Thermal Energy Storage (TES) is a technology that enables the storage of heat energy in insulated repositories for a variety of applications. It can be used to balance thermal supply and demand, integrate renewable energy sources, or recover waste heat from industrial processes. A TES system typically consists of a thermal storage medium, a packaged chiller or built-up refrigeration system, piping, pumps, and controls. The thermal storage medium can be a liquid, solid, or gases. TES systems are often co-located with existing facilities and industrial sites, or integrated within new industrial buildings.

Market Dynamics:

The thermal energy storage market is projected to grow at a strong pace during the forecast period. This growth is driven by factors such as increased demand for electricity during peak hours, increasing commercialization of CSP plants and rise in energy storage systems to meet energy demands. Moreover, rise in demand for renewable energy, rise in investments in sustainable energy solutions, and government support are further expected to propel the growth of TES technology market.

On the other hand, availability of other alternative energy storage system is expected to hamper the market growth.

Key features of the study:

• This report provides in-depth analysis of the global thermal energy storage market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global thermal energy storage market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include BrightSource Energy, Inc., EnergyNest AS., Ice Energy, Baltimore Aircoil Company, Inc., Abengoa Solar, S.A, Burns & McDonnell, Inc., and DC Pro Engineering
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global thermal energy storage market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global thermal energy storage market

Detailed Segmentation:

• Global Thermal Energy Storage Market, By Type
  • Sensible Heat Storage
  • Latent Heat Storage
  • Thermochemical heat Storage
• Global Thermal Energy Storage Market, By Technology
  • Molten Salt Technology
  • Electric Thermal Storage Heater
  • Solar Energy Storage
  • Ice- Based Technology
  • Miscibility Gap Alloy Technology (MGA)
  • Others
• Global Thermal Energy Storage Market, By Storage Material
  • Molten Salt
  • Phase Change Material
  • Water
  • Others
• Global Thermal Energy Storage Market, By Application
  • Process Heating & Cooling
  • District Heating & Cooling
  • Power Generation
  • Ice storage air- conditioning
  • Others
• Global Thermal Energy Storage Market, By End User
  • Industrial
  • Utilities
  • Residential & Commercial
• Global Thermal Energy Storage Market, By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
• Company Profiles
  • BrightSource Energy, Inc.
  • EnergyNest AS.
  • Ice Energy
  • Baltimore Aircoil Company, Inc.
  • Abengoa Solar, S.A
  • Burns & McDonnell, Inc.
  • DC Pro Engineering