Key Insights
The North American Thermal Energy Storage (TES) market, valued at approximately $4.72 billion in the base year 2025, is projected for substantial growth through 2033. Driven by the increasing integration of renewable energy sources, the imperative for grid stabilization, and rising energy costs, the market is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 7.21%. Key growth catalysts include the widespread adoption of solar and wind power, which necessitates effective energy storage solutions to mitigate intermittency. Government incentives and regulatory frameworks promoting energy efficiency and renewable energy further bolster market expansion. The market encompasses diverse TES technologies—sensible, latent, and thermochemical heat storage—serving applications in power generation, heating, and cooling across various sectors. While molten salt and chilled water technologies currently lead, innovations in latent heat storage are poised for significant advancement.
North America Thermal Energy Storage Industry Market Size (In Billion)
Market segmentation highlights robust demand across multiple sectors. The power generation segment is a primary driver, utilizing TES to enhance grid reliability and dispatch efficiency. The heating and cooling sector is also experiencing considerable growth, fueled by escalating energy costs and the demand for efficient building management. Geographically, the United States, Canada, and Mexico represent the core markets, with the U.S. expected to maintain its leading position due to its strong renewable energy sector and significant infrastructure investments. Growth is anticipated across all North American regions, supported by evolving energy policies and private sector initiatives. Challenges such as initial investment costs and technology maturity are being addressed by continuous technological advancements and declining TES system costs, which are expected to propel market expansion during the forecast period (2025-2033). Leading companies, including SolarReserve LLC and Terrafore Technologies LLC, are instrumental in driving innovation and market presence.
North America Thermal Energy Storage Industry Company Market Share
This comprehensive report offers an in-depth analysis of the North America Thermal Energy Storage industry, detailing market dynamics, growth trajectories, dominant segments, key players, and future projections. Covering the period from 2019 to 2033, with a base year of 2025 and a forecast period of 2025-2033, this report serves as a critical resource for industry professionals, investors, and strategic decision-makers. The analysis includes parent markets (renewable energy, energy efficiency) and child markets (specific thermal storage technologies and applications) to provide granular insights. Market values are presented in billions of U.S. dollars.
North America Thermal Energy Storage Industry Market Dynamics & Structure
This section analyzes the competitive landscape, technological advancements, regulatory influences, and market trends within the North America thermal energy storage market. The market is characterized by moderate concentration, with a few large players and numerous smaller niche players. Technological innovation is driven by the need for improved efficiency, reduced costs, and the integration of thermal storage with renewable energy sources. Regulatory frameworks, particularly incentives for renewable energy adoption, significantly influence market growth. The primary competitive substitutes are conventional energy storage methods and grid-scale battery systems. End-user demographics are heavily influenced by the growth of renewable energy projects and the increasing demand for efficient heating and cooling solutions in commercial and industrial sectors. M&A activity has been moderate, with larger players seeking to consolidate market share and access new technologies.
- Market Concentration: Moderately concentrated, with a Herfindahl-Hirschman Index (HHI) of xx.
- Technological Innovation Drivers: Improved efficiency, cost reduction, integration with renewables.
- Regulatory Frameworks: Incentives for renewable energy, building codes, emission standards.
- Competitive Substitutes: Conventional energy storage, grid-scale batteries.
- End-User Demographics: Strong growth in commercial and industrial sectors.
- M&A Trends: Moderate activity, driven by consolidation and technology acquisition. Estimated xx deals between 2019-2024.
North America Thermal Energy Storage Industry Growth Trends & Insights
The North American thermal energy storage market experienced significant growth during the historical period (2019-2024), driven by factors such as increasing renewable energy penetration, stringent environmental regulations, and rising energy costs. The market size in 2024 is estimated at XXX million, demonstrating a CAGR of xx% during the historical period. This growth is expected to continue during the forecast period (2025-2033), albeit at a slightly lower rate, driven by continued technological advancements, supportive government policies, and growing awareness of energy efficiency benefits. Market penetration remains relatively low, but is projected to increase significantly as the cost of thermal energy storage continues to decrease and its benefits become more widely recognized. Technological disruptions, such as the development of more efficient and cost-effective storage materials and systems, are accelerating market growth. Consumer behavior shifts towards sustainable energy solutions and environmentally responsible practices further bolster the market's expansion.
Dominant Regions, Countries, or Segments in North America Thermal Energy Storage Industry
The Southwest region of the United States is currently the dominant market for thermal energy storage in North America, driven by high solar irradiance levels and supportive state policies. California, in particular, is experiencing rapid growth due to its ambitious renewable energy targets. Within the different segments:
Type: Molten salt technology holds a significant market share due to its high energy density and suitable temperature range. Chilled water storage is prevalent in building applications.
Application: Power generation is the largest application segment, driven by the need to address the intermittency of renewable energy sources. The heating & cooling sector demonstrates strong growth potential.
Technology: Sensible heat storage dominates the market currently, but latent heat storage technologies are gaining traction due to their higher energy density.
Key Drivers: Strong renewable energy targets in several states; increasing demand for reliable and cost-effective grid stability; supportive government policies and incentives.
Dominance Factors: High solar irradiance in the Southwest US; presence of large-scale renewable energy projects; supportive regulatory frameworks.
North America Thermal Energy Storage Industry Product Landscape
The thermal energy storage product landscape is diverse, encompassing various technologies, storage media, and system designs tailored to specific applications. Recent innovations focus on improving energy density, efficiency, and reducing costs. Unique selling propositions include advanced materials, improved thermal management, and seamless integration with renewable energy systems. Technological advancements include the development of new phase-change materials for enhanced energy storage capacity and improved control systems for optimized energy dispatch.
Key Drivers, Barriers & Challenges in North America Thermal Energy Storage Industry
Key Drivers:
- Increasing renewable energy integration necessitates reliable energy storage solutions.
- Stringent environmental regulations and carbon emission reduction targets.
- Rising energy costs make energy efficiency solutions economically attractive.
Challenges & Restraints:
- High initial capital costs can hinder widespread adoption, especially for smaller-scale applications.
- Limited awareness and understanding of thermal energy storage technologies among potential users.
- Potential supply chain disruptions for critical raw materials. Estimated xx% increase in raw material costs during 2022-2023 has had a noticeable impact.
Emerging Opportunities in North America Thermal Energy Storage Industry
Emerging opportunities lie in the integration of thermal energy storage with smart grids, enabling optimized energy management and grid stability. Untapped markets include residential and industrial applications. The development of innovative applications in sectors such as district heating and cooling systems, and process heat industries, presents significant growth potential. Evolving consumer preferences towards sustainable solutions are further driving demand.
Growth Accelerators in the North America Thermal Energy Storage Industry Industry
Long-term growth will be fueled by technological breakthroughs leading to improved efficiency and cost reductions. Strategic partnerships between technology providers, energy companies, and utilities are essential for accelerating market adoption. Market expansion strategies targeting underserved sectors and geographical regions will play a crucial role.
Key Players Shaping 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
Notable Milestones in North America Thermal Energy Storage Industry Sector
- 2020-Q4: Successful deployment of a large-scale molten salt thermal energy storage system in California.
- 2021-Q2: Introduction of a new chilled water storage technology with improved efficiency.
- 2022-Q3: Major investment in research and development of advanced phase-change materials.
- 2023-Q1: A significant merger between two key players in the thermal energy storage market.
In-Depth North America Thermal Energy Storage Industry Market Outlook
The future of the North American thermal energy storage market is bright, with strong growth potential driven by technological advancements, supportive policies, and rising demand for renewable energy integration. Strategic opportunities exist for companies that can innovate, offer cost-effective solutions, and effectively address market challenges. The market is expected to reach XXX million by 2033, driven by continued adoption in the power generation, heating, and cooling sectors. The expansion into new applications and geographical regions will further contribute to market expansion.
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