Thermal Energy Storage Market Share

  • Report ID: 4784
  • Published Date: Oct 14, 2024
  • Report Format: PDF, PPT

Thermal Energy Storage Market Share

North American Market Forecast

The thermal energy storage market in North America is projected to be the largest with a share of about 38% by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for heating and cooling systems for the buildings in the region and rising efforts to boost the use of thermal energy. The Building Technologies Office (BTO) is concentrating on thermal storage research, development, demonstration, and deployment to hasten the commercialization and application of next-generation energy storage technologies for building applications. Buildings use over 39% of all primary energy and 74% of all electricity in the US. According to the Office of Energy Efficiency & Renewable Energy around 50% of building energy demand is currently met by thermal end uses, such as air conditioning, water heating, and refrigeration, and this percentage is expected to rise in the coming years in the United States.

Europe Market Forecast

The European thermal energy storage market is estimated to be the second largest, registering a share of about 25% by the end of 2037. The growth of the market can be attributed majorly to the rising effort put in by the government to augment energy storage systems. For instance, the UK government created a SUPERGEN Energy Storage Hub in the UK to gather all the researchers that have expertise in energy storage research. This is likely to enhance the existing energy storage system technologies and the complete value chain system from energy storage to manufacturing. Moreover, the rising demand for electricity and rising cases of power outages are also expected to boost the market growth in the region.

APAC Market Statistics

Further, the thermal energy storage market in the Asia Pacific is projected to hold a significant share by the end of 2037. The growth of the market can be attributed majorly to the presence of one of the largest thermal power plants in the region. Just 11 thermal power plants worldwide have a total installed capacity of 5 GW or more. China, Japan, and Taiwan are home to eight of them. Moreover, the largest thermal power plant in the world is located in Longjing, Taichung, Taiwan. It is an around 5,800-Megawatt coal-fired power plant that is owned and run by the government-owned Taiwan Electricity Corporation. Furthermore, China generated a record 617 terawatt-hours more overall electricity and 465 terawatt-hours more thermal power between January and August 2021 compared to the same time the previous year.

Research Nester
Get more information on this report: Request Free Sample PDF

Browse Key Market Insights with Data Illustration:


Author Credits:  Dhruv Bhatia


  • Report ID: 4784
  • Published Date: Oct 14, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of thermal energy storage is assessed at USD 35.04 billion.

The thermal energy storage market size was valued at USD 32.93 billion in 2024 and is set to reach USD 80.01 billion by the end of 2037, registering around 7.9% CAGR during the forecast period i.e., between 2025-2037. Increasing production of electricity, rising investment in smart cities development, and growing production of renewable energy will boost the market growth.

North America industry is projected to account for 38% revenue share by 2037, impelled by the increasing demand for heating and cooling systems for the buildings and rising efforts to boost the use of thermal energy in the region.

The major players in the market include New BrightSource, Ltd., Abengoa SA, Terrafore Technologies LLC, Baltimore Aircoil Company, Ice Energy Heat Pumps Ltd., Caldwell Partners International Inc., Cryogel, Steffes, LLC, Enel S.p.A, Brenmiller Energy Ltd.
Inquiry Before Buying Request Free Sample
logo
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying
Inquiry Before Buying Request Free Sample