Global Thermal Energy Storage Market Size & Outlook
Global thermal energy storage market, 2018-2030 (US$M)
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Global thermal energy storage market highlights
- The global thermal energy storage market generated a revenue of USD 5,018.5 million in 2023 and is expected to reach USD 10,897.5 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 11.7% by 2030.
- In terms of segment, commercial accounted for a revenue of USD 2,406.5 million in 2023.
- Industrial is the most lucrative application segment registering the fastest growth during the forecast period.
- In terms of region, Europe was the largest revenue generating market in 2023.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 5,018.5 million |
| Market revenue in 2030 | USD 10,897.5 million |
| Growth rate | 11.7% (CAGR from 2023 to 2030) |
| Largest segment | Commercial |
| Fastest growing segment | Industrial |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Residential, Commercial, Industrial |
Other key industry trends
- In terms of revenue, the North America accounted for 26.7% of the global thermal energy storage market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, Mexico is the fastest growing regional market and is projected to reach USD 184.4 million by 2030.
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Thermal Energy Storage Market Scope
Thermal Energy Storage Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global thermal energy storage market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to thermal energy storage market will help companies and investors design strategic landscapes.
Commercial was the largest segment with a revenue share of 47.95% in 2023. Horizon Databook has segmented the Global thermal energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
- Global Thermal Energy Storage Application Outlook (Revenue, USD Million, 2018-2030)
- Residential
- Commercial
- Industrial
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Our clientele includes a mix of thermal energy storage market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of global-level data and insights on the Global thermal energy storage market , including forecasts for subscribers. This global databook contains high-level insights into Global thermal energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global thermal energy storage market size, by regions, 2018-2030 (US$M)
Top 10 countries: Thermal energy storage market size, 2023 (US$M)
Global thermal energy storage market share, by application, 2023 & 2030 (%, US$M)
Thermal energy storage market: Opportunity assessment by country
Global thermal energy storage market, by region, 2023 (US$M)
| Application | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 1,021.6 | 1,077.6 | 1,104.2 | 1,153.6 | 1,234.2 | 1,338.9 | 1,466.0 | 1,646.3 | 1,857.1 | 2,102.2 | 2,373.5 | 2,670.1 | 2,999.0 | 12.2% |
| Europe | 1,179.1 | 1,238.5 | 1,263.6 | 1,314.6 | 1,400.5 | 1,513.1 | 1,649.8 | 1,845.1 | 2,072.7 | 2,336.7 | 2,627.6 | 2,943.9 | 3,293.2 | 11.8% |
| Asia Pacific | 755.6 | 804.1 | 831.1 | 875.7 | 944.7 | 1,033.3 | 1,140.5 | 1,291.0 | 1,467.7 | 1,674.2 | 1,904.6 | 2,158.5 | 2,442.1 | 13.1% |
| Latin America | 570.7 | 586.1 | 584.4 | 593.8 | 617.6 | 650.9 | 692.0 | 754.1 | 824.8 | 904.8 | 989.3 | 1,076.8 | 1,169.3 | 8.7% |
| MEA | 390.2 | 406.8 | 412.0 | 425.4 | 449.8 | 482.3 | 521.9 | 579.2 | 645.6 | 722.2 | 805.7 | 895.5 | 993.9 | 10.9% |
| Overall | 3,917.2 | 4,113.1 | 4,195.4 | 4,363.2 | 4,646.8 | 5,018.5 | 5,470.2 | 6,115.7 | 6,867.9 | 7,740.1 | 8,700.6 | 9,744.7 | 10,897.5 | 11.7% |
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