Thermal Energy Storage Market Size To Exceed USD 8.23 Billion By 2033 Report By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) The Thermal Energy Storage (TES) Market in the U.S. is estimated at USD 1.02 billion in 2025E and is projected to increase at 6.92% CAGR from 2026 to 2033. This growth is attributed to the integration of renewable energy, grid modernization, and energy-efficient technologies.

Austin, Jan. 07, 2026 (GLOBE NEWSWIRE) -- Thermal Energy Storage (TES) Market Size & Growth Insights:

According to the SNS Insider,“The Thermal Energy Storage Market Size was valued at USD 4.72 Billion in 2025E and is expected to reach USD 8.23 Billion by 2033 and grow at a CAGR of 7.21% over 2026-2033.”

Concentrated Solar Power is Propelling Market Growth Globally

The development of concentrated solar power systems is one of the main factors driving the growth of the thermal energy storage market. When there is no sunlight to power the generators and create electricity, the concentrated solar power plant's philosophy uses mirrors or lenses to focus sunlight, which heats energy and stores it in molten salts to create steam. This storage capacity guarantees the grid's stability and a steady supply of electricity.

High Setup and Infrastructure Costs May Impede Market Expansion Globally

The high initial setup and infrastructure costs are one of the main factors limiting the thermal energy storage market. It could be expensive to install the large-scale thermal storage system with the molten salt, insulated tank, and sophisticated heat exchanger. Additionally, the technical and maintenance costs associated with installing these systems inside an existing energy infrastructure are high. Despite the long-term operational and sustainability benefits, these financial barriers slow adoption in less developed regions.

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Leading Market Players with their Product Listed in this Report are:

• CALMAC Manufacturing Corp.
• Abengoa Solar S.A.
• Ice Energy Technologies Inc.
• DN Tanks Inc.
• SolarReserve LLC
• Burns & McDonnell
• BrightSource Energy Inc.
• Baltimore Aircoil Company
• Cryogel Thermal Energy Storage
• Dunham Bush Holding Bhd.
• Goss Engineering Inc.
• Steffes Corporation
• TAS Energy
• Evapco Inc.
• Sunwell Technologies
• Finetex ENE Inc.
• Caldwell Energy
• Axiom Energy
• MAN Energy Solutions
• KraftBlock GmbH

Thermal Energy Storage Market Report Scope:

Report Attributes	Details
Market Size in 2025	USD 4.72 Billion
Market Size by 2033	USD 8.23 Billion
CAGR	CAGR of 7.21 % From 2026 to 2033
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segmentation	. By Product Type (Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage) . By Technology (Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-based Technology, Miscibility Gap Alloy Technology) . By Storage (Molten Salt, Phase Change Material, Water) . By Application (Process Heating & Cooling, District Heating & Cooling, Power Generation, Ice Storage Air-Conditioning, Others) . By End-user (Industrial, Utilities, Residential & Commercial)

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Key Segmentation Analysis

By Product Type

In 2025, Sensible Heat Storage led the market with a share of 42.50% due to due to simple design, effectiveness, and to store thermal energy with material easily available like water, molten salts, rocks in the sensible heat. Thermochemical Heat Storage is the fastest-growing segment with a CAGR of 13.20% owing to features, such as greater energy density, long-term storage capability, and suitability for renewable integration.

By Technology

In 2025, Molten Salt Technology led the market with the largest 30.40% share wing to its widespread used globally in CSP (concentrated Solar power Plant) for its high-temperature long-term heat storage capability. Ice-based Technology is the fastest-growing segment with a CAGR of 12.40% driven by the increasing demand for commercial and residential cooling systems since it allows for economical peak load management.

By Storage

In 2025, Molten Salt led the market with a share of 40.51% due to it has the highest thermal capacity with lower costs and the long-term heat retention. Phase Change Material (PCM) is the fastest-growing segment with a CAGR of 16.40% owing to its unique properties in storing and releasing large quantities of latent heat, which is a practical solution for energy-efficient residential, commercial and cold storage applications.

By Application

In 2025, District Heating & Cooling led the market with a share of 34.70% as it is being widely used in the urban infrastructure to balance the energy demand and improve the overall system efficiency. Power Generation is the fastest-growing segment with a CAGR of 14.80% driven by the growing penetration of renewable energy sources, such as solar and wind, in which thermal energy storage systems improve grid reliability.

By End-user

In 2025, Industrial led the market with a share of 51.53% due to its the enormous process heating, waste heat recovery, and energy optimization demand in various industries, including chemical, food processing, and manufacturing. Utilities is the fastest-growing segment with a CAGR of 14.70% driven by the increasing integration of large-scale thermal storage solutions to support grid stabilization, peak load management and renewable penetration, paving the way toward flexible and resilient energy infrastructure.

Regional Insights:

Europe dominated the Thermal Energy Storage Market in 2025E, with over 35.10% revenue share, due to its strong focus on integration of renewable energy, decarbonization targets, and advanced energy infrastructure. Asia Pacific region is expected to have the fastest-growing CAGR 8.44%, driven by the rapid development of renewable energy infrastructure and growing demand for energy management systems.

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Recent Developments:

• In April 2025, CALMAC Manufacturing Corp introduced its new IceBank C‐Model modular thermal‐energy storage tanks featuring internal headers, reducing footprint by about 20 %.
• In April 2024, DN Tanks Inc. released a new Thermal Energy Storage tank brochure showcasing capacities from 40,000 gallons up to 50 million gallons, custom dimensions and enhanced durability.

Exclusive Sections of the Thermal Energy Storage Market Report (The USPs):

• CARBON REDUCTION & EMISSIONS AVOIDANCE METRICS – helps you quantify sustainability impact by analyzing carbon reduction potential by region and application, annual CO2 savings from TES projects, and emissions avoided through operational deployment.
• ENERGY EFFICIENCY & SYSTEM PERFORMANCE INDICATORS – helps you evaluate performance gains by comparing energy efficiency improvement levels and round-trip efficiency across molten salt, PCM, ice, MGA, and water-based TES technologies.
• MATERIAL CIRCULARITY & RECYCLABILITY BENCHMARKS – helps you assess environmental compliance by tracking circularity rates, recyclability of storage materials, and lifecycle sustainability performance across technology types.
• TECHNOLOGY PENETRATION & STORAGE DURATION ANALYSIS – helps you identify adoption trends by examining penetration rates of key TES technologies and the share of short-term versus long-duration storage systems.
• OPERATIONAL UTILIZATION & LIFETIME METRICS – helps you measure asset productivity by evaluating installed TES capacity, utilization rates, average system lifetime, and replacement cycles by technology.
• INVESTMENT ECONOMICS & POLICY-BACKED RETURNS – helps you assess financial viability by comparing CAPEX–OPEX structures, payback periods, ROI benchmarks, funding flows, and public–private partnership activity in TES projects.

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

CONTACT: Contact Us: Rohan Jadhav - Principal Consultant Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)

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