Summary

Global Thermal Energy Storage Market 2024-2028
The thermal energy storage market is forecasted to grow by USD 2.88 bn during 2023-2028, accelerating at a CAGR of 9.61% during the forecast period. The report on the thermal energy storage market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing demand for csp, growing applications in district energy systems, and cost and reliability advantages over alternate energy storage technologies.
Technavio's thermal energy storage market is segmented as below:
By Technology
• Molten salt energy storage
• Phase change material
By End-user
• Industrial
• Residential and commercial
• Utilities
By Geographical Landscape
• Europe
• North America
• APAC
• Middle East and Africa
• South America
This study identifies the growing demand for renewable energy sources as one of the prime reasons driving the thermal energy storage market growth during the next few years. Also, increasing use of renewable energy in smart cities and smart buildings and changes in the energy mix will lead to sizable demand in the market.
The report on the thermal energy storage market covers the following areas:
• Thermal energy storage market sizing
• Thermal energy storage market forecast
• Thermal energy storage market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading thermal energy storage market vendors that include Abengoa SA, Acciona SA, ARANER, Baltimore Aircoil Co., BrightSource Energy Inc., Burns and McDonnell, Caldwell Energy Co., CALMAC, Comfort Systems USA Inc., CRYOGEL, DN Tanks Inc., Dunham-Bush Holding Bhd, EnergyNest, EVAPCO Inc., Goss Engineering, HTS, McDermott International Ltd., SENER GRUPO DE INGENIERIA SA, Steffes LLC, and Thermofin. Also, the thermal energy storage market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors. For further information on this report, please visit - https://www.technavio.com/report/thermal-energy-storage-market-industry-analysis
The publisher presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.

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Table of Contents

- 1 Executive Summary
o 1.1 Market overview
o Exhibit 01: Executive Summary - Chart on Market Overview
o Exhibit 02: Executive Summary - Data Table on Market Overview
o Exhibit 03: Executive Summary - Chart on Global Market Characteristics
o Exhibit 04: Executive Summary - Chart on Market By Geographical Landscape
o Exhibit 05: Executive Summary - Chart on Market Segmentation by Technology
o Exhibit 06: Executive Summary - Chart on Market Segmentation by End-user
o Exhibit 07: Executive Summary - Chart on Incremental Growth
o Exhibit 08: Executive Summary - Data Table on Incremental Growth
o Exhibit 09: Executive Summary - Chart on Vendor Market Positioning
- 2 Market Landscape
o 2.1 Market ecosystem
o Exhibit 10: Parent market
o Exhibit 11: Market Characteristics
- 3 Market Sizing
o 3.1 Market definition
o Exhibit 12: Offerings of vendors included in the market definition
o 3.2 Market segment analysis
o Exhibit 13: Market segments
o 3.3 Market size 2023
o 3.4 Market outlook: Forecast for 2023-2028
o Exhibit 14: Chart on Global - Market size and forecast 2023-2028 ($ billion)
o Exhibit 15: Data Table on Global - Market size and forecast 2023-2028 ($ billion)
o Exhibit 16: Chart on Global Market: Year-over-year growth 2023-2028 (%)
o Exhibit 17: Data Table on Global Market: Year-over-year growth 2023-2028 (%)
- 4 Historic Market Size
o 4.1 Global thermal energy storage market 2018 - 2022
o Exhibit 18: Historic Market Size - Data Table on global thermal energy storage market 2018 - 2022 ($ billion)
o 4.2 Technology Segment Analysis 2018 - 2022
o Exhibit 19: Historic Market Size - Technology Segment 2018 - 2022 ($ billion)
o 4.3 End-user Segment Analysis 2018 - 2022
o Exhibit 20: Historic Market Size - End-user Segment 2018 - 2022 ($ billion)
o 4.4 Geography Segment Analysis 2018 - 2022
o Exhibit 21: Historic Market Size - Geography Segment 2018 - 2022 ($ billion)
o 4.5 Country Segment Analysis 2018 - 2022
o Exhibit 22: Historic Market Size - Country Segment 2018 - 2022 ($ billion)
- 5 Five Forces Analysis
o 5.1 Five forces summary
o Exhibit 23: Five forces analysis - Comparison between 2023 and 2028
o 5.2 Bargaining power of buyers
o Exhibit 24: Chart on Bargaining power of buyers - Impact of key factors 2023 and 2028
o 5.3 Bargaining power of suppliers
o Exhibit 25: Bargaining power of suppliers - Impact of key factors in 2023 and 2028
o 5.4 Threat of new entrants
o Exhibit 26: Threat of new entrants - Impact of key factors in 2023 and 2028
o 5.5 Threat of substitutes
o Exhibit 27: Threat of substitutes - Impact of key factors in 2023 and 2028
o 5.6 Threat of rivalry
o Exhibit 28: Threat of rivalry - Impact of key factors in 2023 and 2028
o 5.7 Market condition
o Exhibit 29: Chart on Market condition - Five forces 2023 and 2028
- 6 Market Segmentation by Technology
o 6.1 Market segments
o Exhibit 30: Chart on Technology - Market share 2023-2028 (%)
o Exhibit 31: Data Table on Technology - Market share 2023-2028 (%)
o 6.2 Comparison by Technology
o Exhibit 32: Chart on Comparison by Technology
o Exhibit 33: Data Table on Comparison by Technology
o 6.3 Molten salt energy storage - Market size and forecast 2023-2028
o Exhibit 34: Chart on Molten salt energy storage - Market size and forecast 2023-2028 ($ billion)
o Exhibit 35: Data Table on Molten salt energy storage - Market size and forecast 2023-2028 ($ billion)
o Exhibit 36: Chart on Molten salt energy storage - Year-over-year growth 2023-2028 (%)
o Exhibit 37: Data Table on Molten salt energy storage - Year-over-year growth 2023-2028 (%)
o 6.4 Phase change material - Market size and forecast 2023-2028
o Exhibit 38: Chart on Phase change material - Market size and forecast 2023-2028 ($ billion)
o Exhibit 39: Data Table on Phase change material - Market size and forecast 2023-2028 ($ billion)
o Exhibit 40: Chart on Phase change material - Year-over-year growth 2023-2028 (%)
o Exhibit 41: Data Table on Phase change material - Year-over-year growth 2023-2028 (%)
o 6.5 Market opportunity by Technology
o Exhibit 42: Market opportunity by Technology ($ billion)
o Exhibit 43: Data Table on Market opportunity by Technology ($ billion)
- 7 Market Segmentation by End-user
o 7.1 Market segments
o Exhibit 44: Chart on End-user - Market share 2023-2028 (%)
o Exhibit 45: Data Table on End-user - Market share 2023-2028 (%)
o 7.2 Comparison by End-user
o Exhibit 46: Chart on Comparison by End-user
o Exhibit 47: Data Table on Comparison by End-user
o 7.3 Industrial - Market size and forecast 2023-2028
o Exhibit 48: Chart on Industrial - Market size and forecast 2023-2028 ($ billion)
o Exhibit 49: Data Table on Industrial - Market size and forecast 2023-2028 ($ billion)
o Exhibit 50: Chart on Industrial - Year-over-year growth 2023-2028 (%)
o Exhibit 51: Data Table on Industrial - Year-over-year growth 2023-2028 (%)
o 7.4 Residential and commercial - Market size and forecast 2023-2028
o Exhibit 52: Chart on Residential and commercial - Market size and forecast 2023-2028 ($ billion)
o Exhibit 53: Data Table on Residential and commercial - Market size and forecast 2023-2028 ($ billion)
o Exhibit 54: Chart on Residential and commercial - Year-over-year growth 2023-2028 (%)
o Exhibit 55: Data Table on Residential and commercial - Year-over-year growth 2023-2028 (%)
o 7.5 Utilities - Market size and forecast 2023-2028
o Exhibit 56: Chart on Utilities - Market size and forecast 2023-2028 ($ billion)
o Exhibit 57: Data Table on Utilities - Market size and forecast 2023-2028 ($ billion)
o Exhibit 58: Chart on Utilities - Year-over-year growth 2023-2028 (%)
o Exhibit 59: Data Table on Utilities - Year-over-year growth 2023-2028 (%)
o 7.6 Market opportunity by End-user
o Exhibit 60: Market opportunity by End-user ($ billion)
o Exhibit 61: Data Table on Market opportunity by End-user ($ billion)
- 8 Customer Landscape
o 8.1 Customer landscape overview
o Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
- 9 Geographic Landscape
o 9.1 Geographic segmentation
o Exhibit 63: Chart on Market share By Geographical Landscape 2023-2028 (%)
o Exhibit 64: Data Table on Market share By Geographical Landscape 2023-2028 (%)
o 9.2 Geographic comparison
o Exhibit 65: Chart on Geographic comparison
o Exhibit 66: Data Table on Geographic comparison
o 9.3 Europe - Market size and forecast 2023-2028
o Exhibit 67: Chart on Europe - Market size and forecast 2023-2028 ($ billion)
o Exhibit 68: Data Table on Europe - Market size and forecast 2023-2028 ($ billion)
o Exhibit 69: Chart on Europe - Year-over-year growth 2023-2028 (%)
o Exhibit 70: Data Table on Europe - Year-over-year growth 2023-2028 (%)
o 9.4 North America - Market size and forecast 2023-2028
o Exhibit 71: Chart on North America - Market size and forecast 2023-2028 ($ billion)
o Exhibit 72: Data Table on North America - Market size and forecast 2023-2028 ($ billion)
o Exhibit 73: Chart on North America - Year-over-year growth 2023-2028 (%)
o Exhibit 74: Data Table on North America - Year-over-year growth 2023-2028 (%)
o 9.5 APAC - Market size and forecast 2023-2028
o Exhibit 75: Chart on APAC - Market size and forecast 2023-2028 ($ billion)
o Exhibit 76: Data Table on APAC - Market size and forecast 2023-2028 ($ billion)
o Exhibit 77: Chart on APAC - Year-over-year growth 2023-2028 (%)
o Exhibit 78: Data Table on APAC - Year-over-year growth 2023-2028 (%)
o 9.6 Middle East and Africa - Market size and forecast 2023-2028
o Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
o Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
o Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
o Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
o 9.7 South America - Market size and forecast 2023-2028
o Exhibit 83: Chart on South America - Market size and forecast 2023-2028 ($ billion)
o Exhibit 84: Data Table on South America - Market size and forecast 2023-2028 ($ billion)
o Exhibit 85: Chart on South America - Year-over-year growth 2023-2028 (%)
o Exhibit 86: Data Table on South America - Year-over-year growth 2023-2028 (%)
o 9.8 US - Market size and forecast 2023-2028
o Exhibit 87: Chart on US - Market size and forecast 2023-2028 ($ billion)
o Exhibit 88: Data Table on US - Market size and forecast 2023-2028 ($ billion)
o Exhibit 89: Chart on US - Year-over-year growth 2023-2028 (%)
o Exhibit 90: Data Table on US - Year-over-year growth 2023-2028 (%)
o 9.9 Germany - Market size and forecast 2023-2028
o Exhibit 91: Chart on Germany - Market size and forecast 2023-2028 ($ billion)
o Exhibit 92: Data Table on Germany - Market size and forecast 2023-2028 ($ billion)
o Exhibit 93: Chart on Germany - Year-over-year growth 2023-2028 (%)
o Exhibit 94: Data Table on Germany - Year-over-year growth 2023-2028 (%)
o 9.10 China - Market size and forecast 2023-2028
o Exhibit 95: Chart on China - Market size and forecast 2023-2028 ($ billion)
o Exhibit 96: Data Table on China - Market size and forecast 2023-2028 ($ billion)
o Exhibit 97: Chart on China - Year-over-year growth 2023-2028 (%)
o Exhibit 98: Data Table on China - Year-over-year growth 2023-2028 (%)
o 9.11 UK - Market size and forecast 2023-2028
o Exhibit 99: Chart on UK - Market size and forecast 2023-2028 ($ billion)
o Exhibit 100: Data Table on UK - Market size and forecast 2023-2028 ($ billion)
o Exhibit 101: Chart on UK - Year-over-year growth 2023-2028 (%)
o Exhibit 102: Data Table on UK - Year-over-year growth 2023-2028 (%)
o 9.12 Japan - Market size and forecast 2023-2028
o Exhibit 103: Chart on Japan - Market size and forecast 2023-2028 ($ billion)
o Exhibit 104: Data Table on Japan - Market size and forecast 2023-2028 ($ billion)
o Exhibit 105: Chart on Japan - Year-over-year growth 2023-2028 (%)
o Exhibit 106: Data Table on Japan - Year-over-year growth 2023-2028 (%)
o 9.13 Market opportunity By Geographical Landscape
o Exhibit 107: Market opportunity By Geographical Landscape ($ billion)
o Exhibit 108: Data Tables on Market opportunity By Geographical Landscape ($ billion)
- 10 Drivers, Challenges, and Trends
o 10.1 Market drivers
o 10.2 Market challenges
o 10.3 Impact of drivers and challenges
o Exhibit 109: Impact of drivers and challenges in 2023 and 2028
o 10.4 Market trends
- 11 Vendor Landscape
o 11.1 Overview
o 11.2 Vendor landscape
o Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
o 11.3 Landscape disruption
o Exhibit 111: Overview on factors of disruption
o 11.4 Industry risks
o Exhibit 112: Impact of key risks on business
- 12 Vendor Analysis
o 12.1 Vendors covered
o Exhibit 113: Vendors covered
o 12.2 Market positioning of vendors
o Exhibit 114: Matrix on vendor position and classification
o 12.3 Abengoa SA
o Exhibit 115: Abengoa SA - Overview
o Exhibit 116: Abengoa SA - Product / Service
o Exhibit 117: Abengoa SA - Key news
o Exhibit 118: Abengoa SA - Key offerings
o 12.4 ARANER
o Exhibit 119: ARANER - Overview
o Exhibit 120: ARANER - Product / Service
o Exhibit 121: ARANER - Key offerings
o 12.5 Baltimore Aircoil Co.
o Exhibit 122: Baltimore Aircoil Co. - Overview
o Exhibit 123: Baltimore Aircoil Co. - Product / Service
o Exhibit 124: Baltimore Aircoil Co. - Key offerings
o 12.6 Burns and McDonnell
o Exhibit 125: Burns and McDonnell - Overview
o Exhibit 126: Burns and McDonnell - Product / Service
o Exhibit 127: Burns and McDonnell - Key offerings
o 12.7 Caldwell Energy Co.
o Exhibit 128: Caldwell Energy Co. - Overview
o Exhibit 129: Caldwell Energy Co. - Product / Service
o Exhibit 130: Caldwell Energy Co. - Key offerings
o 12.8 CALMAC
o Exhibit 131: CALMAC - Overview
o Exhibit 132: CALMAC - Product / Service
o Exhibit 133: CALMAC - Key offerings
o 12.9 Comfort Systems USA Inc.
o Exhibit 134: Comfort Systems USA Inc. - Overview
o Exhibit 135: Comfort Systems USA Inc. - Product / Service
o Exhibit 136: Comfort Systems USA Inc. - Key offerings
o 12.10 DN Tanks Inc.
o Exhibit 137: DN Tanks Inc. - Overview
o Exhibit 138: DN Tanks Inc. - Product / Service
o Exhibit 139: DN Tanks Inc. - Key offerings
o 12.11 Dunham-Bush Holding Bhd
o Exhibit 140: Dunham-Bush Holding Bhd - Overview
o Exhibit 141: Dunham-Bush Holding Bhd - Product / Service
o Exhibit 142: Dunham-Bush Holding Bhd - Key offerings
o 12.12 EVAPCO Inc.
o Exhibit 143: EVAPCO Inc. - Overview
o Exhibit 144: EVAPCO Inc. - Product / Service
o Exhibit 145: EVAPCO Inc. - Key offerings
o 12.13 Goss Engineering
o Exhibit 146: Goss Engineering - Overview
o Exhibit 147: Goss Engineering - Product / Service
o Exhibit 148: Goss Engineering - Key offerings
o 12.14 HTS
o Exhibit 149: HTS - Overview
o Exhibit 150: HTS - Product / Service
o Exhibit 151: HTS - Key offerings
o 12.15 McDermott International Ltd.
o Exhibit 152: McDermott International Ltd. - Overview
o Exhibit 153: McDermott International Ltd. - Product / Service
o Exhibit 154: McDermott International Ltd. - Key news
o Exhibit 155: McDermott International Ltd. - Key offerings
o 12.16 SENER GRUPO DE INGENIERIA SA
o Exhibit 156: SENER GRUPO DE INGENIERIA SA - Overview
o Exhibit 157: SENER GRUPO DE INGENIERIA SA - Product / Service
o Exhibit 158: SENER GRUPO DE INGENIERIA SA - Key offerings
o 12.17 Thermofin
o Exhibit 159: Thermofin - Overview
o Exhibit 160: Thermofin - Product / Service
o Exhibit 161: Thermofin - Key offerings
- 13 Appendix
o 13.1 Scope of the report
o 13.2 Inclusions and exclusions checklist
o Exhibit 162: Inclusions checklist
o Exhibit 163: Exclusions checklist
o 13.3 Currency conversion rates for US$
o Exhibit 164: Currency conversion rates for US$
o 13.4 Research methodology
o Exhibit 165: Research methodology
o Exhibit 166: Validation techniques employed for market sizing
o Exhibit 167: Information sources
o 13.5 List of abbreviations
o Exhibit 168: List of abbreviations