Global Thermal Energy Storage Market - Forecasts from 2025 to 2030

The global thermal energy storage market is expected to grow at a CAGR of 10.93%, reaching a market size of US$14.219 billion in 2030 from US$8.466 billion in 2025.
The intermittent nature of renewable energy sources is reduced by thermal energy storage (TES) systems, which store excess energy during times of low demand and release it when required. Nonstop research on materials and storage techniques is enhancing the effectiveness and scale of thermal energy storage systems. Thermal energy storage systems help increase energy efficiency by reducing peak demand and energy costs and improving heating, ventilation, and air conditioning (HVAC) system performance.
Therefore, they started gaining popularity in commercial and industrial sectors for better energy utilization. There is also an increasing trend towards the application of TES systems due to efforts by the government to implement policies and financial incentives aimed at promoting energy efficiency as well as clean energy. Measures to encourage investment in renewable energy sources and reduce greenhouse gases are significantly upheld.
Global Thermal Energy Storage Market Drivers

Increased demand for renewable energy is contributing to the global thermal energy storage market's growth
As the demand for thermal energy rises, TES solutions will inevitably be increasingly needed. Manufacturing, residential climate control, agriculture, transport, and even more so, renewable energy conversion – all of these activities are correlated with rising temperatures in industrialized processes and heat transfer as global urbanization trends weigh in along with a cleaner energy transition. In addition, it is increasingly emphasized that thermal energy is utilized more efficiently since energy efficiency measures are being implemented. Therefore, looking at the whole picture, the increasing demand for thermal energy underlines the importance of thermal energy storage in enhancing resilience, sustainability, and energy security.
Global Thermal Energy Storage Market Geographical Outlook:

Asia Pacific is witnessing exponential growth during the forecast period.
Concentrated solar power plants are becoming more widely deployed, with molten salt TES systems playing an important role in the market's growth. Further, China and India, two nations with high levels of solar radiation, are at the forefront of CSP advancements.
The growing energy demand in Asia-Pacific nations is fueled by the use of TES systems to manage peak loads, increase grid stability, and boost overall energy efficiency. This increased demand is mostly caused by rapid industrialization and urbanization.

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Report Coverage:

Historical data & forecasts from 2022 to 2030

Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis

Competitive Positioning, Strategies, and Market Share Analysis

Revenue Growth and Forecast Assessment of segments and regions including countries

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The Global thermal energy storage market is segmented and analyzed as follows:

By Material Type

Molten salt
Water
Phase Change Materials (PCM)
Others

By Application

Power Generation
Heating & Cooling

By Technology

Sensible Heat Storage
Latent Heat Storage
Thermochemical heat storage

By End-User

Utilities
Residential and Commercial
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Others