The Thermal Energy Storage Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Thermal Energy Storage Market?
The market size of the thermal energy storage has seen significant expansion in recent years. It is projected to increase from $5.77 billion in 2024 to $6.55 billion in 2025, with a compound annual growth rate (CAGR) of 13.5%.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Thermal Energy Storage Industry?
The Thermal Energy Storage Global Market is expected to grow to $10.80 billion by 2029, with an estimated compound annual growth rate (CAGR) of 13.3%.
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What are the Key Growth Drivers Fueling the Thermal Energy Storage Market?
The key drivers in the Thermal Energy Storage market are:
• Rising demand for energy storage in smart grids
• Growing focus on achieving carbon neutrality
• Increasing investments in sustainable infrastructure
• Rising adoption of electric vehicles needing thermal management
Global Market Segmentation: Identifying Major Thermal Energy Storage Industry Segments
The thermal energy storage market covered in this report is segmented –
1) By Product Type: Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage
2) By Technology: Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-Based Technology, Miscibility Gap Alloy Technology
3) By Storage Material: Water, Molten Salt, Phase Change Material (PCM), Other Storage Materials
4) By Application: Power Generation, Heating, Cooling
5) By End User: Utilities, Commercial, Industrial
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What are the Emerging Trends Shaping the Future of the Thermal Energy Storage Market?
The key trends in the Thermal Energy Storage market are:
• The future of the thermal energy storage market will be influenced by the development and use of advanced phase change materials.
• High-efficiency molten salt storage is emerging as a significant trend in the market.
• The integration of artificial intelligence for energy optimization is becoming an important trend for the thermal energy storage market.
• The market is seeing the emergence of hybrid thermal storage solutions, nanotechnology-enhanced storage materials, and smart thermal grids.
Who Are the Top Competitors & Leading Players in the Thermal Energy Storage Market?
Major companies in the Thermal Energy Storage market are:
• Siemens Energy AG
• Danfoss
• Burns & McDonnell
• Alfa Laval AB
• MAN Energy Solutions SE
• Dunham-Bush Limited
• EVAPCO Inc.
• Baltimore Aircoil Company Inc.
• BrightSource Energy Inc.
• DN Tanks
• Thermofin
• Steffes
• TEXEL Energy AB
• Cox Energy Solar S.A.
• Malta Inc.
• Cryogel
• Deepchill Solutions Inc.
• Terrafore Technologies LLC
• Caldwell Energy Company
• Brenmiller Energy Ltd.
Regional Dominance: Which Area Leads the Global Thermal Energy Storage Market?
Europe was the largest region in the thermal energy storage market in 2024
