Key Insights
The North American Thermal Energy Storage (TES) market is projected to reach $4.72 billion by 2025, with a Compound Annual Growth Rate (CAGR) of 7.21% through 2033. This robust growth is fueled by escalating demand for renewable energy integration, stringent emission reduction mandates, and the imperative for reliable energy management across industries. The power generation sector, utilizing TES for solar thermal and other renewables, remains a significant contributor. Heating and cooling applications, encompassing industrial processes and building climate control, are also key drivers, with molten salt and chilled water technologies demonstrating increasing adoption due to their efficiency. Advancements in thermochemical storage further enhance market potential with improved capacity and high-temperature capabilities. Despite initial capital costs and certain technological limitations, ongoing R&D and supportive government policies are mitigating these challenges.
North America Thermal Energy Storage Industry Market Size (In Billion)
North American market expansion is bolstered by strong governmental backing for renewable energy initiatives in the United States and Canada. The market is segmented by storage type (molten salt, chilled water, heat, ice, others), application (power generation, heating & cooling), and technology (sensible, latent, thermochemical). Leading entities like SolarReserve LLC and Terrafore Technologies LLC are instrumental in driving innovation and project development. Increased focus on grid stability, energy security, and sustainability will accelerate TES adoption, leading to substantial market growth from 2025 to 2033. Molten salt and sensible heat storage systems are anticipated to retain a considerable market share due to their established maturity and cost-effectiveness.
North America Thermal Energy Storage Industry Company Market Share
North America Thermal Energy Storage Industry: Market Analysis & Forecast (2019-2033)
This comprehensive report provides a detailed analysis of the North America thermal energy storage industry, offering invaluable insights for stakeholders seeking to understand market dynamics, competitive landscapes, and future growth prospects. The study covers the period 2019-2033, with 2025 serving as the base and estimated year. The report utilizes a robust methodology incorporating historical data (2019-2024), current market estimations (2025), and future projections (2025-2033). Key segments analyzed include Molten Salt, Chilled Water, Heat, Ice, and Others storage types, applied across Power Generation, Heating & Cooling sectors, and utilizing Sensible Heat Storage, Latent Heat Storage, and Thermochemical Heat Storage technologies.
North America Thermal Energy Storage Industry Market Structure & Competitive Dynamics
The North American thermal energy storage market exhibits a moderately concentrated structure, with several major players and a growing number of smaller, specialized firms. Market share is currently dominated by a few established companies, while emerging players are making inroads through technological innovation and niche applications. The industry is characterized by a dynamic innovation ecosystem, with ongoing research and development in advanced materials and storage technologies driving significant advancements. Regulatory frameworks, including government incentives and environmental regulations, play a pivotal role in shaping market growth and influencing investment decisions. Product substitutes, such as traditional energy storage solutions, present ongoing competitive pressure, while end-user trends, particularly towards sustainable and efficient energy solutions, are fueling market demand. M&A activity has been moderate, with deal values ranging from xx Million to xx Million in recent years, indicating strategic consolidation and expansion efforts within the sector. Several large-scale projects are underway, further shaping the competitive landscape.
North America Thermal Energy Storage Industry Industry Trends & Insights
The North American thermal energy storage market is poised for substantial growth, driven by several key factors. The increasing adoption of renewable energy sources, coupled with the intermittent nature of solar and wind power, creates a significant demand for reliable energy storage solutions. The rising cost of electricity and the need for grid stabilization are also contributing to market expansion. Technological advancements, such as improvements in energy density, efficiency, and cost-effectiveness of thermal storage systems, are accelerating market adoption. Consumer preferences are shifting towards environmentally friendly and energy-efficient solutions, bolstering the demand for thermal energy storage. The market is witnessing a surge in the adoption of advanced technologies like latent heat storage and thermochemical heat storage, offering improved performance and cost-effectiveness compared to traditional sensible heat storage. We project a Compound Annual Growth Rate (CAGR) of xx% during the forecast period (2025-2033), with market penetration steadily increasing across various sectors. The ongoing expansion of smart grids and smart cities is creating additional growth opportunities. Competitive dynamics are characterized by technological innovation, strategic partnerships, and capacity expansion initiatives by market players.
Dominant Markets & Segments in North America Thermal Energy Storage Industry
Leading Region: The southwestern United States is currently the leading region, driven by high solar irradiance and supportive policies promoting renewable energy integration.
Dominant Application: Power generation is the most significant application segment, due to its ability to address the intermittency of renewable energy sources. Heating & Cooling represents a rapidly growing segment with increasing adoption in commercial and residential buildings.
Leading Storage Type: Molten salt storage currently holds the largest market share due to its high energy density and relatively low cost. However, chilled water storage is gaining traction due to its applicability in HVAC systems.
Dominant Technology: Sensible heat storage dominates the current market, but latent heat storage and thermochemical storage technologies are expected to gain significant market share over the forecast period due to their potential for increased efficiency and cost-effectiveness.
Key drivers for this dominance include substantial government investments in renewable energy infrastructure, favorable economic policies incentivizing energy storage adoption, and a growing awareness of climate change and the need for sustainable energy solutions. California and Texas stand out as key states demonstrating significant growth in this area. These regions offer substantial incentives and mandates supporting the deployment of thermal energy storage systems.
North America Thermal Energy Storage Industry Product Innovations
Recent years have witnessed significant advancements in thermal energy storage technologies. New materials and designs are improving energy density, reducing costs, and enhancing thermal efficiency. The integration of smart sensors and control systems enables improved system performance and optimization. Innovations in latent heat storage are focused on developing cost-effective phase-change materials and improving their long-term stability. Thermochemical storage technologies are gaining attention due to their potential for even higher energy densities. These innovations are expanding the applications of thermal energy storage into new markets and sectors.
Report Segmentation & Scope
This report provides a comprehensive segmentation of the North America thermal energy storage market across various parameters:
By Type: Molten Salt, Chilled Water, Heat, Ice, Others. Each segment exhibits distinct growth trajectories, with Molten Salt currently leading but other types seeing increasing adoption driven by specific application needs and cost-effectiveness.
By Application: Power Generation (with strong growth projections driven by renewable energy integration), Heating & Cooling (showing significant potential in commercial and residential buildings), and other niche applications.
By Technology: Sensible Heat Storage (currently dominant), Latent Heat Storage (showing promising growth due to efficiency improvements), and Thermochemical Heat Storage (with high potential for future growth but still at early adoption stages). Growth projections vary significantly across these technologies based on ongoing R&D and cost reductions.
Key Drivers of North America Thermal Energy Storage Industry Growth
The growth of the North American thermal energy storage industry is fueled by several key factors: increasing demand for renewable energy integration, stringent environmental regulations promoting clean energy solutions, government incentives and subsidies aimed at accelerating technology adoption, and the rising cost of conventional energy sources. These factors are collectively creating a favorable environment for the expansion of the thermal energy storage market.
Challenges in the North America Thermal Energy Storage Industry Sector
The industry faces challenges such as high upfront capital costs associated with thermal storage systems, potential technical limitations and durability concerns with certain technologies, and the need for improved grid infrastructure to effectively integrate thermal energy storage solutions. Regulatory uncertainties and varying incentive programs across different regions also create complexity for market participants. Furthermore, competition from alternative energy storage technologies can present a challenge. These obstacles need to be addressed for sustained market growth.
Leading Players in the North America Thermal Energy Storage Industry Market
- SolarReserve LLC
- Terrafore Technologies LLC
- Baltimore Aircoil Company
- Aalborg CSP A/S
- Trane Technologies PLC
- SaltX Technology Holding AB
- Abengoa SA
- Burns & McDonnell
- BrightSource Energy Inc
Key Developments in North America Thermal Energy Storage Industry Sector
- 2023-Q3: Launch of a new high-efficiency molten salt storage system by SolarReserve LLC.
- 2022-Q4: Partnership between Terrafore Technologies LLC and a major utility to deploy chilled water storage in a large-scale project.
- 2021-Q2: Acquisition of a smaller thermal energy storage company by Trane Technologies PLC, expanding its market presence. (Further developments will be included in the full report)
Strategic North America Thermal Energy Storage Industry Market Outlook
The North American thermal energy storage market is projected to experience robust growth in the coming years, driven by ongoing technological advancements, increasing demand for renewable energy integration, and supportive government policies. Strategic opportunities exist for companies that can innovate in advanced materials and storage technologies, develop cost-effective solutions, and effectively address the challenges associated with large-scale deployment. The market holds significant potential for both established players and emerging entrants willing to capitalize on the increasing demand for sustainable and efficient energy solutions.
North America Thermal Energy Storage Industry Segmentation
-
1. Type
- 1.1. Molten Salt
- 1.2. Chilled Water
- 1.3. Heat
- 1.4. Ice
- 1.5. Others
-
2. Application
- 2.1. Power Generation
- 2.2. Heating & Cooling
-
3. Technology
- 3.1. Sensible Heat Storage
- 3.2. Latent Heat Storage
- 3.3. Thermochemical Heat Storage
-
4. Geography
- 4.1. United States
- 4.2. Canada
- 4.3. Rest of North America
North America Thermal Energy Storage Industry Segmentation By Geography
- 1. United States
- 2. Canada
- 3. Rest of North America
North America Thermal Energy Storage Industry Regional Market Share
Geographic Coverage of North America Thermal Energy Storage Industry
North America Thermal Energy Storage Industry REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 7.21% from 2020-2034 |
| Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. 4.; Increasing investment in the downstream sector4.; Rising offshore Oil exploration activities
- 3.3. Market Restrains
- 3.3.1. 4.; Rising adoption of cleaner alternatives
- 3.4. Market Trends
- 3.4.1. Power Generation Sector to Dominate the Market
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2020-2032
- 5.1. Market Analysis, Insights and Forecast - by Type
- 5.1.1. Molten Salt
- 5.1.2. Chilled Water
- 5.1.3. Heat
- 5.1.4. Ice
- 5.1.5. Others
- 5.2. Market Analysis, Insights and Forecast - by Application
- 5.2.1. Power Generation
- 5.2.2. Heating & Cooling
- 5.3. Market Analysis, Insights and Forecast - by Technology
- 5.3.1. Sensible Heat Storage
- 5.3.2. Latent Heat Storage
- 5.3.3. Thermochemical Heat Storage
- 5.4. Market Analysis, Insights and Forecast - by Geography
- 5.4.1. United States
- 5.4.2. Canada
- 5.4.3. Rest of North America
- 5.5. Market Analysis, Insights and Forecast - by Region
- 5.5.1. United States
- 5.5.2. Canada
- 5.5.3. Rest of North America
- 5.1. Market Analysis, Insights and Forecast - by Type
- 6. United States North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2020-2032
- 6.1. Market Analysis, Insights and Forecast - by Type
- 6.1.1. Molten Salt
- 6.1.2. Chilled Water
- 6.1.3. Heat
- 6.1.4. Ice
- 6.1.5. Others
- 6.2. Market Analysis, Insights and Forecast - by Application
- 6.2.1. Power Generation
- 6.2.2. Heating & Cooling
- 6.3. Market Analysis, Insights and Forecast - by Technology
- 6.3.1. Sensible Heat Storage
- 6.3.2. Latent Heat Storage
- 6.3.3. Thermochemical Heat Storage
- 6.4. Market Analysis, Insights and Forecast - by Geography
- 6.4.1. United States
- 6.4.2. Canada
- 6.4.3. Rest of North America
- 6.1. Market Analysis, Insights and Forecast - by Type
- 7. Canada North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2020-2032
- 7.1. Market Analysis, Insights and Forecast - by Type
- 7.1.1. Molten Salt
- 7.1.2. Chilled Water
- 7.1.3. Heat
- 7.1.4. Ice
- 7.1.5. Others
- 7.2. Market Analysis, Insights and Forecast - by Application
- 7.2.1. Power Generation
- 7.2.2. Heating & Cooling
- 7.3. Market Analysis, Insights and Forecast - by Technology
- 7.3.1. Sensible Heat Storage
- 7.3.2. Latent Heat Storage
- 7.3.3. Thermochemical Heat Storage
- 7.4. Market Analysis, Insights and Forecast - by Geography
- 7.4.1. United States
- 7.4.2. Canada
- 7.4.3. Rest of North America
- 7.1. Market Analysis, Insights and Forecast - by Type
- 8. Rest of North America North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2020-2032
- 8.1. Market Analysis, Insights and Forecast - by Type
- 8.1.1. Molten Salt
- 8.1.2. Chilled Water
- 8.1.3. Heat
- 8.1.4. Ice
- 8.1.5. Others
- 8.2. Market Analysis, Insights and Forecast - by Application
- 8.2.1. Power Generation
- 8.2.2. Heating & Cooling
- 8.3. Market Analysis, Insights and Forecast - by Technology
- 8.3.1. Sensible Heat Storage
- 8.3.2. Latent Heat Storage
- 8.3.3. Thermochemical Heat Storage
- 8.4. Market Analysis, Insights and Forecast - by Geography
- 8.4.1. United States
- 8.4.2. Canada
- 8.4.3. Rest of North America
- 8.1. Market Analysis, Insights and Forecast - by Type
- 9. Competitive Analysis
- 9.1. Market Share Analysis 2025
- 9.2. Company Profiles
- 9.2.1 SolarReserve LLC
- 9.2.1.1. Overview
- 9.2.1.2. Products
- 9.2.1.3. SWOT Analysis
- 9.2.1.4. Recent Developments
- 9.2.1.5. Financials (Based on Availability)
- 9.2.2 Terrafore Technologies LLC
- 9.2.2.1. Overview
- 9.2.2.2. Products
- 9.2.2.3. SWOT Analysis
- 9.2.2.4. Recent Developments
- 9.2.2.5. Financials (Based on Availability)
- 9.2.3 Baltimore Aircoil Company
- 9.2.3.1. Overview
- 9.2.3.2. Products
- 9.2.3.3. SWOT Analysis
- 9.2.3.4. Recent Developments
- 9.2.3.5. Financials (Based on Availability)
- 9.2.4 Aalborg CSP A/S
- 9.2.4.1. Overview
- 9.2.4.2. Products
- 9.2.4.3. SWOT Analysis
- 9.2.4.4. Recent Developments
- 9.2.4.5. Financials (Based on Availability)
- 9.2.5 Trane Technologies PLC*List Not Exhaustive
- 9.2.5.1. Overview
- 9.2.5.2. Products
- 9.2.5.3. SWOT Analysis
- 9.2.5.4. Recent Developments
- 9.2.5.5. Financials (Based on Availability)
- 9.2.6 SaltX Technology Holding AB
- 9.2.6.1. Overview
- 9.2.6.2. Products
- 9.2.6.3. SWOT Analysis
- 9.2.6.4. Recent Developments
- 9.2.6.5. Financials (Based on Availability)
- 9.2.7 Abengoa SA
- 9.2.7.1. Overview
- 9.2.7.2. Products
- 9.2.7.3. SWOT Analysis
- 9.2.7.4. Recent Developments
- 9.2.7.5. Financials (Based on Availability)
- 9.2.8 Burns & McDonnell
- 9.2.8.1. Overview
- 9.2.8.2. Products
- 9.2.8.3. SWOT Analysis
- 9.2.8.4. Recent Developments
- 9.2.8.5. Financials (Based on Availability)
- 9.2.9 BrightSource Energy Inc
- 9.2.9.1. Overview
- 9.2.9.2. Products
- 9.2.9.3. SWOT Analysis
- 9.2.9.4. Recent Developments
- 9.2.9.5. Financials (Based on Availability)
- 9.2.1 SolarReserve LLC
List of Figures
- Figure 1: North America Thermal Energy Storage Industry Revenue Breakdown (billion, %) by Product 2025 & 2033
- Figure 2: North America Thermal Energy Storage Industry Share (%) by Company 2025
List of Tables
- Table 1: North America Thermal Energy Storage Industry Revenue billion Forecast, by Type 2020 & 2033
- Table 2: North America Thermal Energy Storage Industry Revenue billion Forecast, by Application 2020 & 2033
- Table 3: North America Thermal Energy Storage Industry Revenue billion Forecast, by Technology 2020 & 2033
- Table 4: North America Thermal Energy Storage Industry Revenue billion Forecast, by Geography 2020 & 2033
- Table 5: North America Thermal Energy Storage Industry Revenue billion Forecast, by Region 2020 & 2033
- Table 6: North America Thermal Energy Storage Industry Revenue billion Forecast, by Type 2020 & 2033
- Table 7: North America Thermal Energy Storage Industry Revenue billion Forecast, by Application 2020 & 2033
- Table 8: North America Thermal Energy Storage Industry Revenue billion Forecast, by Technology 2020 & 2033
- Table 9: North America Thermal Energy Storage Industry Revenue billion Forecast, by Geography 2020 & 2033
- Table 10: North America Thermal Energy Storage Industry Revenue billion Forecast, by Country 2020 & 2033
- Table 11: North America Thermal Energy Storage Industry Revenue billion Forecast, by Type 2020 & 2033
- Table 12: North America Thermal Energy Storage Industry Revenue billion Forecast, by Application 2020 & 2033
- Table 13: North America Thermal Energy Storage Industry Revenue billion Forecast, by Technology 2020 & 2033
- Table 14: North America Thermal Energy Storage Industry Revenue billion Forecast, by Geography 2020 & 2033
- Table 15: North America Thermal Energy Storage Industry Revenue billion Forecast, by Country 2020 & 2033
- Table 16: North America Thermal Energy Storage Industry Revenue billion Forecast, by Type 2020 & 2033
- Table 17: North America Thermal Energy Storage Industry Revenue billion Forecast, by Application 2020 & 2033
- Table 18: North America Thermal Energy Storage Industry Revenue billion Forecast, by Technology 2020 & 2033
- Table 19: North America Thermal Energy Storage Industry Revenue billion Forecast, by Geography 2020 & 2033
- Table 20: North America Thermal Energy Storage Industry Revenue billion Forecast, by Country 2020 & 2033
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the North America Thermal Energy Storage Industry?
The projected CAGR is approximately 7.21%.
2. Which companies are prominent players in the North America Thermal Energy Storage Industry?
Key companies in the market include SolarReserve LLC, Terrafore Technologies LLC, Baltimore Aircoil Company, Aalborg CSP A/S, Trane Technologies PLC*List Not Exhaustive, SaltX Technology Holding AB, Abengoa SA, Burns & McDonnell, BrightSource Energy Inc.
3. What are the main segments of the North America Thermal Energy Storage Industry?
The market segments include Type, Application, Technology, Geography.
4. Can you provide details about the market size?
The market size is estimated to be USD 4.72 billion as of 2022.
5. What are some drivers contributing to market growth?
4.; Increasing investment in the downstream sector4.; Rising offshore Oil exploration activities.
6. What are the notable trends driving market growth?
Power Generation Sector to Dominate the Market.
7. Are there any restraints impacting market growth?
4.; Rising adoption of cleaner alternatives.
8. Can you provide examples of recent developments in the market?
N/A
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4750, USD 5250, and USD 8750 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in billion.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "North America Thermal Energy Storage Industry," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the North America Thermal Energy Storage Industry report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the North America Thermal Energy Storage Industry?
To stay informed about further developments, trends, and reports in the North America Thermal Energy Storage Industry, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database
Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence