Market Overview

The Global Thermal Energy Storage Market was valued at USD 299.4 million in 2023 and is expected to reach USD 878.3 million by 2031 while growing at a CAGR of 14.4% during the forecast period (2024-2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Market Dynamics

This section of the report will analyze various driving and restraining factors that are expected to have a significant impact on the global thermal energy storage market growth. Thermal energy storage (TES) captures and stores thermal energy for later use, allowing the accumulation of heat or cold during low demand and releasing it during high demand or when needed. TES systems enhance efficiency and flexibility in balancing thermal energy supply and demand across various applications.

Increasing penetration of renewable energy sources, such as solar and wind power, along with demand for energy efficiency and peak load management, drives the growth of the thermal energy storage market. However, obstacles like high initial costs and technological challenges may hinder its expansion.

Furthermore, the global thermal energy storage industry will be analyzed through various tools including PESTLE analysis, and Porter’s analysis.

Segmentation – By Type Analysis

The Global Thermal Energy Storage Market is segmented among Molten Salt, Hot water, and Other Types, based on Type. In 2023, Hot water accounted for the majority of the market share*.

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Segmentation – By Application Analysis

The Global Thermal Energy Storage Market is segmented among Power Generation, Heating, and Cooling, based on Application. In 2023, Power Generation accounted for the majority of the market share*.

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Global Thermal Energy Storage Market: Regional Analysis

Based on region, the market is divided into six regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, Europe dominated the market with the highest market share, while Asia Pacific is expected to grow with the highest CAGR during the forecast period (2024 – 2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Competitive Landscape

Some of the key players operating in the market are BrightSource Energy Inc., Aalborg CSP AS, Abengoa SA, Baltimore Aircoil Company, Burns & McDonnell, SaltX Technology Holding AB, Terrafore Technologies LLC, Trane Technologies PLC, SR Energy, and Vantaa Energy.

Table of Contents:

1. Research Methodology and Market Scope

• Research Methodology

• Market Scope

2. Executive Summary

3. Global Thermal Energy Storage Market Dynamics

• Drivers

• Restraints

• Opportunity

4. Global Thermal Energy Storage Industry Analysis

• PEST Analysis

• Porter's Five Force Analysis

• Recent Deals Analysis

5. Global Thermal Energy Storage Market Segmentation, By Type  

• Global Thermal Energy Storage Market Share Analysis, By Type  

• Global Thermal Energy Storage Market Growth Analysis, By Type  

• Global Thermal Energy Storage Market Trends, By Type  

o Molten Salt

o Hot water

o Other Types

6. Global Thermal Energy Storage Market Segmentation, By Application

• Global Thermal Energy Storage Market Share Analysis, By Application 

• Global Thermal Energy Storage Market Growth Analysis, By Application

• Global Thermal Energy Storage Market Trends, By Application

o Power Generation

o Heating

o Cooling

7. Global Thermal Energy Storage Market Segmentation, By Technology

• Global Thermal Energy Storage Market Share Analysis, By Technology

• Global Thermal Energy Storage Market Growth Analysis, By Technology

• Global Thermal Energy Storage Market Trends, By Technology 

o Sensible Heat Storage

o Latent Heat Storage

o Thermochemical Heat Storage

8. Global Thermal Energy Storage Market Segmentation, By Region

• Global Thermal Energy Storage Market Share Analysis, By Region

• Global Thermal Energy Storage Market Growth Analysis, By Region

• Global Thermal Energy Storage Market Trends, By Region

o North America

o Europe

o Asia Pacific

o Latin America

o Middle East

o Africa

9. Competitive Landscape

• BrightSource Energy Inc*

o Company Overview

o Financial Performance

o Key Development/Strategies

o SWOT Analysis

• Aalborg CSP AS

• Abengoa SA

• Baltimore Aircoil Company

• Burns & McDonnell

• SaltX Technology Holding AB

• Terrafore Technologies LLC

• Trane Technologies PLC

• SR Energy

• Vantaa Energy

 *Similar analysis will be provided for each company listed above.