Key Insights
The North American thermal energy storage (TES) market, valued at approximately $X million in 2025, is projected to experience robust growth with a compound annual growth rate (CAGR) exceeding 2.00% from 2025 to 2033. This expansion is driven by several key factors. The increasing demand for renewable energy sources like solar and wind, which are inherently intermittent, necessitates efficient energy storage solutions. TES systems offer a critical role in bridging the gap between energy generation and consumption, ensuring a stable and reliable energy supply. Furthermore, stringent government regulations aimed at reducing carbon emissions and improving energy efficiency are fostering adoption of TES technologies across various sectors, including power generation, heating, and cooling. Growth is further propelled by advancements in TES technologies, particularly in latent heat storage which offers higher energy density compared to sensible heat storage, and the development of more cost-effective and scalable systems. The segments exhibiting strong growth include molten salt and chilled water technologies within power generation and heating & cooling applications.
The North American market is characterized by a diverse range of players, including established companies like Trane Technologies and emerging firms specializing in innovative TES solutions. Competition is expected to intensify as the market matures, leading to further technological advancements and price reductions. While the high initial investment costs of TES systems remain a restraint, declining technology costs and increasing government incentives are mitigating this challenge. Regional variations in energy policies and market dynamics will influence growth patterns, with the United States expected to dominate the North American market due to its larger energy consumption and robust renewable energy sector. Canada and Mexico will contribute significantly, though possibly at a slower pace due to smaller market sizes and potentially varying regulatory landscapes. The forecast period of 2025-2033 presents significant opportunities for industry players to capitalize on the growing demand for reliable and sustainable energy solutions. The market's trajectory suggests a continued rise in adoption, driven by environmental concerns, economic incentives, and technological progress.
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 significant growth, driven by the increasing adoption of renewable energy sources (solar and wind), coupled with the need for improved grid reliability and energy efficiency. The market is projected to witness a Compound Annual Growth Rate (CAGR) of xx% during the forecast period (2025-2033), reaching a market size of xx Million by 2033. This growth is fueled by several key factors, including increasing electricity prices, government support for renewable energy projects, and advancements in thermal storage technologies. Technological disruptions, such as the development of novel materials and more efficient storage systems, are further accelerating market expansion. Consumer preferences are shifting towards sustainable and reliable energy solutions, driving demand for thermal energy storage systems. However, competitive dynamics remain intense, with existing players and new entrants constantly striving to improve product offerings and expand their market share. Market penetration of thermal energy storage systems in the power generation sector is estimated at xx% in 2025, anticipated to rise to xx% by 2033.
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 advancements in thermal energy storage technology include the development of novel materials with enhanced energy density and thermal efficiency. The integration of smart controls and advanced monitoring systems is improving the performance and reliability of thermal storage systems. New applications are emerging, such as integrating thermal storage with industrial processes and district heating networks. These innovations are leading to greater market penetration and competitiveness.
Report Scope & Segmentation Analysis
This report segments the North American thermal energy storage market by type (Molten Salt, Chilled Water, Heat, Ice, Others), application (Power Generation, Heating & Cooling), and technology (Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage). Each segment’s market size, growth projections, and competitive dynamics are analyzed in detail. For example, the molten salt segment is projected to maintain significant growth due to its high energy density and established market position. Similarly, the power generation application is anticipated to demonstrate strong growth, driven by increasing renewable energy adoption and the need for grid stability.
Key Drivers of North America Thermal Energy Storage Industry Growth
The growth of the North American thermal energy storage industry is propelled by several key factors: stringent environmental regulations aimed at reducing carbon emissions, increasing demand for reliable and efficient energy storage solutions to integrate renewable energy sources, and technological advancements leading to improved efficiency and cost-effectiveness of thermal storage systems. Government incentives and supportive policies further stimulate market growth. Specific examples include tax credits for renewable energy installations and funding for research and development in thermal energy storage.
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
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 REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2019-2033 |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2025-2033 |
| Historical Period | 2019-2024 |
| Growth Rate | CAGR of > 2.00% from 2019-2033 |
| 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, 2019-2031
- 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, 2019-2031
- 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, 2019-2031
- 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, 2019-2031
- 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. United States North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2019-2031
- 10. Canada North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2019-2031
- 11. Mexico North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2019-2031
- 12. Rest of North America North America Thermal Energy Storage Industry Analysis, Insights and Forecast, 2019-2031
- 13. Competitive Analysis
- 13.1. Market Share Analysis 2024
- 13.2. Company Profiles
- 13.2.1 SolarReserve LLC
- 13.2.1.1. Overview
- 13.2.1.2. Products
- 13.2.1.3. SWOT Analysis
- 13.2.1.4. Recent Developments
- 13.2.1.5. Financials (Based on Availability)
- 13.2.2 Terrafore Technologies LLC
- 13.2.2.1. Overview
- 13.2.2.2. Products
- 13.2.2.3. SWOT Analysis
- 13.2.2.4. Recent Developments
- 13.2.2.5. Financials (Based on Availability)
- 13.2.3 Baltimore Aircoil Company
- 13.2.3.1. Overview
- 13.2.3.2. Products
- 13.2.3.3. SWOT Analysis
- 13.2.3.4. Recent Developments
- 13.2.3.5. Financials (Based on Availability)
- 13.2.4 Aalborg CSP A/S
- 13.2.4.1. Overview
- 13.2.4.2. Products
- 13.2.4.3. SWOT Analysis
- 13.2.4.4. Recent Developments
- 13.2.4.5. Financials (Based on Availability)
- 13.2.5 Trane Technologies PLC*List Not Exhaustive
- 13.2.5.1. Overview
- 13.2.5.2. Products
- 13.2.5.3. SWOT Analysis
- 13.2.5.4. Recent Developments
- 13.2.5.5. Financials (Based on Availability)
- 13.2.6 SaltX Technology Holding AB
- 13.2.6.1. Overview
- 13.2.6.2. Products
- 13.2.6.3. SWOT Analysis
- 13.2.6.4. Recent Developments
- 13.2.6.5. Financials (Based on Availability)
- 13.2.7 Abengoa SA
- 13.2.7.1. Overview
- 13.2.7.2. Products
- 13.2.7.3. SWOT Analysis
- 13.2.7.4. Recent Developments
- 13.2.7.5. Financials (Based on Availability)
- 13.2.8 Burns & McDonnell
- 13.2.8.1. Overview
- 13.2.8.2. Products
- 13.2.8.3. SWOT Analysis
- 13.2.8.4. Recent Developments
- 13.2.8.5. Financials (Based on Availability)
- 13.2.9 BrightSource Energy Inc
- 13.2.9.1. Overview
- 13.2.9.2. Products
- 13.2.9.3. SWOT Analysis
- 13.2.9.4. Recent Developments
- 13.2.9.5. Financials (Based on Availability)
- 13.2.1 SolarReserve LLC
List of Figures
- Figure 1: North America Thermal Energy Storage Industry Revenue Breakdown (Million, %) by Product 2024 & 2032
- Figure 2: North America Thermal Energy Storage Industry Share (%) by Company 2024
List of Tables
- Table 1: North America Thermal Energy Storage Industry Revenue Million Forecast, by Region 2019 & 2032
- Table 2: North America Thermal Energy Storage Industry Revenue Million Forecast, by Type 2019 & 2032
- Table 3: North America Thermal Energy Storage Industry Revenue Million Forecast, by Application 2019 & 2032
- Table 4: North America Thermal Energy Storage Industry Revenue Million Forecast, by Technology 2019 & 2032
- Table 5: North America Thermal Energy Storage Industry Revenue Million Forecast, by Geography 2019 & 2032
- Table 6: North America Thermal Energy Storage Industry Revenue Million Forecast, by Region 2019 & 2032
- Table 7: North America Thermal Energy Storage Industry Revenue Million Forecast, by Country 2019 & 2032
- Table 8: United States North America Thermal Energy Storage Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 9: Canada North America Thermal Energy Storage Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 10: Mexico North America Thermal Energy Storage Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 11: Rest of North America North America Thermal Energy Storage Industry Revenue (Million) Forecast, by Application 2019 & 2032
- Table 12: North America Thermal Energy Storage Industry Revenue Million Forecast, by Type 2019 & 2032
- Table 13: North America Thermal Energy Storage Industry Revenue Million Forecast, by Application 2019 & 2032
- Table 14: North America Thermal Energy Storage Industry Revenue Million Forecast, by Technology 2019 & 2032
- Table 15: North America Thermal Energy Storage Industry Revenue Million Forecast, by Geography 2019 & 2032
- Table 16: North America Thermal Energy Storage Industry Revenue Million Forecast, by Country 2019 & 2032
- Table 17: North America Thermal Energy Storage Industry Revenue Million Forecast, by Type 2019 & 2032
- Table 18: North America Thermal Energy Storage Industry Revenue Million Forecast, by Application 2019 & 2032
- Table 19: North America Thermal Energy Storage Industry Revenue Million Forecast, by Technology 2019 & 2032
- Table 20: North America Thermal Energy Storage Industry Revenue Million Forecast, by Geography 2019 & 2032
- Table 21: North America Thermal Energy Storage Industry Revenue Million Forecast, by Country 2019 & 2032
- Table 22: North America Thermal Energy Storage Industry Revenue Million Forecast, by Type 2019 & 2032
- Table 23: North America Thermal Energy Storage Industry Revenue Million Forecast, by Application 2019 & 2032
- Table 24: North America Thermal Energy Storage Industry Revenue Million Forecast, by Technology 2019 & 2032
- Table 25: North America Thermal Energy Storage Industry Revenue Million Forecast, by Geography 2019 & 2032
- Table 26: North America Thermal Energy Storage Industry Revenue Million Forecast, by Country 2019 & 2032
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 > 2.00%.
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 XX Million 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 Million.
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
