North America Thermal Energy Storage Market Size & Outlook
North America thermal energy storage market, 2018-2030 (US$M)
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North America thermal energy storage market highlights
- The North America thermal energy storage market generated a revenue of USD 1,338.9 million in 2023.
- The market is expected to grow at a CAGR of 12.2% 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, U.S. is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 1,338.9 million |
| Market revenue in 2030 | USD 2,999.0 million |
| Growth rate | 12.2% (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, North America region accounted for 26.7% 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 |
|---|
North America 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 37.52% in 2023. Horizon Databook has segmented the North America thermal energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
North America thermal energy storage market was dominated by the U.S. and Canada which account for dominant share in the region. Presence of favorable policies and regulations in the region coupled with initiatives taken by the end-use segments of thermal energy storage market majorly in the U.S. and Canada has driven the market in the region.
Further, initiatives taken by Mexican government to enhance use of clean energy technologies has resulted to drive thermal energy storage market in the country.
Presence of major vendors of thermal energy storage systems in the region coupled with availability of support for research & development activities by the research organizations and manufacturers in the region has resulted to enhance adoption level of thermal energy storage in the region.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America thermal energy storage market , including forecasts for subscribers. This continent databook contains high-level insights into North America thermal energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America thermal energy storage market size, by country, 2018-2030 (US$M)
North America Thermal Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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