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Thermal Energy Storage Market Is Set To Reach 47.5 Billion By 2033, Growing At A CAGR Of 6.7
Thermal Energy Storage Market by Storage Material (Water, Molten Salt, PCM, Other), by Technology (Sensible Heat, Latent Heat, Thermochemical), by Application (Power Generation, District Heating & Cooling, Process Heating & Cooling), by End User (Residential & Commercial, Utilities, Industrial), by North America (U.S., Canada), by Europe (Germany, UK, Spain, Italy, Sweden, Greece), by Asia Pacific (China, India, Australia), by Middle East & Africa (UAE, South Africa, Morocco, Israe), by Latin America (Chile) Forecast 2025-2033
Thermal Energy Storage Market Is Set To Reach 47.5 Billion By 2033, Growing At A CAGR Of 6.7
Key Insights
The size of the Thermal Energy Storage Market was valued at USD 47.5 Billion in 2023 and is projected to reach USD 74.79 Billion by 2032, with an expected CAGR of 6.7% during the forecast period. Thermal Energy Storage (TES) refers to the technology used to store excess thermal energy for later use, allowing for the efficient management of heat in various applications, such as heating, cooling, or power generation. The primary goal of TES is to bridge the gap between energy supply and demand, optimizing energy consumption and ensuring a consistent, reliable energy supply. TES systems store heat or cold in a medium during periods of low demand and release it when demand is high, improving efficiency and reducing operational costs. This growth is attributed to the increasing need for reliable and cost-effective energy storage solutions, the growing adoption of renewable energy sources, and favorable government initiatives. Thermal energy storage systems offer benefits such as increased grid resilience, reduced reliance on fossil fuels, and improved energy efficiency. Major players in the market include Abengoa S.A., Baltimore Aircoil Company, Burns & McDonnell, and Caldwell Energy Company.
Thermal Energy Storage Market Concentration & Characteristics
The Thermal Energy Storage Market is characterized by a high degree of concentration in terms of market share. Key players account for a significant portion of the market, with Abengoa S.A. holding a leading position. Product innovation is a key characteristic of the market, with companies investing in developing new and more efficient technologies. Regulations play a vital role in shaping the market, as governments implement policies to promote the adoption of thermal energy storage systems. The market is also characterized by a high level of end-user concentration, with utilities accounting for a major share of demand. Mergers and acquisitions have been a significant trend in the market, as companies seek to expand their product portfolios and geographic reach.
Thermal Energy Storage Market Trends
Rising Demand for Renewable Energy Integration: The growing penetration of renewable energy sources, such as solar and wind power, has created a need for efficient energy storage solutions to balance intermittent generation. Thermal energy storage systems offer a cost-effective and reliable way to store excess renewable energy for later use.
Government Initiatives & Incentives: Governments worldwide are implementing favorable policies and incentives to promote the adoption of thermal energy storage technologies. These initiatives include grants, tax credits, and feed-in tariffs designed to reduce the cost of investment and accelerate market growth.
Technological Advancements: Ongoing advancements in thermal energy storage materials and technologies are improving the efficiency, cost-effectiveness, and durability of these systems. New materials, such as phase-change materials (PCMs), are being developed to enhance the storage capacity and reduce heat loss.
Key Region or Country & Segment to Dominate the Market
Dominant Region: The Asia Pacific region is expected to dominate the Thermal Energy Storage Market due to its rapid economic growth, increasing energy demand, and supportive government policies. China and India are particularly strong markets for thermal energy storage systems.
Dominant Segment: The power generation segment is anticipated to account for the largest share of the market, driven by the growing need for grid flexibility and the integration of intermittent renewable energy sources. Thermal energy storage systems allow power plants to store excess energy during periods of low demand and release it during peak hours.
Thermal Energy Storage Market Product Insights Report Coverage & Deliverables
Report Type: Comprehensive market research report providing in-depth analysis of market size, growth trajectory, key trends, and precise forecasts.
Scope: Covers all significant segments of the Thermal Energy Storage Market, encompassing storage material, technology, application, and end user.
Coverage: Offers an extensive review of market dynamics, including drivers, challenges, and emerging opportunities.
Deliverables: Comprehensive report presenting market data, expert analysis, and valuable insights to inform strategic decision-making.
Thermal Energy Storage Market Analysis
Market Size & Growth: The Thermal Energy Storage Market is expected to reach a value of USD 47.5 billion by 2027, expanding at a CAGR of 6.7%.
Market Share: Abengoa S.A. holds a leading position in the market, with a significant market share.
Growth Drivers: The increasing need for reliable and cost-effective energy storage solutions, the growing adoption of renewable energy sources, and favorable government initiatives are key factors driving market growth.
Thermal Energy Storage Market Regional Insights
North America: The U.S. continues to dominate the North American Thermal Energy Storage Market, driven by ambitious grid modernization initiatives and the adoption of renewable energy sources. Canada exhibits significant growth potential due to government incentives and a focus on energy efficiency.
Europe: Germany and the UK remain key markets in Europe, with supportive government policies and a strong focus on grid flexibility. Other countries, such as France and Spain, are also witnessing steady growth.
Asia Pacific: China and India are projected to be the fastest-growing regions in the Thermal Energy Storage Market. China's rapid industrialization and commitment to clean energy drive growth, while India's growing energy demand and government initiatives create opportunities.
Driving Forces: What's Propelling the Thermal Energy Storage Market
- Growing demand for renewable energy integration
- Favorable government initiatives and incentives
- Technological advancements in storage materials and technologies
- Increasing need for grid resilience and energy efficiency
Challenges and Restraints in Thermal Energy Storage Market
- High upfront capital costs associated with thermal energy storage systems
- Space limitations in densely populated urban areas
- Technology constraints in certain applications, where specific requirements may not be met
- Limited awareness and understanding among end users, hindering widespread adoption
- Lack of standardized regulations and policies across different regions
Emerging Trends in Thermal Energy Storage Market
- Development of new and improved storage materials, such as PCMs
- Integration of thermal energy storage with other energy technologies, such as heat pumps
- Increasing use of thermal energy storage in district heating and cooling systems
- Growing adoption of thermal energy storage for industrial applications
Thermal Energy Storage Industry News
Abengoa Receives Renewable Energy Award (October 2022) Abengoa was recognized for its role in the Noor 1 project, a 600 MW solar park in Dubai that utilizes thermal energy storage to ensure reliable power supply.
Steffes Expands Manufacturing Operations (August 2021) Steffes invested USD 20.9 million in a new facility in North Carolina, enhancing its metal fabrication capabilities for thermal energy storage systems.
Leading Players in the Thermal Energy Storage Market
- Abengoa S.A.
- Baltimore Aircoil Company
- Burns & McDonnell
- Caldwell Energy Company
- CALMAC
- Deepchill Solutions Inc.
- DN Tanks
- Dunham-Bush Limited
- EVAPCO, Inc.
- FAFCO, Inc.
- Goss Engineering, Inc.
- McDermott
- New BrightSource, Ltd.
- Siemens Gamesa Renewable Energy, S.A.
- Steffes, LLC
Thermal Energy Storage Market Segmentation
- 1. Storage Material
- 1.1. Water
- 1.2. Molten Salt
- 1.3. PCM
- 1.4. Other
- 2. Technology
- 2.1. Sensible Heat
- 2.2. Latent Heat
- 2.3. Thermochemical
- 3. Application
- 3.1. Power Generation
- 3.2. District Heating & Cooling
- 3.3. Process Heating & Cooling
- 4. End User
- 4.1. Residential & Commercial
- 4.2. Utilities
- 4.3. Industrial
Thermal Energy Storage Market Segmentation By Geography
- 1. North America
- 1.1. U.S.
- 1.2. Canada
- 2. Europe
- 2.1. Germany
- 2.2. UK
- 2.3. Spain
- 2.4. Italy
- 2.5. Sweden
- 2.6. Greece
- 3. Asia Pacific
- 3.1. China
- 3.2. India
- 3.3. Australia
- 4. Middle East & Africa
- 4.1. UAE
- 4.2. South Africa
- 4.3. Morocco
- 4.4. Israe
- 5. Latin America
- 5.1. Chile
Thermal Energy Storage Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2019-2033 |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2025-2033 |
| Historical Period | 2019-2024 |
| Growth Rate | CAGR of 6.7% from 2019-2033 |
| Segmentation |
|
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1 Rising deployment of Concentrated Solar Power Plants
- 3.2.2 Growing demand for TES technologies for comfort cooling
- 3.2.3 Favorable government incentives to promote the adoption of thermal energy storage
- 3.3. Market Restrains
- 3.3.1. High costs associated with TES systems
- 3.4. Market Trends
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. Global Thermal Energy Storage Market Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Storage Material
- 5.1.1. Water
- 5.1.2. Molten Salt
- 5.1.3. PCM
- 5.1.4. Other
- 5.2. Market Analysis, Insights and Forecast - by Technology
- 5.2.1. Sensible Heat
- 5.2.2. Latent Heat
- 5.2.3. Thermochemical
- 5.3. Market Analysis, Insights and Forecast - by Application
- 5.3.1. Power Generation
- 5.3.2. District Heating & Cooling
- 5.3.3. Process Heating & Cooling
- 5.4. Market Analysis, Insights and Forecast - by End User
- 5.4.1. Residential & Commercial
- 5.4.2. Utilities
- 5.4.3. Industrial
- 5.5. Market Analysis, Insights and Forecast - by Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Middle East & Africa
- 5.5.5. Latin America
- 5.1. Market Analysis, Insights and Forecast - by Storage Material
- 6. North America Thermal Energy Storage Market Analysis, Insights and Forecast, 2019-2031
- 6.1. Market Analysis, Insights and Forecast - by Storage Material
- 6.1.1. Water
- 6.1.2. Molten Salt
- 6.1.3. PCM
- 6.1.4. Other
- 6.2. Market Analysis, Insights and Forecast - by Technology
- 6.2.1. Sensible Heat
- 6.2.2. Latent Heat
- 6.2.3. Thermochemical
- 6.3. Market Analysis, Insights and Forecast - by Application
- 6.3.1. Power Generation
- 6.3.2. District Heating & Cooling
- 6.3.3. Process Heating & Cooling
- 6.4. Market Analysis, Insights and Forecast - by End User
- 6.4.1. Residential & Commercial
- 6.4.2. Utilities
- 6.4.3. Industrial
- 6.1. Market Analysis, Insights and Forecast - by Storage Material
- 7. Europe Thermal Energy Storage Market Analysis, Insights and Forecast, 2019-2031
- 7.1. Market Analysis, Insights and Forecast - by Storage Material
- 7.1.1. Water
- 7.1.2. Molten Salt
- 7.1.3. PCM
- 7.1.4. Other
- 7.2. Market Analysis, Insights and Forecast - by Technology
- 7.2.1. Sensible Heat
- 7.2.2. Latent Heat
- 7.2.3. Thermochemical
- 7.3. Market Analysis, Insights and Forecast - by Application
- 7.3.1. Power Generation
- 7.3.2. District Heating & Cooling
- 7.3.3. Process Heating & Cooling
- 7.4. Market Analysis, Insights and Forecast - by End User
- 7.4.1. Residential & Commercial
- 7.4.2. Utilities
- 7.4.3. Industrial
- 7.1. Market Analysis, Insights and Forecast - by Storage Material
- 8. Asia Pacific Thermal Energy Storage Market Analysis, Insights and Forecast, 2019-2031
- 8.1. Market Analysis, Insights and Forecast - by Storage Material
- 8.1.1. Water
- 8.1.2. Molten Salt
- 8.1.3. PCM
- 8.1.4. Other
- 8.2. Market Analysis, Insights and Forecast - by Technology
- 8.2.1. Sensible Heat
- 8.2.2. Latent Heat
- 8.2.3. Thermochemical
- 8.3. Market Analysis, Insights and Forecast - by Application
- 8.3.1. Power Generation
- 8.3.2. District Heating & Cooling
- 8.3.3. Process Heating & Cooling
- 8.4. Market Analysis, Insights and Forecast - by End User
- 8.4.1. Residential & Commercial
- 8.4.2. Utilities
- 8.4.3. Industrial
- 8.1. Market Analysis, Insights and Forecast - by Storage Material
- 9. Middle East & Africa Thermal Energy Storage Market Analysis, Insights and Forecast, 2019-2031
- 9.1. Market Analysis, Insights and Forecast - by Storage Material
- 9.1.1. Water
- 9.1.2. Molten Salt
- 9.1.3. PCM
- 9.1.4. Other
- 9.2. Market Analysis, Insights and Forecast - by Technology
- 9.2.1. Sensible Heat
- 9.2.2. Latent Heat
- 9.2.3. Thermochemical
- 9.3. Market Analysis, Insights and Forecast - by Application
- 9.3.1. Power Generation
- 9.3.2. District Heating & Cooling
- 9.3.3. Process Heating & Cooling
- 9.4. Market Analysis, Insights and Forecast - by End User
- 9.4.1. Residential & Commercial
- 9.4.2. Utilities
- 9.4.3. Industrial
- 9.1. Market Analysis, Insights and Forecast - by Storage Material
- 10. Latin America Thermal Energy Storage Market Analysis, Insights and Forecast, 2019-2031
- 10.1. Market Analysis, Insights and Forecast - by Storage Material
- 10.1.1. Water
- 10.1.2. Molten Salt
- 10.1.3. PCM
- 10.1.4. Other
- 10.2. Market Analysis, Insights and Forecast - by Technology
- 10.2.1. Sensible Heat
- 10.2.2. Latent Heat
- 10.2.3. Thermochemical
- 10.3. Market Analysis, Insights and Forecast - by Application
- 10.3.1. Power Generation
- 10.3.2. District Heating & Cooling
- 10.3.3. Process Heating & Cooling
- 10.4. Market Analysis, Insights and Forecast - by End User
- 10.4.1. Residential & Commercial
- 10.4.2. Utilities
- 10.4.3. Industrial
- 10.1. Market Analysis, Insights and Forecast - by Storage Material
- 11. Competitive Analysis
- 11.1. Global Market Share Analysis 2024
- 11.2. Company Profiles
- 11.2.1 Abengoa S.A.
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Financials (Based on Availability)
- 11.2.2 Baltimore Aircoil Company
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Financials (Based on Availability)
- 11.2.3 Burns & McDonnell
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Financials (Based on Availability)
- 11.2.4 Caldwell Energy Company
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Financials (Based on Availability)
- 11.2.5 CALMAC
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Financials (Based on Availability)
- 11.2.6 Deepchill Solutions Inc.
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Financials (Based on Availability)
- 11.2.7 DN Tanks
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Financials (Based on Availability)
- 11.2.8 Dunham-Bush Limited
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Financials (Based on Availability)
- 11.2.9 EVAPCO Inc.
- 11.2.9.1. Overview
- 11.2.9.2. Products
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Financials (Based on Availability)
- 11.2.10 FAFCO Inc.
- 11.2.10.1. Overview
- 11.2.10.2. Products
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Financials (Based on Availability)
- 11.2.11 Goss Engineering Inc.
- 11.2.11.1. Overview
- 11.2.11.2. Products
- 11.2.11.3. SWOT Analysis
- 11.2.11.4. Recent Developments
- 11.2.11.5. Financials (Based on Availability)
- 11.2.12 McDermott
- 11.2.12.1. Overview
- 11.2.12.2. Products
- 11.2.12.3. SWOT Analysis
- 11.2.12.4. Recent Developments
- 11.2.12.5. Financials (Based on Availability)
- 11.2.13 New BrightSource Ltd.
- 11.2.13.1. Overview
- 11.2.13.2. Products
- 11.2.13.3. SWOT Analysis
- 11.2.13.4. Recent Developments
- 11.2.13.5. Financials (Based on Availability)
- 11.2.14 Siemens Gamesa Renewable Energy S.A.
- 11.2.14.1. Overview
- 11.2.14.2. Products
- 11.2.14.3. SWOT Analysis
- 11.2.14.4. Recent Developments
- 11.2.14.5. Financials (Based on Availability)
- 11.2.15 Steffes LLC
- 11.2.15.1. Overview
- 11.2.15.2. Products
- 11.2.15.3. SWOT Analysis
- 11.2.15.4. Recent Developments
- 11.2.15.5. Financials (Based on Availability)
- 11.2.1 Abengoa S.A.
- Figure 1: Global Thermal Energy Storage Market Revenue Breakdown (Billion, %) by Region 2024 & 2032
- Figure 2: Global Thermal Energy Storage Market Volume Breakdown (K Units, %) by Region 2024 & 2032
- Figure 3: North America Thermal Energy Storage Market Revenue (Billion), by Storage Material 2024 & 2032
- Figure 4: North America Thermal Energy Storage Market Volume (K Units), by Storage Material 2024 & 2032
- Figure 5: North America Thermal Energy Storage Market Revenue Share (%), by Storage Material 2024 & 2032
- Figure 6: North America Thermal Energy Storage Market Volume Share (%), by Storage Material 2024 & 2032
- Figure 7: North America Thermal Energy Storage Market Revenue (Billion), by Technology 2024 & 2032
- Figure 8: North America Thermal Energy Storage Market Volume (K Units), by Technology 2024 & 2032
- Figure 9: North America Thermal Energy Storage Market Revenue Share (%), by Technology 2024 & 2032
- Figure 10: North America Thermal Energy Storage Market Volume Share (%), by Technology 2024 & 2032
- Figure 11: North America Thermal Energy Storage Market Revenue (Billion), by Application 2024 & 2032
- Figure 12: North America Thermal Energy Storage Market Volume (K Units), by Application 2024 & 2032
- Figure 13: North America Thermal Energy Storage Market Revenue Share (%), by Application 2024 & 2032
- Figure 14: North America Thermal Energy Storage Market Volume Share (%), by Application 2024 & 2032
- Figure 15: North America Thermal Energy Storage Market Revenue (Billion), by End User 2024 & 2032
- Figure 16: North America Thermal Energy Storage Market Volume (K Units), by End User 2024 & 2032
- Figure 17: North America Thermal Energy Storage Market Revenue Share (%), by End User 2024 & 2032
- Figure 18: North America Thermal Energy Storage Market Volume Share (%), by End User 2024 & 2032
- Figure 19: North America Thermal Energy Storage Market Revenue (Billion), by Country 2024 & 2032
- Figure 20: North America Thermal Energy Storage Market Volume (K Units), by Country 2024 & 2032
- Figure 21: North America Thermal Energy Storage Market Revenue Share (%), by Country 2024 & 2032
- Figure 22: North America Thermal Energy Storage Market Volume Share (%), by Country 2024 & 2032
- Figure 23: Europe Thermal Energy Storage Market Revenue (Billion), by Storage Material 2024 & 2032
- Figure 24: Europe Thermal Energy Storage Market Volume (K Units), by Storage Material 2024 & 2032
- Figure 25: Europe Thermal Energy Storage Market Revenue Share (%), by Storage Material 2024 & 2032
- Figure 26: Europe Thermal Energy Storage Market Volume Share (%), by Storage Material 2024 & 2032
- Figure 27: Europe Thermal Energy Storage Market Revenue (Billion), by Technology 2024 & 2032
- Figure 28: Europe Thermal Energy Storage Market Volume (K Units), by Technology 2024 & 2032
- Figure 29: Europe Thermal Energy Storage Market Revenue Share (%), by Technology 2024 & 2032
- Figure 30: Europe Thermal Energy Storage Market Volume Share (%), by Technology 2024 & 2032
- Figure 31: Europe Thermal Energy Storage Market Revenue (Billion), by Application 2024 & 2032
- Figure 32: Europe Thermal Energy Storage Market Volume (K Units), by Application 2024 & 2032
- Figure 33: Europe Thermal Energy Storage Market Revenue Share (%), by Application 2024 & 2032
- Figure 34: Europe Thermal Energy Storage Market Volume Share (%), by Application 2024 & 2032
- Figure 35: Europe Thermal Energy Storage Market Revenue (Billion), by End User 2024 & 2032
- Figure 36: Europe Thermal Energy Storage Market Volume (K Units), by End User 2024 & 2032
- Figure 37: Europe Thermal Energy Storage Market Revenue Share (%), by End User 2024 & 2032
- Figure 38: Europe Thermal Energy Storage Market Volume Share (%), by End User 2024 & 2032
- Figure 39: Europe Thermal Energy Storage Market Revenue (Billion), by Country 2024 & 2032
- Figure 40: Europe Thermal Energy Storage Market Volume (K Units), by Country 2024 & 2032
- Figure 41: Europe Thermal Energy Storage Market Revenue Share (%), by Country 2024 & 2032
- Figure 42: Europe Thermal Energy Storage Market Volume Share (%), by Country 2024 & 2032
- Figure 43: Asia Pacific Thermal Energy Storage Market Revenue (Billion), by Storage Material 2024 & 2032
- Figure 44: Asia Pacific Thermal Energy Storage Market Volume (K Units), by Storage Material 2024 & 2032
- Figure 45: Asia Pacific Thermal Energy Storage Market Revenue Share (%), by Storage Material 2024 & 2032
- Figure 46: Asia Pacific Thermal Energy Storage Market Volume Share (%), by Storage Material 2024 & 2032
- Figure 47: Asia Pacific Thermal Energy Storage Market Revenue (Billion), by Technology 2024 & 2032
- Figure 48: Asia Pacific Thermal Energy Storage Market Volume (K Units), by Technology 2024 & 2032
- Figure 49: Asia Pacific Thermal Energy Storage Market Revenue Share (%), by Technology 2024 & 2032
- Figure 50: Asia Pacific Thermal Energy Storage Market Volume Share (%), by Technology 2024 & 2032
- Figure 51: Asia Pacific Thermal Energy Storage Market Revenue (Billion), by Application 2024 & 2032
- Figure 52: Asia Pacific Thermal Energy Storage Market Volume (K Units), by Application 2024 & 2032
- Figure 53: Asia Pacific Thermal Energy Storage Market Revenue Share (%), by Application 2024 & 2032
- Figure 54: Asia Pacific Thermal Energy Storage Market Volume Share (%), by Application 2024 & 2032
- Figure 55: Asia Pacific Thermal Energy Storage Market Revenue (Billion), by End User 2024 & 2032
- Figure 56: Asia Pacific Thermal Energy Storage Market Volume (K Units), by End User 2024 & 2032
- Figure 57: Asia Pacific Thermal Energy Storage Market Revenue Share (%), by End User 2024 & 2032
- Figure 58: Asia Pacific Thermal Energy Storage Market Volume Share (%), by End User 2024 & 2032
- Figure 59: Asia Pacific Thermal Energy Storage Market Revenue (Billion), by Country 2024 & 2032
- Figure 60: Asia Pacific Thermal Energy Storage Market Volume (K Units), by Country 2024 & 2032
- Figure 61: Asia Pacific Thermal Energy Storage Market Revenue Share (%), by Country 2024 & 2032
- Figure 62: Asia Pacific Thermal Energy Storage Market Volume Share (%), by Country 2024 & 2032
- Figure 63: Middle East & Africa Thermal Energy Storage Market Revenue (Billion), by Storage Material 2024 & 2032
- Figure 64: Middle East & Africa Thermal Energy Storage Market Volume (K Units), by Storage Material 2024 & 2032
- Figure 65: Middle East & Africa Thermal Energy Storage Market Revenue Share (%), by Storage Material 2024 & 2032
- Figure 66: Middle East & Africa Thermal Energy Storage Market Volume Share (%), by Storage Material 2024 & 2032
- Figure 67: Middle East & Africa Thermal Energy Storage Market Revenue (Billion), by Technology 2024 & 2032
- Figure 68: Middle East & Africa Thermal Energy Storage Market Volume (K Units), by Technology 2024 & 2032
- Figure 69: Middle East & Africa Thermal Energy Storage Market Revenue Share (%), by Technology 2024 & 2032
- Figure 70: Middle East & Africa Thermal Energy Storage Market Volume Share (%), by Technology 2024 & 2032
- Figure 71: Middle East & Africa Thermal Energy Storage Market Revenue (Billion), by Application 2024 & 2032
- Figure 72: Middle East & Africa Thermal Energy Storage Market Volume (K Units), by Application 2024 & 2032
- Figure 73: Middle East & Africa Thermal Energy Storage Market Revenue Share (%), by Application 2024 & 2032
- Figure 74: Middle East & Africa Thermal Energy Storage Market Volume Share (%), by Application 2024 & 2032
- Figure 75: Middle East & Africa Thermal Energy Storage Market Revenue (Billion), by End User 2024 & 2032
- Figure 76: Middle East & Africa Thermal Energy Storage Market Volume (K Units), by End User 2024 & 2032
- Figure 77: Middle East & Africa Thermal Energy Storage Market Revenue Share (%), by End User 2024 & 2032
- Figure 78: Middle East & Africa Thermal Energy Storage Market Volume Share (%), by End User 2024 & 2032
- Figure 79: Middle East & Africa Thermal Energy Storage Market Revenue (Billion), by Country 2024 & 2032
- Figure 80: Middle East & Africa Thermal Energy Storage Market Volume (K Units), by Country 2024 & 2032
- Figure 81: Middle East & Africa Thermal Energy Storage Market Revenue Share (%), by Country 2024 & 2032
- Figure 82: Middle East & Africa Thermal Energy Storage Market Volume Share (%), by Country 2024 & 2032
- Figure 83: Latin America Thermal Energy Storage Market Revenue (Billion), by Storage Material 2024 & 2032
- Figure 84: Latin America Thermal Energy Storage Market Volume (K Units), by Storage Material 2024 & 2032
- Figure 85: Latin America Thermal Energy Storage Market Revenue Share (%), by Storage Material 2024 & 2032
- Figure 86: Latin America Thermal Energy Storage Market Volume Share (%), by Storage Material 2024 & 2032
- Figure 87: Latin America Thermal Energy Storage Market Revenue (Billion), by Technology 2024 & 2032
- Figure 88: Latin America Thermal Energy Storage Market Volume (K Units), by Technology 2024 & 2032
- Figure 89: Latin America Thermal Energy Storage Market Revenue Share (%), by Technology 2024 & 2032
- Figure 90: Latin America Thermal Energy Storage Market Volume Share (%), by Technology 2024 & 2032
- Figure 91: Latin America Thermal Energy Storage Market Revenue (Billion), by Application 2024 & 2032
- Figure 92: Latin America Thermal Energy Storage Market Volume (K Units), by Application 2024 & 2032
- Figure 93: Latin America Thermal Energy Storage Market Revenue Share (%), by Application 2024 & 2032
- Figure 94: Latin America Thermal Energy Storage Market Volume Share (%), by Application 2024 & 2032
- Figure 95: Latin America Thermal Energy Storage Market Revenue (Billion), by End User 2024 & 2032
- Figure 96: Latin America Thermal Energy Storage Market Volume (K Units), by End User 2024 & 2032
- Figure 97: Latin America Thermal Energy Storage Market Revenue Share (%), by End User 2024 & 2032
- Figure 98: Latin America Thermal Energy Storage Market Volume Share (%), by End User 2024 & 2032
- Figure 99: Latin America Thermal Energy Storage Market Revenue (Billion), by Country 2024 & 2032
- Figure 100: Latin America Thermal Energy Storage Market Volume (K Units), by Country 2024 & 2032
- Figure 101: Latin America Thermal Energy Storage Market Revenue Share (%), by Country 2024 & 2032
- Figure 102: Latin America Thermal Energy Storage Market Volume Share (%), by Country 2024 & 2032
- Table 1: Global Thermal Energy Storage Market Revenue Billion Forecast, by Region 2019 & 2032
- Table 2: Global Thermal Energy Storage Market Volume K Units Forecast, by Region 2019 & 2032
- Table 3: Global Thermal Energy Storage Market Revenue Billion Forecast, by Storage Material 2019 & 2032
- Table 4: Global Thermal Energy Storage Market Volume K Units Forecast, by Storage Material 2019 & 2032
- Table 5: Global Thermal Energy Storage Market Revenue Billion Forecast, by Technology 2019 & 2032
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- Table 9: Global Thermal Energy Storage Market Revenue Billion Forecast, by End User 2019 & 2032
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- Table 11: Global Thermal Energy Storage Market Revenue Billion Forecast, by Region 2019 & 2032
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- Table 23: U.S. Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
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- Table 35: Global Thermal Energy Storage Market Revenue Billion Forecast, by Country 2019 & 2032
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- Table 37: Germany Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
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- Table 39: UK Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
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- Table 41: Spain Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
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- Table 43: Italy Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
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- Table 45: Sweden Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
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- Table 47: Greece Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
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- Table 59: China Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
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- Table 61: India Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
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- Table 75: UAE Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
- Table 76: UAE Thermal Energy Storage Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 77: South Africa Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
- Table 78: South Africa Thermal Energy Storage Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 79: Morocco Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
- Table 80: Morocco Thermal Energy Storage Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 81: Israe Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
- Table 82: Israe Thermal Energy Storage Market Volume (K Units) Forecast, by Application 2019 & 2032
- Table 83: Global Thermal Energy Storage Market Revenue Billion Forecast, by Storage Material 2019 & 2032
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- Table 93: Chile Thermal Energy Storage Market Revenue (Billion) Forecast, by Application 2019 & 2032
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STEP 1 - Identification of Relevant Samples Size from Population Database
STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Note* : In applicable scenarios
STEP 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
STEP 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
Frequently Asked Questions
What are some drivers contributing to market growth?
Rising deployment of Concentrated Solar Power Plants., Growing demand for TES technologies for comfort cooling., Favorable government incentives to promote the adoption of thermal energy storage.
Which companies are prominent players in the Thermal Energy Storage Market?
Key companies in the market include Abengoa S.A.,Baltimore Aircoil Company,Burns & McDonnell,Caldwell Energy Company,CALMAC,Deepchill Solutions Inc.,DN Tanks,Dunham-Bush Limited,EVAPCO, Inc.,FAFCO, Inc.,Goss Engineering, Inc.,McDermott,New BrightSource, Ltd.,Siemens Gamesa Renewable Energy, S.A.,Steffes, LLC
What is the projected Compound Annual Growth Rate (CAGR) of the Thermal Energy Storage Market ?
The projected CAGR is approximately 6.7%.
Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in Billion and volume, measured in K Units.
What are the notable trends driving market growth?
.
How can I stay updated on further developments or reports in the Thermal Energy Storage Market?
To stay informed about further developments, trends, and reports in the Thermal Energy Storage Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Are there any restraints impacting market growth?
High costs associated with TES systems.
Can you provide examples of recent developments in the market?
In October 2022, Abengoa received the Renewable Energy Award for the Noor 1 project, which involves the construction of three solar fields, each with a capacity of 200 MW, for the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. The project is currently in the commissioning phase, with Abengoa responsible for the technical design and engineering of the heat transfer fluid (HTF) system and the fabrication of collectors for the three parabolic trough plants within the solar park.
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