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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
Market Report I 2024-04-08 I 136 Pages I IMARC Group
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.
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.
Key Questions Answered in This Report
1. How big is the global thermal energy storage market?
2. What is the expected growth rate of the global thermal energy storage market during 2024-2032?
3. What are the key factors driving the global thermal energy storage market?
4. What has been the impact of COVID-19 on the global thermal energy storage market?
5. What is the breakup of the global thermal energy storage market based on the storage type?
6. What is the breakup of the global thermal energy storage market based on the technology?
7. What is the breakup of the global thermal energy storage market based on the material type?
8. What is the breakup of the global thermal energy storage market based on the application?
9. What is the breakup of the global thermal energy storage market based on the end-use?
10. What are the key regions in the global thermal energy storage market?
11. Who are the key players/companies in the global thermal energy storage market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Thermal Energy Storage Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Storage Type
6.1 Sensible Heat Storage
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Latent Heat Storage
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Thermochemical Heat Storage
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Technology
7.1 Molten Salt Technology
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Electric Thermal Storage Heaters
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Solar Energy Storage
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Ice-Based Technology
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Miscibility Gap Alloy Technology (MGA)
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Others
7.6.1 Market Trends
7.6.2 Market Forecast
8 Market Breakup by Material Type
8.1 Water
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Molten Salt
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Phase Change Materials (PCM)
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Application
9.1 Power Generation
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 District Heating and Cooling
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Process Heating and Cooling
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by End-Use
10.1 Residential and Commercial Sector
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Utility Industry
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Other Industries
10.3.1 Market Trends
10.3.2 Market Forecast
11 Market Breakup by Region
11.1 North America
11.1.1 United States
11.1.1.1 Market Trends
11.1.1.2 Market Forecast
11.1.2 Canada
11.1.2.1 Market Trends
11.1.2.2 Market Forecast
11.2 Asia Pacific
11.2.1 China
11.2.1.1 Market Trends
11.2.1.2 Market Forecast
11.2.2 Japan
11.2.2.1 Market Trends
11.2.2.2 Market Forecast
11.2.3 India
11.2.3.1 Market Trends
11.2.3.2 Market Forecast
11.2.4 South Korea
11.2.4.1 Market Trends
11.2.4.2 Market Forecast
11.2.5 Australia
11.2.5.1 Market Trends
11.2.5.2 Market Forecast
11.2.6 Indonesia
11.2.6.1 Market Trends
11.2.6.2 Market Forecast
11.2.7 Others
11.2.7.1 Market Trends
11.2.7.2 Market Forecast
11.3 Europe
11.3.1 Germany
11.3.1.1 Market Trends
11.3.1.2 Market Forecast
11.3.2 France
11.3.2.1 Market Trends
11.3.2.2 Market Forecast
11.3.3 United Kingdom
11.3.3.1 Market Trends
11.3.3.2 Market Forecast
11.3.4 Italy
11.3.4.1 Market Trends
11.3.4.2 Market Forecast
11.3.5 Spain
11.3.5.1 Market Trends
11.3.5.2 Market Forecast
11.3.6 Russia
11.3.6.1 Market Trends
11.3.6.2 Market Forecast
11.3.7 Others
11.3.7.1 Market Trends
11.3.7.2 Market Forecast
11.4 Latin America
11.4.1 Brazil
11.4.1.1 Market Trends
11.4.1.2 Market Forecast
11.4.2 Mexico
11.4.2.1 Market Trends
11.4.2.2 Market Forecast
11.4.3 Others
11.4.3.1 Market Trends
11.4.3.2 Market Forecast
11.5 Middle East and Africa
11.5.1 Market Trends
11.5.2 Market Breakup by Country
11.5.3 Market Forecast
12 SWOT Analysis
12.1 Overview
12.2 Strengths
12.3 Weaknesses
12.4 Opportunities
12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
14.1 Overview
14.2 Bargaining Power of Buyers
14.3 Bargaining Power of Suppliers
14.4 Degree of Competition
14.5 Threat of New Entrants
14.6 Threat of Substitutes
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Abengoa Solar S.A.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.2 Baltimore Aircoil Company Inc.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.3 Brightsource Energy Inc.
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.4 Burns & McDonnell Inc.
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.5 Chicago Bridge & Iron Company (McDermott International)
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.6 DC Pro Engineering.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.7 Fafco Inc.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.8 Solarreserve LLC
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.9 Steffes Corporation
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.10 Terrafore Technologies LLC
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
Figure 1: Global: Thermal Energy Storage Market: Major Drivers and Challenges
Figure 2: Global: Thermal Energy Storage Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Thermal Energy Storage Market: Breakup by Storage Type (in %), 2023
Figure 4: Global: Thermal Energy Storage Market: Breakup by Technology (in %), 2023
Figure 5: Global: Thermal Energy Storage Market: Breakup by Material Type (in %), 2023
Figure 6: Global: Thermal Energy Storage Market: Breakup by Application (in %), 2023
Figure 7: Global: Thermal Energy Storage Market: Breakup by End-Use (in %), 2023
Figure 8: Global: Thermal Energy Storage Market: Breakup by Region (in %), 2023
Figure 9: Global: Thermal Energy Storage Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 10: Global: Thermal Energy Storage (Sensible Heat Storage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Thermal Energy Storage (Sensible Heat Storage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Thermal Energy Storage (Latent Heat Storage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Thermal Energy Storage (Latent Heat Storage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Thermal Energy Storage (Thermochemical Heat Storage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Thermal Energy Storage (Thermochemical Heat Storage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Thermal Energy Storage (Molten Salt Technology) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Thermal Energy Storage (Molten Salt Technology) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Thermal Energy Storage (Electric Thermal Storage Heaters) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Thermal Energy Storage (Electric Thermal Storage Heaters) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Thermal Energy Storage (Solar Energy Storage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Thermal Energy Storage (Solar Energy Storage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Thermal Energy Storage (Ice-Based Technology) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Thermal Energy Storage (Ice-Based Technology) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: Global: Thermal Energy Storage (Miscibility Gap Alloy Technology-MGA) Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: Global: Thermal Energy Storage (Miscibility Gap Alloy Technology-MGA) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Global: Thermal Energy Storage (Other Technologies) Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Global: Thermal Energy Storage (Other Technologies) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: Global: Thermal Energy Storage (Water) Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: Global: Thermal Energy Storage (Water) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: Global: Thermal Energy Storage (Molten Salt) Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: Global: Thermal Energy Storage (Molten Salt) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Global: Thermal Energy Storage (Phase Change Materials- PCM) Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Global: Thermal Energy Storage (Phase Change Materials- PCM) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Global: Thermal Energy Storage (Other Material Types) Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: Global: Thermal Energy Storage (Other Material Types) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: Global: Thermal Energy Storage (Power Generation) Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: Global: Thermal Energy Storage (Power Generation) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: Global: Thermal Energy Storage (District Heating and Cooling) Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: Global: Thermal Energy Storage (District Heating and Cooling) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: Global: Thermal Energy Storage (Process Heating and Cooling) Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: Global: Thermal Energy Storage (Process Heating and Cooling) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: Global: Thermal Energy Storage (Residential and Commercial Sector) Market: Sales Value (in Million US$), 2018 & 2023
Figure 43: Global: Thermal Energy Storage (Residential and Commercial Sector) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 44: Global: Thermal Energy Storage (Utility Industry) Market: Sales Value (in Million US$), 2018 & 2023
Figure 45: Global: Thermal Energy Storage (Utility Industry) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 46: Global: Thermal Energy Storage (Other Industries) Market: Sales Value (in Million US$), 2018 & 2023
Figure 47: Global: Thermal Energy Storage (Other Industries) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 48: North America: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 49: North America: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 50: United States: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 51: United States: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 52: Canada: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 53: Canada: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 54: Asia Pacific: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 55: Asia Pacific: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 56: China: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 57: China: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 58: Japan: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 59: Japan: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 60: India: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 61: India: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 62: South Korea: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 63: South Korea: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 64: Australia: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 65: Australia: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 66: Indonesia: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 67: Indonesia: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 68: Others: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 69: Others: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 70: Europe: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 71: Europe: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: Germany: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 73: Germany: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 74: France: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 75: France: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 76: United Kingdom: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 77: United Kingdom: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 78: Italy: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 79: Italy: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 80: Spain: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 81: Spain: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 82: Russia: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 83: Russia: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 84: Others: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 85: Others: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 86: Latin America: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 87: Latin America: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 88: Brazil: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 89: Brazil: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 90: Mexico: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 91: Mexico: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 92: Others: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 93: Others: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 94: Middle East and Africa: Thermal Energy Storage Market: Sales Value (in Million US$), 2018 & 2023
Figure 95: Middle East and Africa: Thermal Energy Storage Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 96: Global: Thermal Energy Storage Industry: SWOT Analysis
Figure 97: Global: Thermal Energy Storage Industry: Value Chain Analysis
Figure 98: Global: Thermal Energy Storage Industry: Porters Five Forces Analysis
Table 1: Global: Thermal Energy Storage Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Thermal Energy Storage Market Forecast: Breakup by Storage Type (in Million US$), 2024-2032
Table 3: Global: Thermal Energy Storage Market Forecast: Breakup by Technology (in Million US$), 2024-2032
Table 4: Global: Thermal Energy Storage Market Forecast: Breakup by Material Type (in Million US$), 2024-2032
Table 5: Global: Thermal Energy Storage Market Forecast: Breakup by Application (in Million US$), 2024-2032
Table 6: Global: Thermal Energy Storage Market Forecast: Breakup by End-Use (in Million US$), 2024-2032
Table 7: Global: Thermal Energy Storage Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 8: Global: Thermal Energy Storage Market Structure
Table 9: Global: Thermal Energy Storage Market: Key Players
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