Europe Thermal Energy Storage Market Size & Outlook
Europe thermal energy storage market, 2018-2030 (US$M)
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Europe thermal energy storage market highlights
- The Europe thermal energy storage market generated a revenue of USD 1,513.1 million in 2023.
- The market is expected to grow at a CAGR of 11.8% from 2024 to 2030.
- In terms of segment, industrial was the largest revenue generating application in 2023.
- Commercial is the most lucrative application segment registering the fastest growth during the forecast period.
- Country-wise, France is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 1,513.1 million |
| Market revenue in 2030 | USD 3,293.2 million |
| Growth rate | 11.8% (CAGR from 2023 to 2030) |
| Largest segment | Industrial |
| Fastest growing segment | Commercial |
| 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 |
| Key market players worldwide | Amsted Industries, BrightSource Energy, Abengoa, Terrafore Technologies, Ice Energy, Caldwell Energy Company, Cryogel, Steffes Corporation |
Other key industry trends
- In terms of revenue, Europe region accounted for 30.1% of the global thermal energy storage market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 2,442.1 million by 2030.
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Thermal Energy Storage Market Scope
Thermal Energy Storage Market Companies
| Name | Profile | # Employees | HQ | Website |
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Europe 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.
Industrial was the largest segment with a revenue share of 38.17% in 2023. Horizon Databook has segmented the Europe thermal energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
Europe accounted for the largest revenue share in 2019 and is projected to maintain its lead over the forecast period. The region is characterized by a large number of thermal energy storage systems, which are utilized for space heating, water heating, district heating and cooling, and power generation.
Availability of funding in European Union for energy conservation and energy efficiency projects has been one of the major factors driving the growth of the region Solar district heating projects in European Union has received funding from the “European Union’s Horizon 2020 Research and Innovation Programme” under grant agreement No 691624.
Under this program funding for solar district heating has been available from 2014 till 2020. This initiative by European Union has resulted to enhance the deployment of district heating projects in the region.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Europe thermal energy storage market , including forecasts for subscribers. This continent databook contains high-level insights into Europe thermal energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Europe thermal energy storage market size, by country, 2018-2030 (US$M)
Europe Thermal Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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