India Thermal Energy Storage Market Size & Outlook
India thermal energy storage market, 2018-2030 (US$M)
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India thermal energy storage market highlights
- The India thermal energy storage market generated a revenue of USD 264.0 million in 2023 and is expected to reach USD 706.5 million by 2030.
- The India market is expected to grow at a CAGR of 15.1% from 2024 to 2030.
- In terms of segment, commercial was the largest revenue generating application in 2023.
- Industrial is the most lucrative application segment registering the fastest growth during the forecast period.
Thermal energy storage market data book summary
| Market revenue in 2023 | USD 264.0 million |
| Market revenue in 2030 | USD 706.5 million |
| Growth rate | 15.1% (CAGR from 2023 to 2030) |
| Largest segment | Commercial |
| Fastest growing segment | Industrial |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, India accounted for 5.3% of the global thermal energy storage market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China thermal energy storage market is projected to lead the regional market in terms of revenue in 2030.
- Australia is the fastest growing regional market in Asia Pacific and is projected to reach USD 323.8 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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India 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 70.61% in 2023. Horizon Databook has segmented the India thermal energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
India accounted for the second largest market share in Asia Pacific region and is projected to grow at highest CAGR in during the forecast period. India is recognized as hub for IT sector, where in use of thermal storage system is being adopted as a standard practice for cooling in major IT companies such as WIPRO, TCS, Cognizant technologies, Infosys and Hexaware.
Also, special economic zones and software development parks have made standard part of their design to use thermal storage systems for cooling purpose. At present the country’s maximum power requirement is derived from coal.
Ever increasing demand for electricity owing to the growing population and industrialization coupled with government regulation to club the greenhouse gas emission is expected to propel the demand for power generation through renewable such as solar.
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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 country-level data and insights on the India thermal energy storage market , including forecasts for subscribers. This country databook contains high-level insights into India thermal energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India thermal energy storage market size, by application, 2018-2030 (US$M)
India Thermal Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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