Thermal Energy Storage (TES) - Global Strategic Business Report

The global market for Thermal Energy Storage (TES) was valued at US$5.4 Billion in 2024 and is projected to reach US$8.2 Billion by 2030, growing at a CAGR of 7.2% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Thermal Energy Storage (TES) market.

Global Thermal Energy Storage (TES) Market - Key Trends & Drivers Summarized

Why Is Thermal Energy Storage Crucial For Sustainable Energy Solutions?

Thermal Energy Storage (TES) is emerging as a critical technology for enhancing the sustainability and efficiency of energy systems. TES systems store thermal energy by heating or cooling a storage medium, enabling the energy to be used at a later time. This capability is particularly valuable for balancing supply and demand in renewable energy systems, where production can be intermittent. By storing excess energy during periods of low demand or high production, TES can provide a steady supply of energy during peak demand periods or when renewable sources are not producing. This helps to stabilize the grid, reduce reliance on fossil fuels, and minimize greenhouse gas emissions. Furthermore, TES can be used in various applications, including residential heating and cooling, industrial processes, and large-scale power plants, making it a versatile and integral component of the transition to a more sustainable energy future.

How Is The Development Of Molten Salt Storage Impacting The TES Industry?

One of the most exciting trends in Thermal Energy Storage is the development and application of molten salt storage systems. Molten salt TES is particularly effective for high-temperature applications, such as those in concentrated solar power (CSP) plants. These systems use salts heated to high temperatures to store thermal energy, which can then be used to generate electricity even when the sun is not shining. This technology allows CSP plants to operate around the clock, significantly enhancing their reliability and efficiency. Molten salt systems have a high heat capacity and can store large amounts of energy at a relatively low cost, making them an attractive option for large-scale energy storage. The ability to store energy for extended periods without significant losses further strengthens their appeal. As CSP technology continues to advance, the integration of molten salt storage is expected to play a critical role in the expansion and viability of solar power as a major renewable energy source.

What Are The Emerging Trends In Thermal Energy Storage?

The field of Thermal Energy Storage is witnessing several emerging trends that are shaping its development and adoption. One significant trend is the increasing integration of TES with renewable energy systems, particularly solar and wind power. By storing excess energy generated during peak production times, TES helps to mitigate the variability of renewable sources and ensures a reliable supply of energy. Another trend is the growing use of TES in district heating and cooling networks, which provide efficient thermal energy distribution in urban areas. This approach not only enhances energy efficiency but also reduces the carbon footprint of heating and cooling systems. Additionally, the development of hybrid TES systems, which combine different storage technologies to optimize performance and cost, is gaining traction. These systems can leverage the strengths of various storage methods, such as combining TES with battery storage, to provide more flexible and reliable energy solutions. Furthermore, advancements in thermal storage materials and system designs are expanding the range of applications for TES, from residential buildings to large industrial processes and power plants.

What Factors Are Driving Growth In The Thermal Energy Storage Market?

The growth in the Thermal Energy Storage market is driven by several factors that highlight the increasing demand for efficient and sustainable energy solutions. Firstly, the rising adoption of renewable energy sources, such as solar and wind power, is driving the need for effective energy storage solutions to manage the intermittent nature of these sources. TES provides a reliable way to store and dispatch energy as needed, making it a crucial component of renewable energy systems. Secondly, advancements in TES technology, including improved storage materials and system designs, are enhancing the efficiency and cost-effectiveness of TES solutions, making them more attractive to consumers and industries. The increasing focus on energy efficiency and the need to reduce greenhouse gas emissions are also promoting the adoption of TES in various applications, from residential heating and cooling to industrial processes and power generation. Additionally, government incentives and regulatory support for clean energy technologies are encouraging investment in TES projects, further boosting market growth. Lastly, the expansion of district heating and cooling networks in urban areas is creating new opportunities for TES, as these systems require efficient thermal energy storage to optimize performance and reduce environmental impact. These factors collectively contribute to the robust growth and ongoing innovation in the Thermal Energy Storage market.

Report Scope

The report analyzes the Thermal Energy Storage (TES) market, presented in terms of units. The analysis covers the key segments and geographic regions outlined below.

Segments: Type (Water, Molten Salt, Phase Change Material (PCM)); Technology (Sensible, Latent, Thermochemical); End-Use (Utility, Commercial & Industrial, Residential).

Geographic Regions/Countries: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Water segment, which is expected to reach US$3.3 Billion by 2030 with a CAGR of a 6.3%. The Molten Salt segment is also set to grow at 7.4% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, valued at $1.7 Billion in 2024, and China, forecasted to grow at an impressive 8.7% CAGR to reach $890.3 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Thermal Energy Storage (TES) Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Thermal Energy Storage (TES) Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Thermal Energy Storage (TES) Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of players such as Burns & McDonnell, Caldwell Energy Company, Cryogel Thermal Energy Storage, Evapco, Fafco and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 50 companies featured in this Thermal Energy Storage (TES) market report include:

• Burns & McDonnell
• Caldwell Energy Company
• Cryogel Thermal Energy Storage
• Evapco
• Fafco
• Fluence Energy, LLC
• Goss Engineering
• ENGIE Group
• Trane Technologies PLC
• McDermott International, Inc.

Tariff Impact Analysis: Key Insights for 2025

Global tariff negotiations across 180+ countries are reshaping supply chains, costs, and competitiveness. This report reflects the latest developments as of April 2025 and incorporates forward-looking insights into the market outlook.

The analysts continuously track trade developments worldwide, drawing insights from leading global economists and over 200 industry and policy institutions, including think tanks, trade organizations, and national economic advisory bodies. This intelligence is integrated into forecasting models to provide timely, data-driven analysis of emerging risks and opportunities.

What’s Included in This Edition:

• Tariff-adjusted market forecasts by region and segment
• Analysis of cost and supply chain implications by sourcing and trade exposure
• Strategic insights into geographic shifts

Buyers receive a free July 2025 update with:

• Finalized tariff impacts and new trade agreement effects
• Updated projections reflecting global sourcing and cost shifts
• Expanded country-specific coverage across the industry