Thermal Energy Storage Market Projected to Reach $12.39B by 2032

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The global thermal energy storage market is estimated to be valued at $6.24 billion in 2025 and is expected to reach $12.39 billion by 2032, according to a new report. The market is being reshaped by rapid innovation, rising investment, and shifting regional dynamics. The report provides strategic coverage of investment hotspots, regional trend shifts, and emerging market segments.

Why it matters

The thermal energy storage market is a key part of the global business landscape, as it plays a crucial role in enabling the transition to renewable energy sources and improving energy efficiency across various industries. The growth of this market is driven by factors such as increasing investment, technological advancements, and the need for sustainable energy solutions.

The details

The report segments the thermal energy storage market by type (sensible heat storage, latent heat storage, thermochemical heat storage), technology (molten salt technology, electric thermal storage heater, solar energy storage, ice-based technology, miscibility gap alloy technology), storage material (molten salt, phase change material, water), application (process heating & cooling, district heating & cooling, power generation, ice storage air-conditioning), and end-user (industrial, utilities, residential & commercial). Key players in the market include BrightSource Energy Inc., EnergyNest AS, Ice Energy, Baltimore Aircoil Company Inc., Abengoa Solar S.A., and Burns & McDonnell Inc.

• The global thermal energy storage market is estimated to be valued at $6.24 billion in 2025.
• The market is expected to reach $12.39 billion by 2032.

What’s next

The report provides strategic insights and actionable intelligence to help decision-makers navigate the evolving thermal energy storage market and capitalize on upcoming opportunities.