U.S. Thermal Energy Storage Market Size & Outlook
U.S. thermal energy storage market, 2018-2030 (US$M)
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U.S. thermal energy storage market highlights
- The U.S. thermal energy storage market generated a revenue of USD 878.3 million in 2023 and is expected to reach USD 2,045.0 million by 2030.
- The U.S. market is expected to grow at a CAGR of 12.8% 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.
Thermal energy storage market data book summary
| Market revenue in 2023 | USD 878.3 million |
| Market revenue in 2030 | USD 2,045.0 million |
| Growth rate | 12.8% (CAGR from 2023 to 2030) |
| Largest segment | Industrial |
| Fastest growing segment | Commercial |
| 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, U.S. accounted for 17.5% 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 North America, U.S. thermal energy storage market is projected to lead the regional market in terms of revenue in 2030.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 2,045.0 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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U.S. 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 35.97% in 2023. Horizon Databook has segmented the U.S. thermal energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
U.S. emerged with a dominating share in the North American thermal energy storage market in 2019. Growth in the U.S. market has been on account of availability of financial support for research and development from the U.S. Department of Energy for pilot projects and for technological advancements in thermal energy storage systems.
For instance, U.S. Department of Energy in October 2018 provided research fund of around USD 12.73 million cumulatively for thermal energy storage projects and studies to Michigan State University, National Renewable Energy Laboratory, Brayton Energy, LLC, Echogen Power Systems (DE) Inc., and Antora Energy.
Further, favorable policies, regulations, and financial incentives being provided in the U.S. for renewable power projects and energy storage projects has driven the market for thermal energy storage in the country.
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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 U.S. thermal energy storage market , including forecasts for subscribers. This country databook contains high-level insights into U.S. thermal energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. thermal energy storage market size, by application, 2018-2030 (US$M)
U.S. Thermal Energy Storage Market Outlook Share, 2023 & 2030 (US$M)
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