Global Thermal Energy Storage (TES) Strategic Business Report 2023: Need for Improved Energy Management Amidst Increasing Demand for Electricity Benefits Market Expansion


Dublin, April 24, 2023 (GLOBE NEWSWIRE) -- The "Thermal Energy Storage (TES): Global Strategic Business Report" report has been added to's offering.

The global market for Thermal Energy Storage (TES) estimated at US$4.4 Billion in the year 2022, is projected to reach a revised size of US$7.7 Billion by 2030, growing at a CAGR of 7.1% over the analysis period 2022-2030.

Water, one of the segments analyzed in the report, is projected to record a 6.3% CAGR and reach US$3.1 Billion by the end of the analysis period.

Taking into account the ongoing post pandemic recovery, growth in the Molten Salt segment is readjusted to a revised 7.3% CAGR for the next 8-year period.

The U.S. Market is Estimated at $1.5 Billion, While China is Forecast to Grow at 8.8% CAGR

The Thermal Energy Storage (TES) market in the U.S. is estimated at US$1.5 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$890.3 Million by the year 2030 trailing a CAGR of 8.8% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.7% and 6.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6.7% CAGR.

Select Competitors (Total 50 Featured) -

  • Abengoa Solar, S.A.
  • Baltimore Aircoil Company
  • Burns & Mcdonnell
  • Caldwell Energy Company
  • CALMAC Corporation
  • DN Tanks, Inc.
  • Dunham-Bush Holding Bhd
  • EnergyNest AS
  • Evapco, Inc.
  • FAFCO, Inc.
  • Finetex EnE Inc.
  • Goss Engineering, Inc.
  • McDermott International
  • Siemens Gamesa Renewable Energy, S.A.
  • Steffes Corporation
  • TAS Energy Inc.

What`s New for 2023?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Key Attributes:

Report AttributeDetails
No. of Pages415
Forecast Period2022 - 2030
Estimated Market Value (USD) in 2022$4.4 Billion
Forecasted Market Value (USD) by 2030$7.7 Billion
Compound Annual Growth Rate7.2%
Regions CoveredGlobal

Key Topics Covered:




  • Influencer Market Insights
  • World Market Trajectories
  • COVID-19 Pandemic: A Looming Global Recession and Impact on Energy Storage Industry
  • Superior Attributes and Multiple Benefits of Thermal Energy Storage Technology Drive Widespread Market Adoption
  • Thermal Energy Storage (TES): Efficient and Economical Capture of Energy during Lean Period for Fueling Cooling Needs of the Peak Period
  • Expanding Share of Intermittent Renewable Energy Sources and the Resulting Need for Energy Storage: The Fundamental Growth Driver
  • Global Energy Production by Energy Source (2017, 2020, 2030 and 2040): Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share for Petroleum, Nuclear, Natural Gas, Coal and Renewables
  • Targets for Electricity Production from Renewable Energy Sources Worldwide by Country
  • Booming Renewable Energy Sector Benefits Penetration of Energy Storage Technologies
  • Energy Storage Technologies: Classification
  • Key Energy Storage Technologies & Applications for Electrical, Chemical, Electrochemical, Mechanical and Thermal Energy
  • Thermal Energy Storage Vital for Development Efficient, Disruption-Resistant Grids
  • Thermal Energy Storage: Current Market Scenario and Outlook
  • Recent Market Activity
  • United States: The Single Largest TES Market
  • Developing Regions Offer Huge Untapped Market Growth Potential for TES
  • Despite Competition from Latent Heat Storage, Sensible Heat Technology Sustains Dominance
  • Various Thermal Storage Technologies: Brief Details of Efficiency, Storage Time, Power and Capacity
  • Offering Better Alternative to Molten Salt Model, PCM Systems Emerge as Fastest Growing Segment
  • Thermal Energy Storage (TES): Product Overview
  • Thermal Storage Technologies
  • TES Systems for Ice/Cool Storage
  • Solar Power TES Systems
  • Inter-Seasonal Thermal Storage Systems
  • Small-Scale Thermal Energy Storage (TES) Systems
  • High-Temperature Thermal Energy Storage
  • Full and Partial Thermal Energy Storage Systems
  • Thermal Storage Media
  • Competitive Landscape
  • Thermal Energy Storage (TES) - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)



  • Key Drivers for TES Market
  • Market Restrains
  • CSP Combines with TES to Provide Grid Flexibility
  • Methods to Store Heat: Key Storage Means
  • Utilities: Largest & Fastest Growing End-Use Sector for Thermal Energy Storage Systems
  • Energy Storage Market to Chart Growth Path in 2021 and Beyond
  • Need for Improved Energy Management amidst Increasing Demand for Electricity Benefits Market Expansion
  • Global Energy Demand & Growth (In Million Tonnes of Oil Equivalent (Mtoe)) for the Years 1990, 2000, 2010, 2020, 2030 and 2040
  • Impact of COVID-19 Pandemic on the Power Sectors in China and the US
  • Smart Grids Elevate the Prospects for TES Systems
  • Global Spend on Smart Grid Technologies by Region (2014, 2017 & 2020): Percentage Breakdown of Cumulative Spending for Asia-Pacific (incl. China), Europe, Latin America, and North America
  • Growing Investments in Renewable Energy Projects Drive Strong Demand for TES Solutions
  • Global Investments in Electricity Networks and Storage (In US$ Billion): 2000, 2008, 2012, 2016, and 2019
  • Global Grid Connected Energy Storage by Technology: Percentage Breakdown of Installed Capacity for 2014, 2017 and 2020
  • TES Gains Traction in Managing Inconsistencies of Wind & Solar Power Generation
  • Global Levelized Cost (US$ Per MWh) of Energy Storage Technologies in Utilities by Type: 2015 and 2030
  • Global Wind and Solar Installed Capacity (GW) for the Years 2011, 2017, 2020 and 2022
  • TES Pairing with Solar Generation: Opportunities Galore for Electric Utilities
  • Important Role of TES in Commercialization of Solar Thermal Energy Plants
  • Growing Trend towards Green/LEED Buildings Offer Lucrative Market Growth Opportunities
  • TES Techniques Offer Increased Efficiency in Buildings
  • Demand for TES in HVAC & Refrigeration Systems on the Rise
  • TES' Energy Efficiency Augments its Application
  • TES Set to Address Peak Demand for Air Conditioning
  • Utility Load Factors
  • STable and Secure Grid
  • Impact of Climate Change on Air Conditioning
  • Developments in Controls
  • TES Extends Cost & Energy Savings to Cold Storage Chains
  • Growing Investments on Smart Cities to Fuel Large-Scale Adoption of TES Systems
  • Number of Smart Cities Worldwide by Geographic Region (2025E)
  • Educational Institutes Seek to Leverage TES to Achieve Associated Cost Savings
  • Favorable Demographic and Urbanization Trends Aid Market Growth
  • World Population (in Thousands) by Geographic Region for the Years 2018, 2025, 2040, 2050
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Innovations & Advancements
  • Recent Select Innovations in Brief
  • Notable TES Innovations of Recent Past
  • Issues & Challenges: A Note on Factors Hampering Market Prospects for TES Technologies




For more information about this report visit

About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.


Global Market for Thermal Energy Storage (TES)

Contact Data