Market Research Industry Today

Global Thermal Energy Storage Market is anticipated to touch US$1,818.8 million by the end of 2020.

Global thermal energy storage market was valued at USD 627.6 million in 2013 and is projected to reach USD 1,818.8 million by 2020, expanding at a CAGR of 16.7% between 2014 and 2020
Published 15 October 2015

Transparency Market Research (TMR) has recently published a new market research report titled “Thermal Energy Storage Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020”. According to the report, in 2013, the global thermal energy storage market stood at US$627.6 million and is anticipated to touch US$1,818.8 million by the end of 2020, exhibiting a 16.7% CAGR from 2014 to 2020. In terms of installed capacity, the global thermal energy storage was at 2,038.3 MW in 2013 and is expected to be 6,070.2 MW by the end of 2020, showcasing a 17.1% CAGR from 2014 to 2020.The rising global need for reliable, efficient, and cost-competitive electricity is propelling the growth of the global thermal energy storage market. However, grid interconnection and requirement of high upfront investment is the restraining factor for this market. 

Get Request Sample of the Report :

The global thermal energy storage market has been categorized according to the technology used in the system into the segments of latent heat, thermochemical heat, and sensible heat. Sensible heat technology is used widely in the current market scenario and is anticipated to lead the global thermal energy storage market between 2014 and 2020. Nevertheless, the market share of sensible heat storage technology is expected to decline due to its low storage capacity per volume of the storage medium and advancements in other technologies such as latent heat and thermochemical heat storage. The high energy density offered by the latent and thermochemical heat storage systems will help these two erode the dominant market share of sensible heat storage systems.

The global thermal energy storage market, on the basis of end-use application, has been segmented into the utilities, commercial and industrial, and residential segments. In 2013, the commercial and industrial segment led the market, owing to the increasing demand for backup power supply and rising energy prices. The market has been segmented geographically into Europe, Asia Pacific, North America, and Rest of the World. In 2013, Europe dominated the global thermal energy storage market in terms of capacity installation and is expected to further retain its position in the near future. Europe is expected to add installed capacity of around 1,307.0 MW by the end of 2020, owing to the region’s strong emphasis on energy efficiency and rising demand for renewable energy generation from this region. In addition, huge investment in solar thermal energy is also driving the growth of the market in Europe. 


In comparison, North America is a relatively mature market and is expected to showcase moderate to high growth from 2014 to 2020. Furthermore, Asia Pacific is anticipated to propel the demand for thermal energy storage market, owing to the rising need to work towards a sustainable and energy-efficient future. Economies in Africa and the Middle East have set determined targets for expansion of the share of renewable energy sources in the global power generation portfolio, which will fuel the thermal energy storage market in RoW in the near future.


Browse the full Thermal Energy Storage Market by Technology (Sensible Heat, Latent Heat, and Thermochemical) for Commercial and Industrial, Utilities, and Residential End Use Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020 report at :


The report further discusses the leading companies in the global thermal energy storage market such as Abengoa Solar, S.A., CALMAC, Ice Lings, Steffes Corporation, Baltimore Aircoil Company, BrightSource Energy, Inc., Goss Engineering, Inc., TAS Energy, FAFCO Thermal Storage Systems, Burns & McDonnell, Caldwell Energy, and EVAPCO, Inc.


About Us


Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. 


TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.




Mr. Nachiket Ghumare

State Tower,

90 State Street,

Suite 700,

Albany NY - 12207

United States

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453



Other Industry News

Ready to start publishing

Sign Up today!