| Product Code: ETC13138479 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | Author: Ravi Bhandari | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Thermal Energy Storage Market was valued at USD 1.9 Billion in 2024 and is expected to reach USD 3.6 Billion by 2031, growing at a compound annual growth rate of 8.60% during the forecast period (2025-2031).
The global thermal energy storage market is experiencing significant growth driven by increasing focus on renewable energy sources and energy efficiency. Thermal energy storage systems help in storing excess energy generated from renewable sources like solar and wind, allowing for better integration of these intermittent sources into the grid. The market is also benefiting from the growing demand for efficient cooling solutions in various industries and commercial buildings. Technological advancements, such as the development of phase change materials and molten salt systems, are further driving market expansion. Key players in the global thermal energy storage market include companies like Abengoa Solar, BrightSource Energy, and Cryogel Thermal Energy Storage. Government incentives and policies promoting sustainable energy practices are expected to fuel further growth in this market.
The Global Thermal Energy Storage Market is witnessing significant growth due to the increasing focus on renewable energy integration and energy efficiency. Key trends include the rising adoption of concentrated solar power (CSP) systems, which require thermal energy storage to ensure continuous power generation, and the growing demand for sustainable cooling solutions in commercial and industrial applications. Opportunities in the market lie in the development of advanced materials for thermal energy storage, such as phase change materials and molten salt, to enhance efficiency and reduce costs. Additionally, the integration of thermal energy storage with smart grid technologies and the expansion of district heating and cooling systems present avenues for market expansion. Overall, the Global Thermal Energy Storage Market is poised for continued growth driven by the transition towards clean energy solutions and the need for reliable energy storage options.
The Global Thermal Energy Storage Market faces several challenges, including high initial costs of installation and limited awareness and understanding of the technology among potential end-users. Additionally, the lack of standardized regulations and policies related to thermal energy storage systems across different regions hinders market growth. Furthermore, the intermittent nature of renewable energy sources, such as solar and wind power, poses challenges for integrating thermal energy storage systems effectively to store excess energy for later use. Competition from other energy storage technologies, such as battery storage, also presents a challenge in the market. Overall, addressing these challenges will be crucial for the widespread adoption and growth of the Global Thermal Energy Storage Market.
The Global Thermal Energy Storage Market is primarily driven by the increasing demand for energy efficiency and sustainability in various industries such as power generation, district heating & cooling, and solar energy. Rising concerns about climate change and the need to reduce greenhouse gas emissions have led to a growing focus on renewable energy sources, triggering the adoption of thermal energy storage systems. Additionally, government initiatives and regulations promoting the use of renewable energy technologies have further propelled the market growth. The ability of thermal energy storage systems to store excess energy during off-peak hours for later use during peak demand periods also contributes to their popularity, offering cost savings and grid stability. Technological advancements and innovations in thermal energy storage solutions are expected to drive further market expansion in the coming years.
Government policies related to the Global Thermal Energy Storage Market focus on promoting renewable energy sources and reducing carbon emissions. Several countries have implemented incentives such as subsidies, tax credits, and grants to encourage the adoption of thermal energy storage technologies in various sectors including residential, commercial, and industrial. Additionally, regulations mandating energy efficiency standards and targets for reducing greenhouse gas emissions drive the demand for thermal energy storage solutions. Government initiatives also support research and development efforts to enhance the efficiency and cost-effectiveness of thermal energy storage systems. Overall, these policies aim to accelerate the transition towards a more sustainable energy future by leveraging thermal energy storage as a key enabler of renewable energy integration and grid stability.
The Global Thermal Energy Storage Market is expected to witness significant growth in the coming years due to the increasing adoption of renewable energy sources and the need for efficient energy storage solutions. The market is projected to expand as industries and governments worldwide focus on reducing greenhouse gas emissions and promoting sustainable energy practices. Technological advancements in thermal energy storage systems, coupled with government incentives and regulations supporting the use of renewable energy, are driving market growth. Additionally, the rising demand for uninterrupted power supply in various sectors such as residential, commercial, and industrial is also contributing to the market expansion. Overall, the Global Thermal Energy Storage Market is poised for steady growth as the world transitions towards a more sustainable energy future.
In the global thermal energy storage market, Asia is anticipated to witness significant growth due to the increasing demand for energy storage solutions in countries like China and India. North America is expected to experience steady growth driven by government initiatives promoting renewable energy sources. Europe is a key player in the market, with countries like Germany and Spain leading the adoption of thermal energy storage technologies. The Middle East and Africa region is also showing potential for growth, especially in countries investing in solar power projects. Latin America is gradually embracing thermal energy storage solutions, particularly in countries like Chile and Mexico where renewable energy projects are on the rise. Overall, the global thermal energy storage market is poised for substantial growth across these regions driven by the increasing focus on sustainable energy solutions.
Global Thermal Energy Storage Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Thermal Energy Storage Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Thermal Energy Storage Market Revenues & Volume, 2021 & 2031F |
3.3 Global Thermal Energy Storage Market - Industry Life Cycle |
3.4 Global Thermal Energy Storage Market - Porter's Five Forces |
3.5 Global Thermal Energy Storage Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Thermal Energy Storage Market Revenues & Volume Share, By Product, 2021 & 2031F |
3.7 Global Thermal Energy Storage Market Revenues & Volume Share, By Technology, 2021 & 2031F |
3.8 Global Thermal Energy Storage Market Revenues & Volume Share, By Application, 2021 & 2031F |
4 Global Thermal Energy Storage Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Thermal Energy Storage Market Trends |
6 Global Thermal Energy Storage Market, 2021 - 2031 |
6.1 Global Thermal Energy Storage Market, Revenues & Volume, By Product, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Thermal Energy Storage Market, Revenues & Volume, By Sensible Heat Storage, 2021 - 2031 |
6.1.3 Global Thermal Energy Storage Market, Revenues & Volume, By Latent Heat Storage, 2021 - 2031 |
6.1.4 Global Thermal Energy Storage Market, Revenues & Volume, By Thermochemical Heat Storage, 2021 - 2031 |
6.2 Global Thermal Energy Storage Market, Revenues & Volume, By Technology, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Thermal Energy Storage Market, Revenues & Volume, By Molten Salt Technology, 2021 - 2031 |
6.2.3 Global Thermal Energy Storage Market, Revenues & Volume, By Electric Thermal Storage Heaters, 2021 - 2031 |
6.2.4 Global Thermal Energy Storage Market, Revenues & Volume, By Solar Energy Storage, 2021 - 2031 |
6.2.5 Global Thermal Energy Storage Market, Revenues & Volume, By Ice-based Technology, 2021 - 2031 |
6.2.6 Global Thermal Energy Storage Market, Revenues & Volume, By Miscibility Gap Alloy Technology, 2021 - 2031 |
6.3 Global Thermal Energy Storage Market, Revenues & Volume, By Application, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Thermal Energy Storage Market, Revenues & Volume, By Process Heating & Cooling, 2021 - 2031 |
6.3.3 Global Thermal Energy Storage Market, Revenues & Volume, By District Heating & Cooling, 2021 - 2031 |
6.3.4 Global Thermal Energy Storage Market, Revenues & Volume, By Power Generation, 2021 - 2031 |
6.3.5 Global Thermal Energy Storage Market, Revenues & Volume, By Ice storage air-conditioning, 2021 - 2031 |
6.3.6 Global Thermal Energy Storage Market, Revenues & Volume, By Others, 2021 - 2031 |
7 North America Thermal Energy Storage Market, Overview & Analysis |
7.1 North America Thermal Energy Storage Market Revenues & Volume, 2021 - 2031 |
7.2 North America Thermal Energy Storage Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Thermal Energy Storage Market, Revenues & Volume, By Product, 2021 - 2031 |
7.4 North America Thermal Energy Storage Market, Revenues & Volume, By Technology, 2021 - 2031 |
7.5 North America Thermal Energy Storage Market, Revenues & Volume, By Application, 2021 - 2031 |
8 Latin America (LATAM) Thermal Energy Storage Market, Overview & Analysis |
8.1 Latin America (LATAM) Thermal Energy Storage Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Thermal Energy Storage Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Thermal Energy Storage Market, Revenues & Volume, By Product, 2021 - 2031 |
8.4 Latin America (LATAM) Thermal Energy Storage Market, Revenues & Volume, By Technology, 2021 - 2031 |
8.5 Latin America (LATAM) Thermal Energy Storage Market, Revenues & Volume, By Application, 2021 - 2031 |
9 Asia Thermal Energy Storage Market, Overview & Analysis |
9.1 Asia Thermal Energy Storage Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Thermal Energy Storage Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Thermal Energy Storage Market, Revenues & Volume, By Product, 2021 - 2031 |
9.4 Asia Thermal Energy Storage Market, Revenues & Volume, By Technology, 2021 - 2031 |
9.5 Asia Thermal Energy Storage Market, Revenues & Volume, By Application, 2021 - 2031 |
10 Africa Thermal Energy Storage Market, Overview & Analysis |
10.1 Africa Thermal Energy Storage Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Thermal Energy Storage Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Thermal Energy Storage Market, Revenues & Volume, By Product, 2021 - 2031 |
10.4 Africa Thermal Energy Storage Market, Revenues & Volume, By Technology, 2021 - 2031 |
10.5 Africa Thermal Energy Storage Market, Revenues & Volume, By Application, 2021 - 2031 |
11 Europe Thermal Energy Storage Market, Overview & Analysis |
11.1 Europe Thermal Energy Storage Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Thermal Energy Storage Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Thermal Energy Storage Market, Revenues & Volume, By Product, 2021 - 2031 |
11.4 Europe Thermal Energy Storage Market, Revenues & Volume, By Technology, 2021 - 2031 |
11.5 Europe Thermal Energy Storage Market, Revenues & Volume, By Application, 2021 - 2031 |
12 Middle East Thermal Energy Storage Market, Overview & Analysis |
12.1 Middle East Thermal Energy Storage Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Thermal Energy Storage Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Thermal Energy Storage Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Thermal Energy Storage Market, Revenues & Volume, By Product, 2021 - 2031 |
12.4 Middle East Thermal Energy Storage Market, Revenues & Volume, By Technology, 2021 - 2031 |
12.5 Middle East Thermal Energy Storage Market, Revenues & Volume, By Application, 2021 - 2031 |
13 Global Thermal Energy Storage Market Key Performance Indicators |
14 Global Thermal Energy Storage Market - Export/Import By Countries Assessment |
15 Global Thermal Energy Storage Market - Opportunity Assessment |
15.1 Global Thermal Energy Storage Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Thermal Energy Storage Market Opportunity Assessment, By Product, 2021 & 2031F |
15.3 Global Thermal Energy Storage Market Opportunity Assessment, By Technology, 2021 & 2031F |
15.4 Global Thermal Energy Storage Market Opportunity Assessment, By Application, 2021 & 2031F |
16 Global Thermal Energy Storage Market - Competitive Landscape |
16.1 Global Thermal Energy Storage Market Revenue Share, By Companies, 2024 |
16.2 Global Thermal Energy Storage Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |