Thermal Energy Storage Market is predicted to reach USD 67.22 billion at a CAGR of 12.50% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Global Thermal Energy Storage Market” that contains information from 2018 to 2030. The Thermal Energy Storage market is estimated to register a CAGR of 12.50% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Thermal Energy Storage market— Caledonian MacBrayne (UK), Ice Energy (US), Steffes Corporation (US), Burns & McDonnell (US), DN Tanks (US), FAFCO, Inc (US), Abengoa Solar (Spain), Brightsource Energy, Inc. (US), Baltimore Aircoil Company (US), Solarreserve, LLC (US), Calmac (UK), and Cristopia Energy Systems (India).

Market Highlights

The global Thermal Energy Storage market is accounted to register a CAGR of 12.50% during the forecast period and is estimated to reach USD 67.22 billion by 2030.

The thermal energy storage market pertains to systems that store thermal energy, often in the form of heat or cold, for later use. These technologies play a crucial role in optimizing energy consumption, enhancing renewable energy integration, and improving overall energy efficiency in various sectors including buildings, industry, and power generation.

Segment Analysis

The global Thermal Energy Storage market has been segmented based on Technology, Storage Material and End User.

On the basis of Technology, the market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. In 2021, the Thermal Energy Storage Market's revenue was dominated by the sensible heat storage segment. Due to their widespread use in large-scale HVAC systems and growing demand for solar thermal energy storage

Based on Storage Material, the global Thermal Energy Storage market has been segmented into water, molten salt, phase change material, and others. The sector for molten salt, which dominated the market in 2021, is anticipated to increase at a higher rate from 2022 to 2030.

Based on End User, the global Thermal Energy Storage market has been segmented into commercial & industrial, utilities, and residential. Commercial and industrial products dominated the market in 2021, and this sector is anticipated to grow at the fastest rate from 2022 to 2030.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Thermal Energy Storage Market Research Report

Regional Analysis

The global Thermal Energy Storage market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Thermal Energy Storage market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Thermal Energy Storage market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Thermal Energy Storage market comprises of Middle East, Africa, and Latin America.

The Europe Thermal Energy Storage Market dominated this market in 2022. During the study period, it is anticipated to increase at a substantial CAGR, reaching USD 11.58 billion in 2021. Numerous thermal energy storage systems are prevalent in the area and are used for power production, district heating and cooling, water heating, and space and water heating. Additionally, the UK thermal energy storage market had the quickest rate of growth in the European region, while the Germany thermal energy storage market had the largest market share.

Due to a decrease in the need for more complicated generation equipment during peak demand, North America holds the second-largest market share for thermal energy storage. Additionally, the North American thermal energy storage market in the US had the biggest market share, while the market in Canada had the quickest rate of expansion.

Moreover, From 2022 to 2030, the thermal energy storage market in Asia-Pacific is anticipated to expand at the quickest CAGR. This is because the major forces driving regional progress are the quickening development of renewable energy sources and increased investments in environmentally friendly cooling equipment. In addition, the India thermal energy storage market had the quickest rate of growth in the Asia-Pacific region, while China's thermal energy storage market had the greatest market share.

Key Findings of the Study

• The global Thermal Energy Storage market is expected to reach USD 67.22 billion by 2030, at a CAGR of 12.50% during the forecast period.


• The Europe Thermal Energy Storage Market dominated this market in 2022. During the study period, it is anticipated to increase at a substantial CAGR, reaching USD 11.58 billion in 2021. Based on Technology, In 2021, the Thermal Energy Storage Market's revenue was dominated by the sensible heat storage segment.


• Caledonian MacBrayne (UK), Ice Energy (US), Steffes Corporation (US), Burns & McDonnell (US), DN Tanks (US), FAFCO, Inc (US), Abengoa Solar (Spain), Brightsource Energy, Inc. (US), Baltimore Aircoil Company (US), Solarreserve, LLC (US), Calmac (UK), and Cristopia Energy Systems (India).