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India Thermal Energy Storage Market
ID: MRFR/EnP/53834-HCR
200 Pages
June 2025
India Thermal Energy Storage Market Research Report: By Technology (Molten Salt Storage, Water Thermal Storage, Phase Change Materials, Ice Storage), By Storage Capacity (Less than 100 MWh, 100-500 MWh, 500-1000 MWh, More than 1000 MWh), By Application (District Heating, Industrial Processes, Concentrated Solar Power, Building Heating and Cooling) andBy Material Used (Concrete, Steel, Natural Materials, Composite Materials)- Forecast to 2035
Industry Developments
Recent developments in the India Thermal Energy Storage Market indicate significant growth and investment from major players such as Tata Power and NTPC, which are focusing on innovative solutions to enhance energy efficiency and sustainability. In October 2023, Adani Green Energy announced plans to expand its energy storage capacity to support renewable projects, reflecting the growing demand for reliable thermal energy solutions. Additionally, Reliance Power is exploring new technologies in thermal storage to balance grid demand amidst increasing renewable energy integration. There have been notable mergers and acquisitions in the sector, with Siemens acquiring a stake in a storage technology firm in March 2023, aimed at bolstering their offerings in thermal energy solutions. Godrej and Bharat Heavy Electricals Limited are also ramping up their thermal energy storage initiatives, responding to India's ambitious climate goals and energy transition strategy. The Indian Government continues to push for advancements in energy storage technology, seeing it as a critical component in achieving energy security and sustainability goals by 2030. The market dynamics are increasingly influenced by regulatory frameworks and financial incentives aimed at promoting clean energy technologies and improving energy access across the country.
Report Scope
Report Scope:
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 285.6(USD Million) |
| MARKET SIZE 2024 | 309.0(USD Million) |
| MARKET SIZE 2035 | 840.0(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 9.518% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | Tata Power, Havells, NTPC, Siemens, Godrej, Indian Oil Corporation, Reliance Power, Bharat Heavy Electricals Limited, Gujarat State Electricity Corporation Limited, Schneider Electric, Adani Green Energy, ABB, Thermax, Wartsila, L&T |
| SEGMENTS COVERED | Technology, Storage Capacity, Application, Material Used |
| KEY MARKET OPPORTUNITIES | Growing demand for renewable integration, Increasing urbanization and industrialization, Government support and incentives, Advancements in storage technologies, Rising energy efficiency awareness |
| KEY MARKET DYNAMICS | growing renewable energy integration, government incentives and policies, increasing electricity demand, rising investment in infrastructure, technological advancements and innovation |
| COUNTRIES COVERED | India |
FAQs
What is the expected market size of the India Thermal Energy Storage Market by 2024?
The market is expected to be valued at 309.0 million USD in 2024.
What will be the market size of the India Thermal Energy Storage Market by 2035?
By 2035, the market is anticipated to reach a value of 840.0 million USD.
What is the expected CAGR for the India Thermal Energy Storage Market between 2025 and 2035?
The market is projected to grow at a CAGR of 9.518% from 2025 to 2035.
Which technology segment is expected to dominate the market in 2024?
The Molten Salt Storage segment is expected to dominate with a valuation of 120.0 million USD in 2024.
What is the expected market size for Water Thermal Storage by 2035?
The Water Thermal Storage segment is projected to reach a market size of 210.0 million USD by 2035.
Who are the major players in the India Thermal Energy Storage Market?
Key players include Tata Power, NTPC, Siemens, and Reliance Power among others.
What market size is expected for Ice Storage technology in 2024?
Ice Storage technology is expected to be valued at 39.0 million USD in 2024.
What is the projected growth for Phase Change Materials technology by 2035?
Phase Change Materials technology is expected to grow to 190.0 million USD by 2035.
How is the current global climate impacting the India Thermal Energy Storage Market?
Current global climate concerns are driving demand for energy storage solutions in the market.
What is the market size forecast for Molten Salt Storage from 2024 to 2035?
The Molten Salt Storage market is forecasted to grow from 120.0 million USD in 2024 to 320.0 million USD by 2035.
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