Built to provide research that’s more actionable and strategically valuable, The Business Research Company’s 2026 market reports include market attractiveness analysis, total addressable market sizing, company benchmarking matrices, interactive Excel dashboards, broader supply chain intelligence, emerging startup tracking, and in-depth product insights.
#Thermal Energy Storage Market Growth Analysis: How Will Revenue Trend Over The Forecast Period?#_x000D_
The thermal energy storage market has seen considerable expansion in recent years. Its size is expected to increase from $6.5 billion in 2025 to $7.36 billion in 2026, achieving a compound annual growth rate (CAGR) of 13.2%. Historically, this market’s growth can be attributed to several factors including increasing energy efficiency requirements, the early adoption of district cooling systems, the expansion of concentrated solar power plants, rising initiatives for industrial heat recovery, and ongoing developments in thermal storage materials._x000D_
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The thermal energy storage market is projected to experience substantial expansion over the coming years. Its valuation is anticipated to reach $11.97 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.9%. This growth during the forecast period stems from factors such as enhanced integration of thermal energy storage with renewable power grids, increased capital allocation towards long-duration energy storage, a rising need for grid flexibility, the scaling of industrial decarbonization initiatives, and progress in thermal storage materials. Key trends for this period encompass the wider deployment of molten salt storage systems, increasing acceptance of phase change materials, greater integration with renewable power facilities, the expansion of ice-based cooling storage, and a heightened emphasis on high-temperature industrial storage solutions._x000D_
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#Thermal Energy Storage Market Growth Momentum: What Factors Are Shaping Demand?#_x000D_
A rising need for renewable energy sources is anticipated to drive expansion in the thermal energy storage market in the future. Renewable energy refers to power derived from naturally replenishing origins like sunlight, wind, water, geothermal heat, and biomass, providing an environmentally sound option that lessens greenhouse gas emissions. This demand for renewable energy stems mainly from the escalating necessity to decrease greenhouse gas emissions, major contributors to climate change, thereby encouraging governments and various industries to transition to cleaner, more enduring energy alternatives. Thermal Energy Storage improves the dependability and effectiveness of renewable energy by accumulating surplus heat produced during times of high generation, to be utilized when energy requirements are elevated or supply is insufficient. For example, as reported by Eurostat, a Luxembourg-based government agency, in December 2024, renewable energy constituted 24.5% of the total energy consumption within the European Union in 2023, showing an increase from 23.0% in 2022. Consequently, the expanding need for renewable energy is propelling the expansion of the thermal energy storage market._x000D_
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#Thermal Energy Storage Market Segment Outlook: Which Categories Are Growing Fastest?#_x000D_
The thermal energy storage market covered in this report is segmented – _x000D_
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1) By Product Type: Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage_x000D_
2) By Technology: Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-Based Technology, Miscibility Gap Alloy Technology_x000D_
3) By Storage Material: Water, Molten Salt, Phase Change Material (PCM), Other Storage Materials_x000D_
4) By Application: Power Generation, Heating, Cooling_x000D_
5) By End User: Utilities, Commercial, Industrial_x000D_
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1) By Sensible Heat Storage: Water-Based Storage, Molten Salt Storage, Solid Media Storage_x000D_
2) By Latent Heat Storage: Phase Change Materials (PCMs), Ice Storage, Molten Salt Phase Change_x000D_
3) By Thermochemical Heat Storage: Sorption Heat Storage, Chemical Reaction Heat Storage, Reversible Thermochemical Material_x000D_
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#Thermal Energy Storage Market Trends Redefining Industry Growth#_x000D_
Companies operating in the thermal energy storage market are prioritizing the development of cutting-edge solutions, such as next-generation energy storage systems. These efforts aim to improve energy efficiency, decrease carbon emissions, and facilitate the incorporation of renewable energy sources into power grids. Systems like solid-state and flow batteries represent advanced technologies that support thermal energy applications by effectively accumulating excess heat and releasing it as needed, thereby enhancing overall energy efficiency. For example, in February 2025, Brenmiller Energy Ltd., an Israel-based thermal energy storage company, introduced bGen zero thermal oil (ZTO). This advanced thermal energy storage solution is specifically designed to electrify thermal oil heating within industrial applications. It operates by utilizing renewable electricity to charge and store thermal energy in crushed rocks, which is then transferred to thermal oil, achieving temperatures up to 340°C with high efficiency and offering a sustainable, zero-emission alternative for industrial heating._x000D_
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#Thermal Energy Storage Market Industry Leaders And Competitive Landscape#_x000D_
Major companies operating in the thermal energy storage market are Siemens Energy AG, Danfoss, Burns & McDonnell, Alfa Laval AB, MAN Energy Solutions SE, Dunham-Bush Limited, EVAPCO Inc., Baltimore Aircoil Company Inc., BrightSource Energy Inc., DN Tanks, Thermofin, Steffes, TEXEL Energy AB, Cox Energy Solar S.A., Malta Inc., Cryogel, Deepchill Solutions Inc., Terrafore Technologies LLC, Caldwell Energy Company, Brenmiller Energy Ltd. _x000D_
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#Thermal Energy Storage Market Regional Analysis And Leading Geography#_x000D_
Europe was the largest region in the thermal energy storage market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermal energy storage market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.