The Global Thermal Energy Storage (TES) Market 2026-2036

Table of Contents

1 EXECUTIVE SUMMARY

• 1.1 Current market size and growth potential
• 1.2 Major market drivers and barriers
• 1.3 Emerging trends and opportunities
• 1.4 Key technology conclusions
  • 1.4.1 TES technologies and their applications
  • 1.4.2 Technology readiness and commercialization status
  • 1.4.3 Future technology development and innovation roadmap
• 1.5 Thermal energy storage value chain and key players
• 1.6 Thermal energy storage market size and growth projections
  • 1.6.1 Global market size and forecast
  • 1.6.2 Market segmentation by technology, application, and region
  • 1.6.3 Regional initiatives

2 INTRODUCTION

• 2.1 Overview of thermal energy storage technologies
  • 2.1.1 Historical development and milestones
  • 2.1.2 Comparison with other energy storage technologies
  • 2.1.3 Benefits and challenges of TES deployment
• 2.2 Working principles of thermal energy storage systems
  • 2.2.1 Charging and discharging processes
  • 2.2.2 Heat transfer and storage mechanisms
  • 2.2.3 System components and configurations
• 2.3 Thermal energy storage classification and applications
  • 2.3.1 Sensible
  • 2.3.2 Latent
  • 2.3.3 Thermochemical storage
  • 2.3.4 Mechanical-thermal
  • 2.3.5 Low, medium, and high-temperature applications
  • 2.3.6 Centralized and distributed storage systems

3 MARKET DRIVERS AND OPPORTUNITIES

• 3.1 Decarbonization of power and industrial sectors
  • 3.1.1 Renewable energy integration and intermittency management
  • 3.1.2 Emissions reduction targets and carbon pricing
  • 3.1.3 Energy efficiency and process optimization
• 3.2 Grid flexibility and long-duration energy storage
• 3.3 Energy security and fossil-fuel displacement
• 3.4 Integration of renewable energy sources
  • 3.4.1 Solar thermal and concentrated solar power
  • 3.4.2 Wind energy and power-to-heat solutions
  • 3.4.3 Geothermal energy and waste heat recovery
• 3.5 Energy efficiency and cost savings
  • 3.5.1 Peak shaving and load shifting
  • 3.5.2 Demand response and energy arbitrage
  • 3.5.3 Reduced fuel consumption and operating costs
• 3.6 Grid stability and resilience
  • 3.6.1 Frequency regulation and ancillary services
  • 3.6.2 Transmission and distribution infrastructure deferral
  • 3.6.3 Microgrid and off-grid applications
• 3.7 Policy support and emissions trading schemes
  • 3.7.1 Renewable energy mandates and incentives
  • 3.7.2 Carbon markets and emissions trading schemes
  • 3.7.3 Building codes and energy efficiency standards
• 3.8 Regional initiatives and funding programs
• 3.9 Emerging opportunities

4 THERMAL ENERGY STORAGE APPLICATIONS

• 4.1 Concentrated solar power (CSP)
  • 4.1.1 TES installations with concentrated solar power
    • 4.1.1.1 TES deployments with CSP projects, 2008–2023
    • 4.1.1.2 Capacity of TES (MWh) with installed CSP plants by region
    • 4.1.1.3 Capacity of TES (MWh) with planned CSP plants by country and project
  • 4.1.2 Parabolic trough and power tower systems
  • 4.1.3 Molten salt and other storage media
  • 4.1.4 Hybridization with fossil fuel and biomass
  • 4.1.5 SWOT analysis
• 4.2 Industrial process heat
  • 4.2.1 Thermal energy storage value chain
  • 4.2.2 Key suppliers and manufacturers for TES media and materials
  • 4.2.3 Heat as a Product and Heat as a Service
  • 4.2.4 Thermal energy storage players
  • 4.2.5 Global distribution of TES system installations (excluding CSP)
  • 4.2.6 Existing and planned TES projects by industry / sector end-user
  • 4.2.7 TES projects by commercial readiness timeline
  • 4.2.8 TES technologies by commercial readiness level (CRL)
  • 4.2.9 Cumulative capacity of TES systems by region
  • 4.2.10 Cumulative capacity of TES systems by player
  • 4.2.11 Overview of industrial heat demand by temperature and operation
    • 4.2.11.1 Low-temperature processes (<100°C)
    • 4.2.11.2 Medium-temperature processes (100-400°C)
    • 4.2.11.3 High-temperature processes (>400°C)
  • 4.2.12 TES applications for specific industrial processes
    • 4.2.12.1 Food and beverage processing
    • 4.2.12.2 Pulp and paper manufacturing
    • 4.2.12.3 Chemical and petrochemical industries
    • 4.2.12.4 Metallurgy and mining
    • 4.2.12.5 Cement and ceramic production
  • 4.2.13 SWOT analysis
• 4.3 District heating and cooling
  • 4.3.1 Combined heat and power (CHP) systems
  • 4.3.2 Waste heat recovery and utilization
  • 4.3.3 Seasonal storage and load balancing
  • 4.3.4 SWOT analysis
• 4.4 Residential and commercial buildings
  • 4.4.1 Space heating and cooling
  • 4.4.2 Water heating and thermal comfort
  • 4.4.3 Integration with solar thermal and heat pump systems
  • 4.4.4 SWOT analysis
• 4.5 Long-duration energy storage
  • 4.5.1 Electro-thermal energy storage systems
  • 4.5.2 TES as a technology to support adiabatic CAES and LAES systems
    • 4.5.2.1 Adiabatic LAES system with thermal energy storage
  • 4.5.3 Long-duration energy storage installation forecasts
    • 4.5.3.1 Annual installations forecast by region (GWh)
    • 4.5.3.2 Annual installations forecast by technology and segment (GWh)
    • 4.5.3.3 Installations forecast by application and value
  • 4.5.4 SWOT analysis
• 4.6 Chemical looping and hydrogen production
  • 4.6.1 Chemical looping combustion (CLC) and reforming (CLR)
  • 4.6.2 Hydrogen production and storage
  • 4.6.3 Integration with carbon capture and utilization (CCU)
  • 4.6.4 Chemical looping combustion (CLC)
  • 4.6.5 Chemical looping hydrogen (CLH) generation
  • 4.6.6 Sorption-enhanced steam methane reforming (SE-SMR)
• 4.7 Cold chain and refrigeration
  • 4.7.1 Food and pharmaceutical storage and transport
  • 4.7.2 Industrial refrigeration and process cooling
  • 4.7.3 Air conditioning and space cooling
  • 4.7.4 SWOT analysis

5 TECHNOLOGIES AND MATERIALS

• 5.1 Overview
  • 5.1.1 TES commercial readiness and technology benchmarking for industrial applications
  • 5.1.2 Thermal energy storage working principles
  • 5.1.3 TES system considerations
  • 5.1.4 TES system designs to provide heat at constant working parameters
  • 5.1.5 Thermal energy storage applications
  • 5.1.6 Types of thermal storage systems — latent and sensible heat
  • 5.1.7 Molten salt versus concrete as a thermal storage medium
• 5.2 Sensible heat storage
  • 5.2.1 Molten salts
    • 5.2.1.1 Nitrate salts and eutectics
    • 5.2.1.2 Chloride and carbonate salts
    • 5.2.1.3 Salt selection criteria and properties
  • 5.2.2 Concrete and solid materials
    • 5.2.2.1 High-temperature concrete and ceramics
    • 5.2.2.2 Natural and recycled materials (rock, sand, bricks)
    • 5.2.2.3 Compatibility with heat transfer fluids
• 5.3 Latent heat storage (Phase Change Materials)
  • 5.3.1 Organic PCMs (paraffins, fatty acids)
    • 5.3.1.1 Paraffin wax
    • 5.3.1.2 Non-Paraffins (fatty acids, esters, alcohols)
    • 5.3.1.3 Bio-based phase change materials
  • 5.3.2 Inorganic PCMs (salt hydrates, metallics)
    • 5.3.2.1 Salt hydrates
    • 5.3.2.2 Metal and metal alloy PCMs (High-temperature)
  • 5.3.3 Encapsulation and heat exchanger design
    • 5.3.3.1 Benefits
    • 5.3.3.2 Encapsulation selection considerations
    • 5.3.3.3 Macroencapsulation
    • 5.3.3.4 Micro/nanoencapsulation
    • 5.3.3.5 Shape Stabilized PCMs
    • 5.3.3.6 Commercial Encapsulation Technologies
  • 5.3.4 Eutectic PCMs
    • 5.3.4.1 Eutectic Mixtures
    • 5.3.4.2 Examples of Eutectic Inorganic PCMs
    • 5.3.4.3 Benefits
    • 5.3.4.4 Applications
    • 5.3.4.5 Advantages and disadvantages of eutectics
    • 5.3.4.6 Recent developments
• 5.4 Thermochemical energy storage
  • 5.4.1 Thermochemical energy storage classification
  • 5.4.2 Thermochemical adsorption and absorption (sorption storage)
    • 5.4.2.1 Closed salt–water hydration (sorption) process
    • 5.4.2.2 Open salt–water hydration (sorption) process
  • 5.4.3 Thermochemical reaction energy storage (without sorption)
  • 5.4.4 Materials for thermochemical storage
    • 5.4.4.1 Materials overview
    • 5.4.4.2 Salt hydration
    • 5.4.4.3 Metal halides and sulfates with ammonia
    • 5.4.4.4 Metal oxide hydration
    • 5.4.4.5 Metal oxide carbonation and redox reactions
    • 5.4.4.6 Materials outlook and map
  • 5.4.5 Prototypes of thermochemical energy storage systems
  • 5.4.6 Complexities of reactor and system design
  • 5.4.7 Thermochemical energy storage advantages and disadvantages
• 5.5 Electro-thermal energy storage
  • 5.5.1 Joule heating and resistive heating
  • 5.5.2 Induction heating and electromagnetic systems
  • 5.5.3 Heat pumps and refrigeration cycles
• 5.6 Comparison of TES technologies: advantages and disadvantages
  • 5.6.1 Energy density and storage capacity
  • 5.6.2 Efficiency and round-trip
  • 5.6.3 Cost and economic viability
  • 5.6.4 Operational flexibility and response time
  • 5.6.5 Environmental impact and safety considerations
• 5.7 Technology readiness levels and commercial maturity
  • 5.7.1 Research and development (TRL 1-3)
  • 5.7.2 Prototype and pilot-scale demonstration (TRL 4-6)
  • 5.7.3 Commercial-scale deployment (TRL 7-9)

6 MARKET ANALYSIS

• 6.1 Market Size
  • 6.1.1 By technology type
  • 6.1.2 By application and end-use sector
  • 6.1.3 By region
  • 6.1.4 Annual installations by region (GWh)
  • 6.1.5 Annual installations by technology (GWh)
  • 6.1.6 Annual installations by market segment (GWh)
• 6.2 Price and Cost Analysis
• 6.3 Value Chain
  • 6.3.1 Raw material suppliers and logistics
  • 6.3.2 Component manufacturers and system integrators
  • 6.3.3 Project developers and engineering firms
  • 6.3.4 End-users and asset owners
  • 6.3.5 Operation and maintenance service providers
• 6.4 Project case studies and deployment examples
  • 6.4.1 Utility-scale TES projects
  • 6.4.2 Industrial TES applications
  • 6.4.3 District heating and cooling networks
  • 6.4.4 Residential and commercial building projects

7 THERMAL ENERGY STORAGE PROJECTS AND INSTALLATIONS

• 7.1 Cumulative capacity of TES systems by region
• 7.2 Global overview of TES projects and installations
  • 7.2.1 Number and capacity of operational projects
  • 7.2.2 Planned and under-construction projects
• 7.3 Regional breakdown of TES projects
  • 7.3.1 North America
  • 7.3.2 Europe
  • 7.3.3 Asia-Pacific
  • 7.3.4 Rest of the World
• 7.4 TES projects by application and industry
  • 7.4.1 Power generation and utilities
  • 7.4.2 Industrial manufacturing and process heat
  • 7.4.3 District heating and cooling
  • 7.4.4 Buildings and construction
  • 7.4.5 Transportation and mobility

8 COMPANY PROFILES 136 (69 company profiles)

9 APPENDIX

• 9.1 RESEARCH METHODOLOGY
  • 9.1.1 A note on market definitions
• 9.2 REPORT SCOPE
  • 9.2.1 Technologies and materials in scope
  • 9.2.2 Applications and end-use sectors in scope
  • 9.2.3 Geographic and time scope

10 REFERENCES

List of Tables

• Table 1. Market drivers and barriers in thermal energy storage.
• Table 2. Emerging trends and opportunities in thermal energy storage.
• Table 3. TES technologies and applications.
• Table 4. Thermal energy storage revenues, by technology (Billions USD) 2020-2035.
• Table 5. TES revenues by application and end-use (USD billions).
• Table 6. TES revenues by region (USD billions).
• Table 7. Regional initiatives in Thermal energy storage.
• Table 8. Historical development and milestones of TES technologies.
• Table 9. Comparison of TES with other energy storage technologies.
• Table 10. Benefits and challenges of TES deployment.
• Table 11. TES applications by temperature band.
• Table 12. TES summary for decarbonizing industrial heating processes
• Table 13. Regional initiatives and funding programs in thermal energy storage.
• Table 14.Emerging opportunities in thermal energy storage.
• Table 15. Concentrated solar power and thermal energy storage plants.
• Table 16. Approximate installed CSP thermal-storage energy capacity by region
• Table 17. Representative planned CSP-with-storage projects.
• Table 18. TES applications for decarbonizing industrial process heating.
• Table 19. TES for industrial and non-CSP applications.
• Table 20. Industrial TES value chain - stages, activities and value distribution.
• Table 21. Strategic partnership types in industrial TES.
• Table 22. TES storage media and materials - suppliers and characteristics.
• Table 23. TES commercial models - equipment sale versus Heat-as-a-Service.
• Table 24. Principal industrial TES players overview.
• Table 25. Existing and planned non-CSP TES projects by industry / sector.
• Table 26. TES project commercial-readiness timeline.
• Table 27. Indicative cumulative deployed and committed TES capacity by player.
• Table 28. Industrial heat demand by operation and temperature, with TES addressability.
• Table 29. Low-temperature (<100 °C) industrial processes and TES solutions.
• Table 30. Medium-temperature (100–400 °C) industrial processes and TES solutions.
• Table 31. High-temperature (>400 °C) industrial processes and TES solutions.
• Table 32. Thermal storage roles in district heating and cooling.
• Table 33. Seasonal thermal storage technologies for district energy.
• Table 34. Thermal storage options in residential and commercial buildings.
• Table 35. TES integration with solar thermal and heat pumps in buildings.
• Table 36. Thermal long-duration energy storage approaches.
• Table 37. Indicative annual TES installations by application (GWh) and annual market value (US$B), selected years.
• Table 38. Chemical looping configurations and their functions.
• Table 39. Outlook for chemical-looping routes in TES and hydrogen.
• Table 40. Cold-storage technologies for cold chain and refrigeration.
• Table 41. Cooling storage approaches by application scale.
• Table 42. Thermal energy storage technologies summary.
• Table 43. TES technology benchmarking for industrial applications.
• Table 44. Key TES system-design considerations.
• Table 45. TES design approaches for constant-parameter heat delivery.
• Table 46. Sensible versus latent heat storage.
• Table 47. Molten salt versus concrete as a thermal storage medium.
• Table 48. Operating temperatures and time ranges for TES technologies.
• Table 49. Molten-salt selection criteria and comparative properties.
• Table 50. Concrete and solid materials in TES.
• Table 51. High-temperature concrete and ceramic storage media.
• Table 52. Natural and recycled solid storage materials.
• Table 53. Heat-transfer-fluid compatibility with solid storage media.
• Table 54. Phase change material families and characteristics.
• Table 55. Advantages and disadvantages of parafiin wax PCMs.
• Table 56. Advantages and disadvantages of non-paraffins.
• Table 57. Advantages and disadvantages of Bio-based phase change materials.
• Table 58. Advantages and disadvantages of salt hydrates
• Table 59. Representative commercial salt-hydrate PCM products.
• Table 60. Advantages and disadvantages of low melting point metals.
• Table 61. PCM encapsulation scales.
• Table 62. PCM encapsulation selection considerations.
• Table 63. Microencapsulation process and characteristics.
• Table 64. Shape-stabilized PCM characteristics.
• Table 65. Comparison of PCM encapsulation methods.
• Table 66. Representative eutectic PCMs.
• Table 67. Advantages and disadvantages of eutectics.
• Table 68. Recent development directions in eutectic PCMs.
• Table 69. Classification of thermochemical energy storage.
• Table 70. Closed versus open sorption storage systems.
• Table 71. Thermochemical storage materials by class.
• Table 72. Thermochemical materials outlook by temperature band.
• Table 73. Representative thermochemical storage prototypes.
• Table 74. Advantages and disadvantages of thermochemical energy storage.
• Table 75. Electro-thermal charging methods compared.
• Table 76. Comparative properties of TES technologies.
• Table 77. Environmental and safety considerations by TES family.
• Table 78. Thermal energy storage revenues, by technology (US$ billions), 2020–2036.
• Table 79. Thermal energy storage revenues, by application and end-use sector (US$ billions), 2020–2036.
• Table 80. Thermal energy storage revenues, by region (US$ billions), 2020–2036.
• Table 81. Thermal energy storage annual installations, by region (GWh), 2020–2036.
• Table 82. Thermal energy storage annual installations, by technology (GWh), 2020–2036.
• Table 83. Thermal energy storage annual installations, by market segment (GWh), 2020–2036.
• Table 84. TES price and cost analysis.
• Table 85. Thermal energy storage value chain.
• Table 86. Representative TES deployment examples by application class.
• Table 87. Existing and planned TES projects by industry / sector end-user.
• Table 88. Cumulative installed TES capacity by region (GWh), 2020–2036.
• Table 89. Operational TES projects
• Table 90. Planned and under-construction TES projects.
• Table 91. TES projects in power generation and utilities.
• Table 92. TES projects in industrial manufacturing and process heat.
• Table 93. TES projects in district heating and cooling.
• Table 94. TES projects in buildings and construction.
• Table 95. TES applications in transportation and mobility.
• Table 96. Technology readiness level by company

List of Figures

• Figure 1. Global thermal energy storage market, 2020–2036 (USD billions).
• Figure 2. Components of the energy-transition strategy and the role of thermal energy storage.
• Figure 3. TES technologies by readiness and commercialization status (Technology Readiness Level).
• Figure 4. Thermal energy storage innovation and deployment roadmap to 2036.
• Figure 5. Thermal energy storage value chain.
• Figure 6. Thermal energy storage revenues by technology, 2020–2036 (USD billions).
• Figure 7. Thermal energy storage revenues by application and end-use, 2020–2036 (USD billions).
• Figure 8. Thermal energy storage revenues, by region (Billions USD) 2020-2035.
• Figure 9. Positioning of storage technologies by typical discharge duration and system power (illustrative).
• Figure 10. Thermal energy storage working principle: charge, store and discharge.
• Figure 11. Industrial process-heat demand by temperature band and TES addressability
• Figure 12. Energy-capacity cost by storage technology (USD per kWh).
• Figure 13. SWOT analysis: TES concentrated solar power.
• Figure 14. Distribution of leading TES player headquarters by region.
• Figure 15. Approximate distribution of non-CSP TES installations by region.
• Figure 16. Approximate distribution of non-CSP TES installations by region.
• Figure 17 . TES technologies by Commercial Readiness Level (CRL).
• Figure 18. Cumulative non-CSP TES installed capacity by region, 2020–2036 (GWh, illustrative).
• Figure 19. Industrial heat demand intensity by unit operation and temperature band.
• Figure 20. SWOT analysis: TES for industrial process heat.
• Figure 21. SWOT analysis: district heating and cooling.
• Figure 22. SWOT analysis: TES for residential and commercial buildings.
• Figure 23. Thermal energy storage annual installations by region, 2020–2036 (GWh).
• Figure 24. Thermal energy storage annual installations by technology, 2020–2036 (GWh).
• Figure 25. SWOT analysis: thermal long-duration energy storage.
• Figure 26. CaL process scheme.
• Figure 27. SWOT analysis: TES for cold chain and refrigeration.
• Figure 28. Direct molten-salt storage system.
• Figure 29. Indirect molten-salt storage system.
• Figure 30. Molten-salt TES capacity installed globally (GWh).
• Figure 31. Schematic of PCM in storage tank linked to solar collector.
• Figure 32. UniQ line of thermal batteries.
• Figure 33. Thermochemical storage methods and materials.
• Figure 34. TES technologies by commercial readiness levels (CRL).
• Figure 35. Thermal energy storage revenues, by technology (US$ billions), 2020–2036.
• Figure 36. Thermal energy storage revenues, by application and end-use sector (US$ billions), 2020–2036.
• Figure 37. Thermal energy storage revenues, by region (US$ billions), 2020–2036.
• Figure 38. Thermal energy storage annual installations, by technology (GWh), 2020–2036.
• Figure 39. Thermal energy storage annual installations, by market segment (GWh), 2020–2036.
• Figure 40. Planned/under-construction TES pipeline by company segment (GWh).
• Figure 41. Thermal energy storage installations, by region (GWh) 2020-2036.
• Figure 42. Thermal energy storage installations, by technology (GWh) 2020-2036.
• Figure 43. 1414’s thermal energy storage system (TESS)
• Figure 44. Caldera battery system.