PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1731124
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1731124
U.S. Thermal Energy Storage Market Size & Share Analysis - Emerging Trends, Growth Opportunities, Competitive Landscape, and Forecasts (2025 - 2032)
The U.S. thermal energy storage market generated revenue of USD 890.1 million in 2024 and is projected to grow at a compound annual growth rate of 13.1% from 2025 to 2032, reaching USD 2,357.7 million by 2032. The growth is driven by increasing demand for energy-efficient cooling and heating solutions, growing adoption of renewable energy sources, and government initiatives aimed at reducing carbon emissions. Thermal energy storage systems enable better load management and energy cost savings, making them attractive for commercial, industrial, and utility-scale applications.
Technological advancements in phase change materials (PCMs), ice storage, and molten salt storage are enhancing system efficiency and scalability. Increasing integration with smart grids and microgrids is further expanding market opportunities. Supportive policies and incentives promoting sustainable energy storage solutions contribute positively to the market outlook.
Key Insights
The market is segmented by storage type into sensible heat storage, latent heat storage, and thermochemical storage, with sensible heat storage dominating due to its wide application.
District heating & cooling applications, especially in commercial and industrial sectors, lead market demand, followed by heating and power generation.
Key regional markets include California, Texas, and New York, driven by their emphasis on renewable energy and sustainability goals.
Advancements in materials and system designs improve storage capacity, efficiency, and cost-effectiveness.
Major players such as Calmac Manufacturing Corporation, Ice Energy, and BrightSource Energy focus on product innovation and strategic collaborations.
Increasing deployment of concentrated solar power (CSP) plants is boosting thermal energy storage adoption.
Government regulations and incentives for energy storage and carbon reduction encourage market growth.
Integration with HVAC systems and grid management enhances energy reliability and operational flexibility.
The growing emphasis on reducing peak energy demand and grid congestion creates new market opportunities.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market Size Breakdown, by Technology
- 1.4.2. Market Size Breakdown, by Storage Material
- 1.4.3. Market Size Breakdown, by Application
- 1.4.4. Market Size Breakdown, by End User
- 1.5. Market Data Reporting Unit
- 1.5.1. Revenue
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence Database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Industry Background
- 5.2. Market Dynamics
- 5.2.1. Trends
- 5.2.2. Drivers
- 5.2.3. Restraints/Challenges
- 5.2.4. Emerging Economies and Key Opportunities
- 5.2.5. Impact Analysis of Drivers/Restraints
- 5.3. Impact of COVID-19
- 5.4. Sociopolitical Impact
- 5.5. Porter's Five Forces Analysis
- 5.5.1. Bargaining Power of Buyers
- 5.5.2. Bargaining Power of Suppliers
- 5.5.3. Threat of New Entrants
- 5.5.4. Intensity of Rivalry
- 5.5.5. Threat of Substitutes
- 5.6. Innovation and Technology Trends
- 5.7. Supply Chain and Value Chain Insights
- 5.8. Economic and Regulatory Impact
- 5.9. Market Entry Strategies
Chapter 6. Competitive Landscape
- 6.1. List of Market Players and their Offerings
- 6.2. Market Share of Key Players (2024)
- 6.3. Competitive Benchmarking of Key Players
- 6.4. Product Benchmarking of Key Players
- 6.5. Recent Strategic Developments by Key Players
- 6.6. Company Leadership Matrix
Chapter 7. U.S. Market
- 7.1. Overview
- 7.2. Market Revenue, by Technology (2019-2032)
- 7.3. Market Revenue, by Storage Material (2019-2032)
- 7.4. Market Revenue, by Application (2019-2032)
- 7.5. Market Revenue, by End User (2019-2032)
- 7.6. Market Revenue, by Country (2019-2032)
- 7.7. Market Revenue, by Region (2019-2032)
Chapter 8. Company Profiles
Chapter 9. Appendix
- 9.1. Sources and References
- 9.2. Related Reports
