UK Thermal Energy Storage Market Size & Outlook, 2023-2030
UK thermal energy storage market, 2018-2030 (US$M)
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UK thermal energy storage market highlights
- The UK thermal energy storage market generated a revenue of USD 382.7 million in 2023 and is expected to reach USD 860.9 million by 2030.
- The UK market is expected to grow at a CAGR of 12.3% from 2024 to 2030.
- In terms of segment, industrial 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 382.7 million |
| Market revenue in 2030 | USD 860.9 million |
| Growth rate | 12.3% (CAGR from 2023 to 2030) |
| Largest segment | Industrial |
| 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, UK accounted for 7.6% 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 Europe, UK thermal energy storage market is projected to lead the regional market in terms of revenue in 2030.
- France is the fastest growing regional market in Europe and is projected to reach USD 796.0 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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UK 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 38.93% in 2023. Horizon Databook has segmented the UK thermal energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
The Engineering and Physical Sciences Research Council (EPSRC), UK, established the SUPERGEN Energy Storage Hub, for the research & development in energy storage technologies. The organization comprises of the participation of 7 universities & 14 companies.
The various companies involved in this organization include, EDF Energy, High view Power Storage, National Grid, Scottish & Southern Energy (SSE), UK Power Networks, PNU Power, Johnson Matthey, GDF SUEZ (UK), Department for Transport UK, Sharp Laboratories of Europe Ltd., Nexeon Ltd., Jaguar Land Rover, Energy Technologies Institute (ETI), and Arup (Ove Arup and Partner Ltd.) UK.
The regional government under the UK Innovation Investment Fund (UKIIF) helps renewable energy businesses by providing them with financial support. The organization primarily aims on advanced manufacturing sectors, digital technologies, low carbon & clean technologies, and key life sciences.
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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 UK thermal energy storage market , including forecasts for subscribers. This country databook contains high-level insights into UK thermal energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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UK thermal energy storage market size, by application, 2018-2030 (US$M)
UK Thermal Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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