Thermal Energy Storage Market Share, Size, Growth Analysis, Key Players, and Forecast 2025-2033

According to the latest report by IMARC Group, titled “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 2025-2033”, offers a comprehensive analysis of the industry, which comprises insights on the global thermal energy storage market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global thermal energy storage market size reached USD 7.5 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 15.5 Billion by 2033, exhibiting a growth rate (CAGR) of 8.4% during 2025-2033.

Request Free Sample Report: https://www.imarcgroup.com/thermal-energy-storage-market/requestsample

Global Thermal Energy Storage Market Dynamics:

Integration with Renewable Energy Sources:

The global thermal energy storage (TES) market is significantly driven by the growing adoption of intermittent renewable energy sources like solar and wind energy. With the world moving toward a cleaner energy future, the variability of these sources poses a significant threat to grid stability and power supply reliability. TES systems store excess thermal energy during periods of high renewable output and release it during peak demand or low generation periods. This increases renewable energy dispatchability, reduces curtailment, and ensures consistent and stable electricity supply. The aggressive renewable energy goals set by governments across the globe together with rising investments in solar and wind farms are directly driving the need for advanced and effective TES solutions. This trend underscores the role of TES as a critical technology to enable carbon neutrality and improve energy security.

Growing Demand for Energy Efficiency and Peak Shifting:

The thermal energy storage (TES) market is driven by the need to improve energy efficiency in different sectors as well as to manage peak load more effectively. There is an increasing need from industries, commercial buildings, and even households to optimize energy consumption, reduce operating costs, and minimize their carbon footprint. Users can store thermal energy with TES systems during off-peak hours when electricity is cheaper or abundant from renewables, and utilize it during peak demand periods. This strategic peak shifting provides significant cost savings on electricity expenses, decreases strain on the grid, and improves the resilience of the energy system. TES serve as the backbone for efficient thermal energy circulation, and thus the growing adoption of district heating and cooling networks TES due to urbanization and sustainability drives infrastructure further amplifies demand.

Advancements in Storage Materials and Technologies:

The continual development of the thermal energy storage (TES) materials and technologies is a market change that enhances the performance, cost, and applicability of TES. In the case of phase change materials (PCMs) and molten salts, research is being channeled towards improving the energy density, thermal conductivity, and cyclability of storage mediums. These improvements make TES systems more efficient, compact, and durable, allowing for operation over a wider temperature range and longer periods. In addition, the quest for novel thermochemical heat storage which has the potential for even higher energy densities is promising for long duration energy storage. These types of technological advancements are making TES more appealing and practical for various purposes, including but not limited to, large utility scale projects, as well as smaller commercial and industrial uses, thereby increasing its market penetration.

By the IMARC Group, Some of the Top Competitive Landscape Operating in the Global Thermal Energy Storage Market are Given Below:

• 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

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/thermal-energy-storage-market

Global Thermal Energy Storage Market Trends:

The global market for thermal energy storage is undergoing a number of changes which are likely to alter its picture. One of these changes is the greater digitalization and application of smart TES systems. IoT sensors, AI analytics, and smart control systems make real-time oversight, predictive upkeep, and energy optimization possible. This makes TES systems more efficient and reliable since they can better respond to changing energy reques ts and supplies.

Another important change is the greater focus on hybrid energy storage, where TES is integrated with other storage technologies, such as batteries, to form one comprehensive energy management system. This approach is more flexible and resilient to grid disruptions. In addition, there is a clear movement towards TES systems being modular and scalable, which expands their use to smaller residential units as well as large industrial or utility-scale projects. Streamlined market and more widespread adoption is the result of standardized solutions and improved installation practices.

Key Market Segmentation:

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, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

In 2024, North America accounted for the largest market share of over 32.0%. 

Key highlights of the Report:

• Market Performance
• Market Outlook**** 
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US:

IMARC Group 134 N 4th St. Brooklyn, NY 11249, USA Email: sales@imarcgroup.com Tel No:(D) +91 120 433 0800 United States: +1-631-791-1145