
15.2.5. Europe Thermal Energy Storage Market Revenue By Application
15.2.6. End-user
15.2.7. Europe Thermal Energy Storage Market Revenue By End-user
15.2.8. Technology
15.2.9. Europe Thermal Energy Storage Market Revenue By Technology
15.2.10. Material
15.2.11. Europe Thermal Energy Storage Market Revenue By Material
15.3. UK
15.4. France
15.5. Germany
15.6. Italy
15.7. Spain
15.8. Russia
15.9. Rest of Europe CHAPTER NO. 16 : ASIA PACIFIC THERMAL ENERGY STORAGE MARKET – COUNTRY ANALYSIS
16.1. Asia Pacific Thermal Energy Storage Market Overview by Country Segment
16.1.1. Asia Pacific Thermal Energy Storage Market Revenue Share By Region
16.2. Asia Pacific
16.2.1. Asia Pacific Thermal Energy Storage Market Revenue By Country
16.2.2. Type
16.2.3. Asia Pacific Thermal Energy Storage Market Revenue By Type
16.2.4. Application
16.2.5. Asia Pacific Thermal Energy Storage Market Revenue By Application
16.2.6. End-user
16.2.7. Asia Pacific Thermal Energy Storage Market Revenue By End-user
16.2.8. Technology
16.2.9. Asia Pacific Thermal Energy Storage Market Revenue By Technology
16.2.10. Material
16.2.11. Asia Pacific Thermal Energy Storage Market Revenue By Material
16.3. China
16.4. Japan
16.5. South Korea
16.6. India
16.7. Australia
16.8. Southeast Asia
16.9. Rest of Asia Pacific CHAPTER NO. 17 : LATIN AMERICA THERMAL ENERGY STORAGE MARKET – COUNTRY ANALYSIS
17.1. Latin America Thermal Energy Storage Market Overview by Country Segment
17.1.1. Latin America Thermal Energy Storage Market Revenue Share By Region
17.2. Latin America
17.2.1. Latin America Thermal Energy Storage Market Revenue By Country
17.2.2. Type
17.2.3. Latin America Thermal Energy Storage Market Revenue By Type
17.2.4. Application
17.2.5. Latin America Thermal Energy Storage Market Revenue By Application
17.2.6. End-user
17.2.7. Latin America Thermal Energy Storage Market Revenue By End-user
17.2.8. Technology
17.2.9. Latin America Thermal Energy Storage Market Revenue By Technology
17.2.10. Material
17.2.11. Latin America Thermal Energy Storage Market Revenue By Material
17.3. Brazil
17.4. Argentina
17.5. Rest of Latin America CHAPTER NO. 18 : MIDDLE EAST THERMAL ENERGY STORAGE MARKET – COUNTRY ANALYSIS
18.1. Middle East Thermal Energy Storage Market Overview by Country Segment
18.1.1. Middle East Thermal Energy Storage Market Revenue Share By Region
18.2. Middle East
18.2.1. Middle East Thermal Energy Storage Market Revenue By Country
18.2.2. Type
18.2.3. Middle East Thermal Energy Storage Market Revenue By Type
18.2.4. Application
18.2.5. Middle East Thermal Energy Storage Market Revenue By Application
18.2.6. End-user
18.2.7. Middle East Thermal Energy Storage Market Revenue By End-user
18.2.8. Technology
18.2.9. Middle East Thermal Energy Storage Market Revenue By Technology
18.2.10. Material
18.2.11. Middle East Thermal Energy Storage Market Revenue By Material
18.3. GCC Countries
18.4. Israel
18.5. Turkey
18.6. Rest of Middle East CHAPTER NO. 19 : AFRICA THERMAL ENERGY STORAGE MARKET – COUNTRY ANALYSIS
19.1. Africa Thermal Energy Storage Market Overview by Country Segment
19.1.1. Africa Thermal Energy Storage Market Revenue Share By Region
19.2. Africa
19.2.1. Africa Thermal Energy Storage Market Revenue By Country
19.2.2. Type
19.2.3. Africa Thermal Energy Storage Market Revenue By Type
19.2.4. Application
19.2.5. Africa Thermal Energy Storage Market Revenue By Application
19.2.6. End-user
19.2.7. Africa Thermal Energy Storage Market Revenue By End-user
19.2.8. Technology
19.2.9. Africa Thermal Energy Storage Market Revenue By Technology
19.2.10. Material
19.2.11. Africa Thermal Energy Storage Market Revenue By Material
19.3. South Africa
19.4. Egypt
19.5. Rest of Africa CHAPTER NO. 20 : COMPANY PROFILES
20.1. EVAPCO Inc.
20.1.1. Company Overview
20.1.2. Product Portfolio
20.1.3. Financial Overview
20.1.4. Recent Developments
20.1.5. Growth Strategy
20.1.6. SWOT Analysis
20.2. Cox Energy Solar S.A.
20.3. Amsted Industries
20.4. Abengoa Solar S.A.
20.5. BrightSource Energy, Inc.
20.6. Baltimore Aircoil Company
20.7. Siemens Gamesa Renewable Energy S.A.
20.8. SolarReserve
20.9. Terrafore Technologies LLC
20.10. Cristopia Energy Systems
20.11. Burns & McDonnell
20.12. Steffes Corporation
20.13. Dunham-Bush Holding Bhd.
20.14. Caldwell Energy Company
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Frequently Asked Questions:
What is the market size and growth rate of the Global Thermal Energy Storage Market?
The market was valued at USD 15,666.94 million in 2024 and is projected to reach USD 34,568.82 million by 2032, growing at a CAGR of 10.48% from 2025 to 2032.
What is driving the growth of the thermal energy storage market?
Growth is driven by the increasing adoption of renewable energy, demand for reliable grid systems, and advancements in energy-efficient storage materials like molten salts and phase change materials.
What are the key applications of thermal energy storage systems?
Key applications include power generation, district heating and cooling, process heating, and ice-based air-conditioning in both industrial and commercial settings.
Who are the major players in the Global Thermal Energy Storage Market?
Leading companies include Abengoa Solar, BrightSource Energy, Siemens AG, CALMAC, and Burns & McDonnell, each contributing through technology innovation and global project deployments.
Who are the major players in this market?
Chicago Bridge & Iron Company, Finetex EnE, Sunwell Technologies, Steffes Corporation are some of the major players in the global market.
About Author
Ganesh Chandwade
Senior Industry Consultant
Ganesh is a senior industry consultant specializing in heavy industries and advanced materials.
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Thank you for the data! The numbers are exactly what we asked for and what we need to build our business case.
Materials Scientist (privacy requested)
The report was an excellent overview of the Industrial Burners market. This report does a great job of breaking everything down into manageable chunks.
