Thermal Energy Storage System Market Report
Industry revenue for Thermal Energy Storage System is estimated to rise to $78.9 billion by 2035 from $29.0 billion of 2023.
India, Brazil, and South Africa: Emerging Hotspots in Thermal Energy Storage System Market
Fastest Growing Markets within a $29 Billion Global Opportunity
India, Brazil, and South Africa are emerging as the most dynamic demand hubs within the global Thermal Energy Storage System (TESS) market, which stood at $29.0 billion in 2023. These regions are expected to grow at a CAGR ranging from 6.4% to 9.1% between 2024 and 2030, driven by infrastructure expansion, urbanization, and a strong push for renewable integration.
Thermal Energy Storage Systems play a pivotal role in district heating & cooling and power generation, where the ability to store excess thermal energy for later use significantly enhances grid flexibility and sustainability.
Technology Driving a New Energy Paradigm
TESS solutions are increasingly being integrated with renewable energy technologies, especially solar thermal and waste heat recovery. Industry pioneers such as BrightSource Energy and Abengoa Solar are leading innovations in hybrid systems combining solar power and storage, enabling reliable, around-the-clock energy supply.
Key Use Case:
Thermal energy storage reduces dependency on peak grid supply by storing excess energy during off-peak periods and releasing it during high demand. This not only supports grid stability but also lowers carbon emissions and enhances energy security.
Top Innovators & Market Leaders
The global TESS market is fiercely competitive, with both established players and emerging innovators striving to scale efficient solutions. Prominent companies include:
Siemens Energy
Calmac
Ice Energy
Abengoa Solar
BrightSource Energy
MAN Energy Solutions
Trane
BASF
Dow
Clariant
Sunamp
DN Tanks
These players are investing in advanced phase change materials (PCMs) and thermochemical storage to enhance energy density and reduce system costs.
Market Outlook: Poised for Massive Growth
According to a recent research study, the global TESS market is projected to reach $78.9 billion by 2035, growing at a CAGR of 8.7% from 2023. Growth is largely attributed to:
Urban expansion and infrastructure modernization
Increased deployment of district heating & cooling systems
Rising penetration of renewable energy sources
Innovations in material science and storage technology
Global & Regional Research Scope
Segment
Subsegment
Technology
Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage
Application
District Heating & Cooling, Power Generation, Industrial Processes, Residential
Material
Molten Salt, Water, Phase Change Material, Others
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