Thermal Energy Storage 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). 

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Thermal Energy Storage Market Report Scope and Research Methodology

This report provides both qualitative and quantitative insights, ensuring reliability, transparency, and depth of analysis. The scope defines the boundaries and categories of the market, enabling a clear understanding of its structure and dynamics.

The study evaluates market size and forecasts by analyzing key segments and sub-segments. It also explores drivers, restraints, and opportunities—including cost optimization, government initiatives, sustainability concerns, and ongoing technological innovations. Furthermore, the report examines competitive positioning, investment patterns, and regulatory influences shaping industry development.

Thermal Energy Storage Market Regional Insights

The regional assessment covers North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Each region is analyzed in terms of market share, growth trends, trade flows, and investment potential. By examining factors such as demand patterns, industry performance, and policy support, the report offers a comprehensive outlook on how the market evolves across diverse geographies.

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Thermal Energy Storage 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

Thermal Energy Storage 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

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Key questions answered in the Thermal Energy Storage Market are:

1. How big is the Thermal Energy Storage market?
2. What is the expected size of Thermal Energy Storage market?
3. How much is the global Thermal Energy Storage market worth?
4. What is the Thermal Energy Storage market growth?
5. Which segment accounted for the largest Thermal Energy Storage market share?
6. What are the key Thermal Energy Storage market segments?
7. What was the value of the Thermal Energy Storage market in North America in 2024?
8. Which region held the largest share of the market?
9. What are the factors driving the Thermal Energy Storage market?
10. What are the leading key players in the Thermal Energy Storage market?
11. Who are the key players in Thermal Energy Storage market?

About Straits Research:

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