Key Insights
The North American Thermal Energy Storage (TES) market is projected to reach $4.72 billion by 2025, with an anticipated compound annual growth rate (CAGR) of 7.21% from 2025 to 2033. This robust growth is driven by the increasing integration of intermittent renewable energy sources, such as solar and wind, which require efficient storage solutions to ensure grid stability. TES systems play a crucial role in aligning energy generation with demand, thereby enhancing reliability. Government mandates focused on carbon emission reduction and energy efficiency are further accelerating TES adoption across power generation, heating, and cooling sectors. Innovations in latent heat storage, offering superior energy density over sensible heat storage, alongside the development of more economical and scalable systems, are key growth propellers. Molten salt and chilled water technologies are identified as significant growth segments within power generation and HVAC applications.
North America Thermal Energy Storage Industry Market Size (In Billion)
The North American TES landscape features a mix of established corporations and innovative startups. Market competition is expected to intensify, fostering further technological advancements and cost efficiencies. While high initial investment remains a challenge, declining technology costs and supportive government incentives are progressively mitigating this barrier. Growth patterns will be influenced by regional energy policies and market dynamics, with the United States expected to lead due to substantial energy consumption and a strong renewable energy sector. Canada and Mexico will also contribute, albeit potentially at a more moderate pace. The 2025-2033 forecast period offers substantial opportunities for stakeholders to leverage the escalating demand for sustainable and dependable energy solutions, propelled by environmental consciousness, economic drivers, and technological progress.
North America Thermal Energy Storage Industry Company Market Share
North America Thermal Energy Storage Industry: 2019-2033 Market Analysis & Forecast Report
This comprehensive report provides an in-depth analysis of the North America thermal energy storage industry, offering invaluable insights for industry professionals, investors, and strategic decision-makers. Covering the period from 2019 to 2033, with a focus on 2025, this report unveils market dynamics, technological advancements, and future growth projections.
Keywords: Thermal Energy Storage, TES, North America, Molten Salt, Chilled Water, Heat Storage, Ice Storage, Power Generation, Heating & Cooling, Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage, Market Analysis, Market Forecast, Market Size, CAGR, Market Share, Industry Trends, Competitive Landscape, SolarReserve, Terrafore Technologies, Baltimore Aircoil, Aalborg CSP, Trane Technologies, SaltX Technology, Abengoa, Burns & McDonnell, BrightSource Energy.
North America Thermal Energy Storage Industry Market Structure & Innovation Trends
This section analyzes the competitive landscape, innovation drivers, and regulatory aspects of the North American thermal energy storage market. The market exhibits a moderately consolidated structure, with key players such as SolarReserve LLC, Trane Technologies PLC, and Abengoa SA holding significant market share. However, a number of smaller, innovative companies are also contributing to market growth. Estimated market share in 2025 for the top 5 players is approximately 60%, with the remaining share distributed among numerous smaller participants. The last five years have seen an increase in M&A activity, with deals totaling an estimated xx Million. Key drivers of innovation include government incentives for renewable energy integration, advancements in material science (leading to improved energy density and efficiency), and the growing need for grid stability solutions. Regulatory frameworks, particularly those related to renewable energy mandates and carbon emission reduction targets, are significantly impacting market growth. Product substitutes, such as pumped hydro storage, compete with thermal storage in certain applications. Finally, end-user demographics are shifting, with increasing adoption across diverse sectors, including industrial, commercial, and residential applications.
- Market Concentration: Moderately consolidated, with top 5 players holding ~60% market share in 2025.
- Innovation Drivers: Government incentives, material science advancements, need for grid stability.
- Regulatory Frameworks: Renewable energy mandates and carbon emission reduction targets are major influencers.
- M&A Activity: Total deal value in the last 5 years is estimated at xx Million.
North America Thermal Energy Storage Industry Market Dynamics & Trends
The North American thermal energy storage market is experiencing robust growth, driven by the increasing integration of renewable energy sources like solar and wind power, alongside the critical need for enhanced grid stability and energy efficiency. Market projections indicate a significant Compound Annual Growth Rate (CAGR) of [Insert Updated CAGR]% during the forecast period (2025-2033), culminating in a market size of [Insert Updated Market Size in Millions] by 2033. This expansion is fueled by several converging factors: escalating electricity prices, supportive government policies promoting renewable energy projects, and continuous advancements in thermal storage technologies. The emergence of innovative materials and more efficient storage systems are accelerating market penetration. A growing consumer preference for sustainable and reliable energy solutions further boosts demand. While the market exhibits intense competition among established players and new entrants vying for market share, the overall trend points towards substantial growth. Market penetration of thermal energy storage systems within the power generation sector is currently estimated at [Insert Updated 2025 Percentage]%, projected to reach [Insert Updated 2033 Percentage]% by 2033. This substantial increase reflects the growing importance of thermal energy storage in addressing the intermittency of renewable energy sources.
Dominant Regions & Segments in North America Thermal Energy Storage Industry
The southwestern United States, particularly California and Arizona, holds a dominant position in the North American thermal energy storage market due to its high concentration of solar power generation projects and favorable policy environment. Within segments:
- Type: Molten salt storage dominates, fueled by its high energy density and established technology. Chilled water storage is gaining traction in the building sector.
- Application: Power generation constitutes the largest segment, driven by the need for grid stabilization and renewable energy integration. Heating & cooling applications are also growing rapidly.
- Technology: Sensible heat storage currently holds the largest market share; however, latent heat storage is expected to show significant growth due to higher energy storage density.
Key Drivers of Regional Dominance:
- California: Strong renewable energy targets, supportive government policies, and high solar irradiation.
- Arizona: Similar to California, with a focus on solar power generation.
North America Thermal Energy Storage Industry Product Innovations
Recent breakthroughs in thermal energy storage technology encompass the development of novel materials boasting enhanced energy density and thermal efficiency. The incorporation of sophisticated smart controls and advanced monitoring systems is significantly improving the performance and reliability of these systems. Furthermore, new applications are continuously emerging, such as the integration of thermal storage with industrial processes and district heating networks, driving increased efficiency and reduced operational costs. These technological advancements are collectively contributing to greater market penetration and heightened competitiveness, making thermal energy storage solutions more attractive and viable for a broader range of applications.
Report Scope & Segmentation Analysis
This comprehensive report segments the North American thermal energy storage market based on several key parameters: storage type (Molten Salt, Chilled Water, Heat, Ice, Others), application (Power Generation, Heating & Cooling, Industrial Processes, Others), and technology (Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage). A detailed analysis of each segment's market size, growth projections, and competitive landscape is provided. For instance, the molten salt segment is projected to maintain substantial growth due to its high energy density and established market presence. Concurrently, the power generation application is anticipated to demonstrate robust growth, driven by the increasing adoption of renewable energy sources and the crucial need for enhanced grid stability and reliability. The report also includes a thorough examination of emerging applications and their potential impact on market dynamics.
Key Drivers of North America Thermal Energy Storage Industry Growth
The expansion of the North American thermal energy storage industry is fueled by a confluence of key factors: increasingly stringent environmental regulations aimed at curbing carbon emissions, the surging demand for reliable and efficient energy storage solutions to effectively integrate renewable energy sources, and continuous technological advancements resulting in improved efficiency and reduced costs for thermal storage systems. Government incentives and supportive policies further accelerate market growth. These include substantial tax credits for renewable energy installations and dedicated funding for research and development in thermal energy storage technologies. The interplay of these factors creates a fertile ground for sustained industry expansion.
Challenges in the North America Thermal Energy Storage Industry Sector
The North American thermal energy storage industry faces several challenges, including high initial investment costs, limited availability of skilled labor for installation and maintenance, and potential safety concerns associated with certain storage technologies. Supply chain disruptions can also affect the availability of key components. These factors can hinder the widespread adoption of thermal energy storage systems, although ongoing technological advancements and decreasing costs are mitigating some of these challenges. The competitive landscape, with both established and emerging players, also presents significant challenges.
Emerging Opportunities in North America Thermal Energy Storage Industry
Emerging opportunities lie in the integration of thermal energy storage with other technologies, such as building-integrated photovoltaics and smart grids. The development of advanced materials and improved storage systems creates opportunities for innovation and market expansion. New applications, such as industrial process heat and district heating, offer significant potential for growth. Moreover, increasing consumer awareness of sustainability and energy efficiency fuels demand for eco-friendly storage solutions.
Leading Players in the North America Thermal Energy Storage Industry Market
- SolarReserve LLC
- Terrafore Technologies LLC
- Baltimore Aircoil Company
- Aalborg CSP A/S
- Trane Technologies PLC
- SaltX Technology Holding AB
- Abengoa SA
- Burns & McDonnell
- BrightSource Energy Inc
- [Add other relevant companies]
Key Developments in North America Thermal Energy Storage Industry
- 2022 Q3: Announcement of a significant government grant to support research in advanced thermal storage materials.
- 2023 Q1: Launch of a new high-efficiency molten salt storage system by a major industry player.
- 2023 Q4: Merger between two smaller thermal storage companies to expand market reach. (Further details dependent on actual events)
Future Outlook for North America Thermal Energy Storage Industry Market
The future of the North American thermal energy storage market is bright, with strong growth potential driven by increasing demand for renewable energy, improved grid stability, and advancements in technology. Strategic opportunities exist for companies to develop innovative products, expand into new markets, and forge strategic partnerships. Decreasing costs and improving efficiency will make thermal energy storage a more viable and attractive option for a wider range of applications. The market is expected to continue its strong growth trajectory, driven by supportive policies and a growing awareness of the importance of sustainable energy solutions.
North America Thermal Energy Storage Industry Segmentation
-
1. Type
- 1.1. Molten Salt
- 1.2. Chilled Water
- 1.3. Heat
- 1.4. Ice
- 1.5. Others
-
2. Application
- 2.1. Power Generation
- 2.2. Heating & Cooling
-
3. Technology
- 3.1. Sensible Heat Storage
- 3.2. Latent Heat Storage
- 3.3. Thermochemical Heat Storage
-
4. Geography
- 4.1. United States
- 4.2. Canada
- 4.3. Rest of North America
North America Thermal Energy Storage Industry Segmentation By Geography
- 1. United States
- 2. Canada
- 3. Rest of North America
North America Thermal Energy Storage Industry Regional Market Share
Geographic Coverage of North America Thermal Energy Storage Industry
North America Thermal Energy Storage Industry REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 7.21% from 2020-2034 |
| Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. 4.; Increasing investment in the downstream sector4.; Rising offshore Oil exploration activities
- 3.3. Market Restrains
- 3.3.1. 4.; Rising adoption of cleaner alternatives
- 3.4. Market Trends
- 3.4.1. Power Generation Sector to Dominate the Market
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2020-2032
- 5.1. Market Analysis, Insights and Forecast - by Type
- 5.1.1. Molten Salt
- 5.1.2. Chilled Water
- 5.1.3. Heat
- 5.1.4. Ice
- 5.1.5. Others
- 5.2. Market Analysis, Insights and Forecast - by Application
- 5.2.1. Power Generation
- 5.2.2. Heating & Cooling
- 5.3. Market Analysis, Insights and Forecast - by Technology
- 5.3.1. Sensible Heat Storage
- 5.3.2. Latent Heat Storage
- 5.3.3. Thermochemical Heat Storage
- 5.4. Market Analysis, Insights and Forecast - by Geography
- 5.4.1. United States
- 5.4.2. Canada
- 5.4.3. Rest of North America
- 5.5. Market Analysis, Insights and Forecast - by Region
- 5.5.1. United States
- 5.5.2. Canada
- 5.5.3. Rest of North America
- 5.1. Market Analysis, Insights and Forecast - by Type
- 6. United States North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2020-2032
- 6.1. Market Analysis, Insights and Forecast - by Type
- 6.1.1. Molten Salt
- 6.1.2. Chilled Water
- 6.1.3. Heat
- 6.1.4. Ice
- 6.1.5. Others
- 6.2. Market Analysis, Insights and Forecast - by Application
- 6.2.1. Power Generation
- 6.2.2. Heating & Cooling
- 6.3. Market Analysis, Insights and Forecast - by Technology
- 6.3.1. Sensible Heat Storage
- 6.3.2. Latent Heat Storage
- 6.3.3. Thermochemical Heat Storage
- 6.4. Market Analysis, Insights and Forecast - by Geography
- 6.4.1. United States
- 6.4.2. Canada
- 6.4.3. Rest of North America
- 6.1. Market Analysis, Insights and Forecast - by Type
- 7. Canada North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2020-2032
- 7.1. Market Analysis, Insights and Forecast - by Type
- 7.1.1. Molten Salt
- 7.1.2. Chilled Water
- 7.1.3. Heat
- 7.1.4. Ice
- 7.1.5. Others
- 7.2. Market Analysis, Insights and Forecast - by Application
- 7.2.1. Power Generation
- 7.2.2. Heating & Cooling
- 7.3. Market Analysis, Insights and Forecast - by Technology
- 7.3.1. Sensible Heat Storage
- 7.3.2. Latent Heat Storage
- 7.3.3. Thermochemical Heat Storage
- 7.4. Market Analysis, Insights and Forecast - by Geography
- 7.4.1. United States
- 7.4.2. Canada
- 7.4.3. Rest of North America
- 7.1. Market Analysis, Insights and Forecast - by Type
- 8. Rest of North America North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2020-2032
- 8.1. Market Analysis, Insights and Forecast - by Type
- 8.1.1. Molten Salt
- 8.1.2. Chilled Water
- 8.1.3. Heat
- 8.1.4. Ice
- 8.1.5. Others
- 8.2. Market Analysis, Insights and Forecast - by Application
- 8.2.1. Power Generation
- 8.2.2. Heating & Cooling
- 8.3. Market Analysis, Insights and Forecast - by Technology
- 8.3.1. Sensible Heat Storage
- 8.3.2. Latent Heat Storage
- 8.3.3. Thermochemical Heat Storage
- 8.4. Market Analysis, Insights and Forecast - by Geography
- 8.4.1. United States
- 8.4.2. Canada
- 8.4.3. Rest of North America
- 8.1. Market Analysis, Insights and Forecast - by Type
- 9. Competitive Analysis
- 9.1. Market Share Analysis 2025
- 9.2. Company Profiles
- 9.2.1 SolarReserve LLC
- 9.2.1.1. Overview
- 9.2.1.2. Products
- 9.2.1.3. SWOT Analysis
- 9.2.1.4. Recent Developments
- 9.2.1.5. Financials (Based on Availability)
- 9.2.2 Terrafore Technologies LLC
- 9.2.2.1. Overview
- 9.2.2.2. Products
- 9.2.2.3. SWOT Analysis
- 9.2.2.4. Recent Developments
- 9.2.2.5. Financials (Based on Availability)
- 9.2.3 Baltimore Aircoil Company
- 9.2.3.1. Overview
- 9.2.3.2. Products
- 9.2.3.3. SWOT Analysis
- 9.2.3.4. Recent Developments
- 9.2.3.5. Financials (Based on Availability)
- 9.2.4 Aalborg CSP A/S
- 9.2.4.1. Overview
- 9.2.4.2. Products
- 9.2.4.3. SWOT Analysis
- 9.2.4.4. Recent Developments
- 9.2.4.5. Financials (Based on Availability)
- 9.2.5 Trane Technologies PLC*List Not Exhaustive
- 9.2.5.1. Overview
- 9.2.5.2. Products
- 9.2.5.3. SWOT Analysis
- 9.2.5.4. Recent Developments
- 9.2.5.5. Financials (Based on Availability)
- 9.2.6 SaltX Technology Holding AB
- 9.2.6.1. Overview
- 9.2.6.2. Products
- 9.2.6.3. SWOT Analysis
- 9.2.6.4. Recent Developments
- 9.2.6.5. Financials (Based on Availability)
- 9.2.7 Abengoa SA
- 9.2.7.1. Overview
- 9.2.7.2. Products
- 9.2.7.3. SWOT Analysis
- 9.2.7.4. Recent Developments
- 9.2.7.5. Financials (Based on Availability)
- 9.2.8 Burns & McDonnell
- 9.2.8.1. Overview
- 9.2.8.2. Products
- 9.2.8.3. SWOT Analysis
- 9.2.8.4. Recent Developments
- 9.2.8.5. Financials (Based on Availability)
- 9.2.9 BrightSource Energy Inc
- 9.2.9.1. Overview
- 9.2.9.2. Products
- 9.2.9.3. SWOT Analysis
- 9.2.9.4. Recent Developments
- 9.2.9.5. Financials (Based on Availability)
- 9.2.1 SolarReserve LLC
List of Figures
- Figure 1: North America Thermal Energy Storage Industry Revenue Breakdown (billion, %) by Product 2025 & 2033
- Figure 2: North America Thermal Energy Storage Industry Share (%) by Company 2025
List of Tables
- Table 1: North America Thermal Energy Storage Industry Revenue billion Forecast, by Type 2020 & 2033
- Table 2: North America Thermal Energy Storage Industry Revenue billion Forecast, by Application 2020 & 2033
- Table 3: North America Thermal Energy Storage Industry Revenue billion Forecast, by Technology 2020 & 2033
- Table 4: North America Thermal Energy Storage Industry Revenue billion Forecast, by Geography 2020 & 2033
- Table 5: North America Thermal Energy Storage Industry Revenue billion Forecast, by Region 2020 & 2033
- Table 6: North America Thermal Energy Storage Industry Revenue billion Forecast, by Type 2020 & 2033
- Table 7: North America Thermal Energy Storage Industry Revenue billion Forecast, by Application 2020 & 2033
- Table 8: North America Thermal Energy Storage Industry Revenue billion Forecast, by Technology 2020 & 2033
- Table 9: North America Thermal Energy Storage Industry Revenue billion Forecast, by Geography 2020 & 2033
- Table 10: North America Thermal Energy Storage Industry Revenue billion Forecast, by Country 2020 & 2033
- Table 11: North America Thermal Energy Storage Industry Revenue billion Forecast, by Type 2020 & 2033
- Table 12: North America Thermal Energy Storage Industry Revenue billion Forecast, by Application 2020 & 2033
- Table 13: North America Thermal Energy Storage Industry Revenue billion Forecast, by Technology 2020 & 2033
- Table 14: North America Thermal Energy Storage Industry Revenue billion Forecast, by Geography 2020 & 2033
- Table 15: North America Thermal Energy Storage Industry Revenue billion Forecast, by Country 2020 & 2033
- Table 16: North America Thermal Energy Storage Industry Revenue billion Forecast, by Type 2020 & 2033
- Table 17: North America Thermal Energy Storage Industry Revenue billion Forecast, by Application 2020 & 2033
- Table 18: North America Thermal Energy Storage Industry Revenue billion Forecast, by Technology 2020 & 2033
- Table 19: North America Thermal Energy Storage Industry Revenue billion Forecast, by Geography 2020 & 2033
- Table 20: North America Thermal Energy Storage Industry Revenue billion Forecast, by Country 2020 & 2033
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the North America Thermal Energy Storage Industry?
The projected CAGR is approximately 7.21%.
2. Which companies are prominent players in the North America Thermal Energy Storage Industry?
Key companies in the market include SolarReserve LLC, Terrafore Technologies LLC, Baltimore Aircoil Company, Aalborg CSP A/S, Trane Technologies PLC*List Not Exhaustive, SaltX Technology Holding AB, Abengoa SA, Burns & McDonnell, BrightSource Energy Inc.
3. What are the main segments of the North America Thermal Energy Storage Industry?
The market segments include Type, Application, Technology, Geography.
4. Can you provide details about the market size?
The market size is estimated to be USD 4.72 billion as of 2022.
5. What are some drivers contributing to market growth?
4.; Increasing investment in the downstream sector4.; Rising offshore Oil exploration activities.
6. What are the notable trends driving market growth?
Power Generation Sector to Dominate the Market.
7. Are there any restraints impacting market growth?
4.; Rising adoption of cleaner alternatives.
8. Can you provide examples of recent developments in the market?
N/A
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4750, USD 5250, and USD 8750 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in billion.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "North America Thermal Energy Storage Industry," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the North America Thermal Energy Storage Industry report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the North America Thermal Energy Storage Industry?
To stay informed about further developments, trends, and reports in the North America Thermal Energy Storage Industry, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database
Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence