Market Overview

The global thermal energy storage market size was valued at USD 6.43 billion in 2024 and is projected to reach USD 7.07 billion in 2025 to USD 15.06 billion by 2033, growing at a CAGR of 9.92% during the forecast period (2024–2032). 

The global Thermal Energy Storage market continues to evolve rapidly, driven by shifting consumer trends, rising investments, and technological progress. This section provides a detailed snapshot of the current landscape, highlighting major developments, emerging opportunities, and competitive movements that are shaping the industry’s growth trajectory.

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Market Report Scope and Research Methodology

This report offers a balanced combination of qualitative and quantitative analysis to ensure accurate, transparent, and comprehensive insights. The scope defines the parameters and key categories of the market, helping readers clearly understand its framework and underlying dynamics.

The study examines market size, forecasts, and growth potential by analyzing crucial segments and sub-segments. It delves into the factors influencing the market—such as cost efficiency, regulatory initiatives, sustainability goals, and continuous innovation. In addition, it evaluates competitive landscapes, investment flows, and the policy environment impacting overall industry development.

Market Regional Insights

The regional analysis spans North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Each region is assessed based on market share, growth prospects, trade movements, and investment attractiveness. By studying regional demand trends, industrial performance, and government support measures, the report delivers a holistic understanding of how the market is evolving across different geographies.

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Market Segmentation

1. By Storage Material
   1. Water
   2. Molten Salt
   3. PCM
   4. Others
2. By Technology
   
   1. Sensible Heat
   2. Latent Heat
   3. Thermochemical
3. By Applications
   
   1. Power Generation
   2. District Heating and Cooling
   3. Process Heating and Cooling
4. By End-User 
   
   1. Residential and Commercial
   2. Industrial
   3. Utility

Market Key Players

1. CALMAC Manufacturing Corp.
2. Abengoa Solar S.A.
3. Ice Energy Technologies Inc.
4. DN Tanks Inc.
5. SolarReserve LLC
6. Burns & McDonnell
7. Brightsource Energy Inc.
8. Baltimore Aircoil Company
9. Cryogel Thermal Energy Storage
10. Dunham- Bush Holding Bhd
11. Goss Engineering
12. Steffes Corporation
13. TAS Energy
14. Evapco Inc.
15. FAFCO
16. Sunwell Technologies
17. Finetex ENE Inc.
18. McDermott International Inc.
19. Caldwell Energy
20. Axiom Energy

Download Exclusive Research Report PDF Sample: (Including Full TOC, List of Tables & Figures, Chart): https://straitsresearch.com/report/thermal-energy-storage-market/request-sample

Key Questions Answered in the Thermal Energy Storage Market Report:

• How large is the Thermal Energy Storage market currently?

• What is the projected size of the Thermal Energy Storage market in the coming years?

• What is the estimated global value of the Thermal Energy Storage market?

• How fast is the Thermal Energy Storage market growing?

• Which segment accounts for the highest share in the Thermal Energy Storage market?

• What are the major Thermal Energy Storage market segments?

• What was the market value of Thermal Energy Storage in North America in 2024?

• Which region currently dominates the market landscape?

• What factors are driving the growth of the Thermal Energy Storage market?

• Who are the prominent players in the Thermal Energy Storage market?

• Which companies are leading in the Thermal Energy Storage industry?

About Straits Research

Straits Research provides comprehensive market intelligence and actionable insights across a wide range of industries. Our reports are designed to empower decision-makers, investors, and organizations to uncover growth opportunities, overcome challenges, and build strategies that ensure long-term success in a rapidly changing business environment.

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