Product Code: SR112026A2090
The global thermal energy storage market size reached USD 8.1 Billion in 2025. Looking forward, IMARC Group expects the market to reach USD 16.2 Billion by 2034, exhibiting a growth rate (CAGR) of 7.72% during 2026-2034.
Thermal energy storage refers to a power storage system that is used for transferring and storing energy obtained from ice, cold air or water for later usage. It includes sensible, latent and thermochemical heat storage that is based on molten salt, ice and miscibility gap alloy technology (MGA). Some of these solutions are used for storing hot or cold energy for powering electrical systems in commercial and residential complexes, while others are used for storing solar energy in the summers, which is further utilized in the winters. This aids in preventing the overutilization of conventional energy from the grid systems.
Increasing emphasis on the utilization of renewable energy resources across the globe is one of the key factors driving the growth of the market. The growing demand for thermal energy storage systems in heating, ventilation and air conditioning (HVAC) technology for large-scale heating and cooling is also providing a boost to the market growth. Furthermore, concentrated solar power (CSP) is increasingly being integrated with the thermal energy storage systems to offer grid flexibility and minimize efficiency losses by generating electricity through dry cooling during lower ambient temperatures. Additionally, increasing environmental consciousness, coupled with the growing adoption of thermal energy storage for power generation in green buildings, is acting as another growth-inducing factor. Other factors, including the implementation of favorable government policies to promote sustainable infrastructural development, along with extensive research and development (R&D) activities, are projected to drive the market further.
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
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
COMPETITIVE LANDSCAPE:
The report provides a comprehensive analysis of the competitive landscape in the global thermal energy storage market with detailed profiles of all major companies, including:
- Aalborg CSP A/S
- Araner
- Baltimore Aircoil Company Inc
- Caldwell Energy Company
- Carrier Global Corporation
- EnergyNest AS
- SaltX Technology
- Steffes Corporation
- Terrafore Technologies, LLC
- Trane Technologies plc
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Thermal Energy Storage Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Storage Type
- 6.1 Sensible Heat Storage
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Latent Heat Storage
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Thermochemical Heat Storage
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
7 Market Breakup by Technology
- 7.1 Molten Salt Technology
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Electric Thermal Storage Heaters
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Solar Energy Storage
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Ice-Based Technology
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Miscibility Gap Alloy Technology (MGA)
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
- 7.6 Others
- 7.6.1 Market Trends
- 7.6.2 Market Forecast
8 Market Breakup by Material Type
- 8.1 Water
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Molten Salt
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Phase Change Materials (PCM)
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Others
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
9 Market Breakup by Application
- 9.1 Power Generation
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 District Heating and Cooling
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Process Heating and Cooling
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
10 Market Breakup by End-Use
- 10.1 Residential and Commercial Sector
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Utility Industry
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Other Industries
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
11 Market Breakup by Region
- 11.1 North America
- 11.1.1 United States
- 11.1.1.1 Market Trends
- 11.1.1.2 Market Forecast
- 11.1.2 Canada
- 11.1.2.1 Market Trends
- 11.1.2.2 Market Forecast
- 11.2 Asia Pacific
- 11.2.1 China
- 11.2.1.1 Market Trends
- 11.2.1.2 Market Forecast
- 11.2.2 Japan
- 11.2.2.1 Market Trends
- 11.2.2.2 Market Forecast
- 11.2.3 India
- 11.2.3.1 Market Trends
- 11.2.3.2 Market Forecast
- 11.2.4 South Korea
- 11.2.4.1 Market Trends
- 11.2.4.2 Market Forecast
- 11.2.5 Australia
- 11.2.5.1 Market Trends
- 11.2.5.2 Market Forecast
- 11.2.6 Indonesia
- 11.2.6.1 Market Trends
- 11.2.6.2 Market Forecast
- 11.2.7 Others
- 11.2.7.1 Market Trends
- 11.2.7.2 Market Forecast
- 11.3 Europe
- 11.3.1 Germany
- 11.3.1.1 Market Trends
- 11.3.1.2 Market Forecast
- 11.3.2 France
- 11.3.2.1 Market Trends
- 11.3.2.2 Market Forecast
- 11.3.3 United Kingdom
- 11.3.3.1 Market Trends
- 11.3.3.2 Market Forecast
- 11.3.4 Italy
- 11.3.4.1 Market Trends
- 11.3.4.2 Market Forecast
- 11.3.5 Spain
- 11.3.5.1 Market Trends
- 11.3.5.2 Market Forecast
- 11.3.6 Russia
- 11.3.6.1 Market Trends
- 11.3.6.2 Market Forecast
- 11.3.7 Others
- 11.3.7.1 Market Trends
- 11.3.7.2 Market Forecast
- 11.4 Latin America
- 11.4.1 Brazil
- 11.4.1.1 Market Trends
- 11.4.1.2 Market Forecast
- 11.4.2 Mexico
- 11.4.2.1 Market Trends
- 11.4.2.2 Market Forecast
- 11.4.3 Others
- 11.4.3.1 Market Trends
- 11.4.3.2 Market Forecast
- 11.5 Middle East and Africa
- 11.5.1 Market Trends
- 11.5.2 Market Breakup by Country
- 11.5.3 Market Forecast
12 SWOT Analysis
- 12.1 Overview
- 12.2 Strengths
- 12.3 Weaknesses
- 12.4 Opportunities
- 12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
- 14.1 Overview
- 14.2 Bargaining Power of Buyers
- 14.3 Bargaining Power of Suppliers
- 14.4 Degree of Competition
- 14.5 Threat of New Entrants
- 14.6 Threat of Substitutes
15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 Aalborg CSP A/S
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.1.3 Financials
- 15.3.1.4 SWOT Analysis
- 15.3.2 Araner
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.2.3 Financials
- 15.3.2.4 SWOT Analysis
- 15.3.3 Baltimore Aircoil Company Inc
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.4 Caldwell Energy Company
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.4.3 Financials
- 15.3.4.4 SWOT Analysis
- 15.3.5 Carrier Global Corporation
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.5.3 Financials
- 15.3.5.4 SWOT Analysis
- 15.3.6 EnergyNest AS
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 Financials
- 15.3.6.4 SWOT Analysis
- 15.3.7 SaltX Technology
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.7.3 Financials
- 15.3.7.4 SWOT Analysis
- 15.3.8 Steffes Corporation
- 15.3.8.1 Company Overview
- 15.3.8.2 Product Portfolio
- 15.3.9 Terrafore Technologies, LLC
- 15.3.9.1 Company Overview
- 15.3.9.2 Product Portfolio
- 15.3.10 Trane Technologies plc
- 15.3.10.1 Company Overview
- 15.3.10.2 Product Portfolio
- 15.3.10.3 Financials
- 15.3.10.4 SWOT Analysis