Thermal Energy Storage Market Report by Storage Type (Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage), Technology (Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-Based Technology, Miscibility Gap Alloy Technology (MGA), and Others), Material Type (Water, Molten Salt, Phase Change Materials (PCM), and Others), Application (Power Generation, District Heating and Cooling, Process Heating and Cooling), End-Use (Residential and Commercial Sector, Utility Industry, and Other Industries), and Region 2024-2032
The global thermal energy storage market size reached US$ 6.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 15.0 Billion by 2032, exhibiting a growth rate (CAGR) of 8.7% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 6.9 Billion
Market Forecast in 2032
US$ 15.0 Billion
Market Growth Rate 2024-2032
8.7%
Thermal energy storage refers to a power storage system that is used for transferring and storing energy obtained from ice, cold air or water for later usage. It includes sensible, latent and thermochemical heat storage that is based on molten salt, ice and miscibility gap alloy technology (MGA). Some of these solutions are used for storing hot or cold energy for powering electrical systems in commercial and residential complexes, while others are used for storing solar energy in the summers, which is further utilized in the winters. This aids in preventing the overutilization of conventional energy from the grid systems.
Increasing emphasis on the utilization of renewable energy resources across the globe is one of the key factors driving the growth of the market. The growing demand for thermal energy storage systems in heating, ventilation and air conditioning (HVAC) technology for large-scale heating and cooling is also providing a boost to the market growth. Furthermore, concentrated solar power (CSP) is increasingly being integrated with the thermal energy storage systems to offer grid flexibility and minimize efficiency losses by generating electricity through dry cooling during lower ambient temperatures. Additionally, increasing environmental consciousness, coupled with the growing adoption of thermal energy storage for power generation in green buildings, is acting as another growth-inducing factor. Other factors, including the implementation of favorable government policies to promote sustainable infrastructural development, along with extensive research and development (R&D) activities, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global thermal energy storage market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on storage type, technology, material type, application and end-use.
Breakup by Storage Type:
Sensible Heat Storage
Latent Heat Storage
Thermochemical Heat Storage
Breakup by Technology:
Molten Salt Technology
Electric Thermal Storage Heaters
Solar Energy Storage
Ice-Based Technology
Miscibility Gap Alloy Technology (MGA)
Others
Breakup by Material Type:
Water
Molten Salt
Phase Change Materials (PCM)
Others
Breakup by Application:
Power Generation
District Heating and Cooling
Process Heating and Cooling
Breakup by End-Use:
Residential and Commercial Sector
Utility Industry
Other Industries
Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Abengoa Solar S.A., Baltimore Aircoil Company Inc., Brightsource Energy Inc., Burns & McDonnell Inc., Chicago Bridge & Iron Company (McDermott International), DC Pro Engineering, Fafco Inc., Solarreserve LLC, Steffes Corporation, Terrafore Technologies LLC, etc.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
Storage Type, Technology, Material Type, Application, End-Use, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
Abengoa Solar S.A., Baltimore Aircoil Company Inc., Brightsource Energy Inc., Burns & McDonnell Inc., Chicago Bridge & Iron Company (McDermott International), DC Pro Engineering, Fafco Inc., Solarreserve LLC, Steffes Corporation and Terrafore Technologies LLC
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global thermal energy storage market was valued at US$ 6.9 Billion in 2023.
We expect the global thermal energy storage market to exhibit a CAGR of 8.7% during 2024-2032.
The rising demand for renewable energy sources for power generation, along with the growing adoption of thermal energy storage for power generation in green buildings, is primarily driving the global thermal energy storage market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for thermal energy storage.
Based on the storage type, the global thermal energy storage market can be segmented into sensible heat storage, latent heat storage, and thermochemical heat storage. Currently, sensible heat storage holds the majority of the total market share.
Based on the technology, the global thermal energy storage market has been divided into molten salt technology, electric thermal storage heaters, solar energy storage, ice-based technology, Miscibility Gap Alloy Technology (MGA), and others. Among these, electric thermal storage heaters currently exhibit a clear dominance in the market.
Based on the material type, the global thermal energy storage market can be categorized into water, molten salt, Phase Change Materials (PCM), and others. Currently, water accounts for the majority of the global market share.
Based on the application, the global thermal energy storage market has been segregated into power generation, district heating and cooling, and process heating and cooling, where power generation currently holds the largest market share.
Based on the end-use, the global thermal energy storage market can be bifurcated into residential and commercial sector, utility industry, and other industries. Currently, the utility industry exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global thermal energy storage market include Abengoa Solar S.A., Baltimore Aircoil Company Inc., Brightsource Energy Inc., Burns & McDonnell Inc., Chicago Bridge & Iron Company (McDermott International), DC Pro Engineering, Fafco Inc., Solarreserve LLC, Steffes Corporation, Terrafore Technologies LLC, etc.
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