Global Thermal Energy Storage Market Size Study & Forecast, by Product Type (Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage), by Technology (Molten Salt, Ice-based, Chilled Water, PCM, Others), by Storage Material (Water, Molten Salt, Phase Change Material, Others), by Application (Power Generation, Heating & Cooling, Process Heating), by End User (Utilities, Industrial, Commercial & Residential) and Regional Forecasts 2025–2035

August 2025 | 285 pages | ID: G38E7CC6B2DBEN
Bizwit Research & Consulting LLP

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The Global Thermal Energy Storage Market is valued at approximately USD 6.42 billion in 2024 and is poised to expand at a remarkable compound annual growth rate (CAGR) of 9.40% over the forecast period from 2025 to 2035. Thermal Energy Storage (TES) plays a pivotal role in optimizing energy systems by storing surplus thermal energy and redistributing it during periods of peak demand. As governments, utilities, and industries accelerate their shift toward renewable sources and more flexible grid solutions, TES has emerged as a key enabler in decoupling energy generation from consumption. The system enables energy cost reduction, load leveling, improved efficiency, and enhanced sustainability—all critical in the context of transitioning to a net-zero economy. These compelling attributes are intensifying the adoption of TES solutions globally, particularly in power generation and industrial heating applications.

The rising need for reliable energy distribution amid fluctuating renewable supply is amplifying the demand for advanced thermal energy storage technologies. Growing investments in sustainable infrastructure, supported by favorable policy frameworks such as tax credits and renewable portfolio standards, are further propelling market expansion. Technologies like molten salt systems, ice-based storage, and phase change materials are making profound strides, offering versatile applications across commercial, industrial, and utility-scale segments. Moreover, the growing focus on waste heat recovery and decarbonizing industrial operations is driving the development of hybrid TES systems that integrate seamlessly with cogeneration and district heating systems. Such innovations are opening new growth frontiers for stakeholders across the value chain.

Regionally, North America currently dominates the thermal energy storage landscape, underpinned by early technology adoption, stringent carbon emission targets, and a mature grid infrastructure. The United States remains a key contributor owing to its aggressive renewable integration goals and government-backed pilot programs across several states. Meanwhile, the Asia Pacific region is projected to experience the fastest growth, fueled by rapid urbanization, a surging middle-class population, and strong government support for clean energy development in countries like China, India, and Japan. Europe also continues to demonstrate significant momentum, leveraging its advanced energy policies, growing district heating networks, and high renewable energy penetration, especially in nations such as Germany, Denmark, and Sweden.

Major market player included in this report are:
  • BrightSource Energy, Inc.
  • Abengoa Solar S.A.
  • Ice Energy
  • CALMAC Corp.
  • DN Tanks
  • Baltimore Aircoil Company, Inc.
  • SolarReserve, LLC
  • Steffes Corporation
  • Siemens AG
  • Cryogel Thermal Energy Storage
  • Burns & McDonnell
  • EVAPCO, Inc.
  • EnergyNest AS
  • Terrafore Technologies LLC
  • Cristopia Energy Systems
Global Thermal Energy Storage Market Report Scope:
  • Historical Data – 2023, 2024
  • Base Year for Estimation – 2024
  • Forecast period – 2025–2035
  • Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
  • Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope – Free report customization (equivalent up to 8 analysts’ working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segments of the market are explained below:

By Product Type:
  • Sensible Heat Storage
  • Latent Heat Storage
  • Thermochemical Heat Storage
By Technology:
  • Molten Salt
  • Ice-based
  • Chilled Water
  • Phase Change Material (PCM)
  • Others
By Storage Material:
  • Water
  • Molten Salt
  • Phase Change Material
  • Others
By Application:
  • Power Generation
  • Heating & Cooling
  • Process Heating
By End User:
  • Utilities
  • Industrial
  • Commercial & Residential
By Region:

North America
  • U.S.
  • Canada
Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe
Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of Asia Pacific
Latin America
  • Brazil
  • Mexico
Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of Middle East & Africa
Key Takeaways:
  • Market Estimates & Forecast for 10 years from 2025 to 2035.
  • Annualized revenues and regional level analysis for each market segment.
  • Detailed analysis of geographical landscape with Country level analysis of major regions.
  • Competitive landscape with information on major players in the market.
  • Analysis of key business strategies and recommendations on future market approach.
  • Analysis of competitive structure of the market.
  • Demand side and supply side analysis of the market.
CHAPTER 1. GLOBAL THERMAL ENERGY STORAGE MARKET REPORT SCOPE & METHODOLOGY

1.1. Research Objective
1.2. Research Methodology
  1.2.1. Forecast Model
  1.2.2. Desk Research
  1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
  1.4.1. Market Definition
  1.4.2. Market Segmentation
1.5. Research Assumption
  1.5.1. Inclusion & Exclusion
  1.5.2. Limitations
  1.5.3. Years Considered for the Study

CHAPTER 2. EXECUTIVE SUMMARY

2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. Key Findings

CHAPTER 3. GLOBAL THERMAL ENERGY STORAGE MARKET FORCES ANALYSIS (2024–2035)

3.1. Market Forces Shaping the Global Thermal Energy Storage Market
3.2. Drivers
  3.2.1. Increasing demand for grid flexibility and energy efficiency
  3.2.2. Growing investment in renewable energy and sustainable infrastructure
3.3. Restraints
  3.3.1. High upfront capital investment and long payback periods
  3.3.2. Technical limitations in integrating TES with legacy systems
3.4. Opportunities
  3.4.1. Advancements in phase change materials and hybrid technologies
  3.4.2. Expanding applications across industrial process heating and district energy

CHAPTER 4. GLOBAL THERMAL ENERGY STORAGE INDUSTRY ANALYSIS

4.1. Porter’s 5 Forces Model
  4.1.1. Bargaining Power of Buyers
  4.1.2. Bargaining Power of Suppliers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
4.2. Porter’s 5 Forces Forecast Model (2024–2035)
4.3. PESTEL Analysis
  4.3.1. Political
  4.3.2. Economic
  4.3.3. Social
  4.3.4. Technological
  4.3.5. Environmental
  4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024–2025)
4.7. Global Pricing Analysis and Trends (2025)
4.8. Analyst Recommendation & Conclusion

CHAPTER 5. GLOBAL THERMAL ENERGY STORAGE MARKET SIZE & FORECASTS BY PRODUCT TYPE (2025–2035)

5.1. Market Overview
5.2. Global Thermal Energy Storage Market Performance - Potential Analysis (2025)
5.3. Sensible Heat Storage
  5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
  5.3.2. Market Size Analysis, by Region, 2025–2035
5.4. Latent Heat Storage
  5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
  5.4.2. Market Size Analysis, by Region, 2025–2035
5.5. Thermochemical Heat Storage
  5.5.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
  5.5.2. Market Size Analysis, by Region, 2025–2035

CHAPTER 6. GLOBAL THERMAL ENERGY STORAGE MARKET SIZE & FORECASTS BY TECHNOLOGY (2025–2035)

6.1. Market Overview
6.2. Molten Salt
6.3. Ice-based
6.4. Chilled Water
6.5. Phase Change Material (PCM)
6.6. Others

CHAPTER 7. GLOBAL THERMAL ENERGY STORAGE MARKET SIZE & FORECASTS BY STORAGE MATERIAL (2025–2035)

7.1. Water
7.2. Molten Salt
7.3. Phase Change Material
7.4. Others

CHAPTER 8. GLOBAL THERMAL ENERGY STORAGE MARKET SIZE & FORECASTS BY APPLICATION (2025–2035)

8.1. Power Generation
8.2. Heating & Cooling
8.3. Process Heating

CHAPTER 9. GLOBAL THERMAL ENERGY STORAGE MARKET SIZE & FORECASTS BY END USER (2025–2035)

9.1. Utilities
9.2. Industrial
9.3. Commercial & Residential

CHAPTER 10. GLOBAL THERMAL ENERGY STORAGE MARKET SIZE & FORECASTS BY REGION (2025–2035)

10.1. Global Market Regional Snapshot
10.2. Top Leading & Emerging Countries
10.3. North America Thermal Energy Storage Market
  10.3.1. U.S.
    10.3.1.1. Product Type Breakdown Size & Forecasts, 2025–2035
    10.3.1.2. Application Breakdown Size & Forecasts, 2025–2035
  10.3.2. Canada
    10.3.2.1. Product Type Breakdown Size & Forecasts, 2025–2035
    10.3.2.2. Application Breakdown Size & Forecasts, 2025–2035
10.4. Europe Thermal Energy Storage Market
  10.4.1. UK
  10.4.2. Germany
  10.4.3. France
  10.4.4. Spain
  10.4.5. Italy
  10.4.6. Rest of Europe
10.5. Asia Pacific Thermal Energy Storage Market
  10.5.1. China
  10.5.2. India
  10.5.3. Japan
  10.5.4. Australia
  10.5.5. South Korea
  10.5.6. Rest of Asia Pacific
10.6. Latin America Thermal Energy Storage Market
  10.6.1. Brazil
  10.6.2. Mexico
10.7. Middle East & Africa Thermal Energy Storage Market
  10.7.1. UAE
  10.7.2. Saudi Arabia
  10.7.3. South Africa
  10.7.4. Rest of Middle East & Africa

CHAPTER 11. COMPETITIVE INTELLIGENCE

11.1. Top Market Strategies
11.2. BrightSource Energy, Inc.
  11.2.1. Company Overview
  11.2.2. Key Executives
  11.2.3. Company Snapshot
  11.2.4. Financial Performance (Subject to Data Availability)
  11.2.5. Product/Services Portfolio
  11.2.6. Recent Development
  11.2.7. Market Strategies
  11.2.8. SWOT Analysis
11.3. Siemens AG
11.4. Abengoa Solar S.A.
11.5. Steffes Corporation
11.6. CALMAC Corp.
11.7. DN Tanks
11.8. SolarReserve, LLC
11.9. Baltimore Aircoil Company, Inc.
11.10. Cryogel Thermal Energy Storage
11.11. Ice Energy
11.12. EVAPCO, Inc.
11.13. EnergyNest AS
11.14. Terrafore Technologies LLC
11.15. Cristopia Energy Systems

LIST OF TABLES

Table 1. Global Thermal Energy Storage Market, Report Scope
Table 2. Global Thermal Energy Storage Market Estimates & Forecasts by Region, 2024–2035
Table 3. Global Thermal Energy Storage Market Estimates & Forecasts by Product Type, 2024–2035
Table 4. Global Thermal Energy Storage Market Estimates & Forecasts by Technology, 2024–2035
Table 5. Global Thermal Energy Storage Market Estimates & Forecasts by Storage Material, 2024–2035
Table 6. Global Thermal Energy Storage Market Estimates & Forecasts by Application, 2024–2035
Table 7. Global Thermal Energy Storage Market Estimates & Forecasts by End User, 2024–2035
Table 8. U.S. Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 9. Canada Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 10. UK Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 11. Germany Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 12. France Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 13. Spain Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 14. Italy Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 15. Rest of Europe Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 16. China Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 17. India Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 18. Japan Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 19. Australia Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 20. South Korea Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 21. Brazil Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 22. Mexico Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 23. UAE Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 24. Saudi Arabia Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 25. South Africa Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
Table 26. Rest of Middle East & Africa Thermal Energy Storage Market Estimates & Forecasts, 2024–2035
LIST OF FIGURES

Figure 1. Global Thermal Energy Storage Market, Research Methodology
Figure 2. Global Thermal Energy Storage Market, Market Estimation Techniques
Figure 3. Global Market Size Estimates & Forecast Methods
Figure 4. Global Thermal Energy Storage Market, Key Trends 2025
Figure 5. Global Thermal Energy Storage Market, Growth Prospects 2024–2035
Figure 6. Global Thermal Energy Storage Market, Porter’s Five Forces Model
Figure 7. Global Thermal Energy Storage Market, PESTEL Analysis
Figure 8. Global Thermal Energy Storage Market, Value Chain Analysis
Figure 9. Thermal Energy Storage Market by Product Type, 2025 & 2035
Figure 10. Thermal Energy Storage Market by Technology, 2025 & 2035
Figure 11. Thermal Energy Storage Market by Storage Material, 2025 & 2035
Figure 12. Thermal Energy Storage Market by Application, 2025 & 2035
Figure 13. Thermal Energy Storage Market by End User, 2025 & 2035
Figure 14. North America Thermal Energy Storage Market, 2025 & 2035
Figure 15. Europe Thermal Energy Storage Market, 2025 & 2035
Figure 16. Asia Pacific Thermal Energy Storage Market, 2025 & 2035
Figure 17. Latin America Thermal Energy Storage Market, 2025 & 2035
Figure 18. Middle East & Africa Thermal Energy Storage Market, 2025 & 2035
Figure 19. Global Thermal Energy Storage Market, Company Market Share Analysis (2025)


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