Key Insights
The North American thermal energy storage (TES) market, currently valued at approximately $X billion in 2025 (estimated based on provided CAGR and market size), is poised for robust growth, exhibiting a Compound Annual Growth Rate (CAGR) exceeding 2% through 2033. This expansion is driven by several key factors. The increasing adoption of renewable energy sources, such as solar and wind power, necessitates efficient energy storage solutions to address their intermittent nature. Simultaneously, growing concerns about climate change and the need to reduce carbon emissions are bolstering investments in sustainable energy technologies, including TES systems. Furthermore, advancements in TES technologies, particularly in latent heat storage and thermochemical heat storage, are enhancing efficiency and reducing costs, making them increasingly attractive for various applications. The significant market segments include power generation, heating & cooling across applications utilizing molten salt, chilled water, and ice technologies. The US market dominates North America due to its advanced infrastructure and substantial investments in renewable energy.
North America Thermal Energy Storage Industry Market Size (In Billion)
Significant growth opportunities exist within the industrial sector, where TES can optimize energy consumption and reduce operational costs. However, the market faces certain restraints, including high initial investment costs associated with TES system implementation and the need for advanced expertise in design and operation. Nevertheless, government incentives and supportive policies aimed at promoting renewable energy and energy efficiency are expected to mitigate these challenges and stimulate further market growth. Major players like SolarReserve, Terrafore Technologies, and Trane Technologies are actively contributing to technological advancements and market expansion, while ongoing research and development efforts continue to refine TES technologies and unlock new applications. This strong combination of drivers and a supportive regulatory environment points to a promising future for the North American thermal energy storage market.
North America Thermal Energy Storage Industry Company Market Share
North America Thermal Energy Storage Industry Market Report: 2019-2033
This comprehensive report provides a detailed analysis of the North America thermal energy storage industry, encompassing market dynamics, growth trends, regional segmentation, product landscape, key players, and future outlook. With a study period spanning 2019-2033, a base year of 2025, and a forecast period of 2025-2033, this report offers invaluable insights for industry professionals, investors, and stakeholders seeking to navigate this rapidly evolving market. The report segments the 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). The total market size in 2025 is estimated at XXX million units.
North America Thermal Energy Storage Industry Market Dynamics & Structure
The North American thermal energy storage market is characterized by moderate concentration, with a few major players holding significant market share, alongside numerous smaller, specialized firms. Technological innovation, driven by the need for efficient renewable energy integration and improved grid stability, is a key driver. Regulatory frameworks, including incentives and mandates for renewable energy adoption, significantly influence market growth. Competitive substitutes, such as pumped hydro storage, exert pressure, while the increasing demand for energy efficiency in commercial and residential buildings fuels market expansion. The industry has witnessed a moderate level of M&A activity in recent years, with larger companies strategically acquiring smaller firms to expand their technological capabilities and market reach.
- Market Concentration: Moderately concentrated, with the top 5 players holding approximately xx% market share in 2025.
- Technological Innovation: Focus on improving energy density, reducing costs, and enhancing system reliability.
- Regulatory Framework: Supportive policies promoting renewable energy integration are driving growth.
- Competitive Substitutes: Pumped hydro storage presents competition, but TES offers unique advantages in certain applications.
- M&A Activity: xx deals recorded between 2019-2024, indicating consolidation within the market.
- Innovation Barriers: High initial investment costs and technological complexities hinder wider adoption.
North America Thermal Energy Storage Industry Growth Trends & Insights
The North American thermal energy storage market has witnessed substantial growth during the historical period (2019-2024), driven by increasing renewable energy deployment, stringent environmental regulations, and rising energy costs. The market is projected to experience a Compound Annual Growth Rate (CAGR) of xx% during the forecast period (2025-2033), reaching an estimated market size of XXX million units by 2033. This growth is fueled by technological advancements, decreasing costs, and growing awareness of the benefits of energy storage. Consumer behavior is shifting towards sustainable energy solutions, further boosting market demand. The adoption rate of TES systems is expected to increase significantly across various sectors, including power generation, industrial processes, and building applications.
Dominant Regions, Countries, or Segments in North America Thermal Energy Storage Industry
The Western and Southwestern regions of the United States are currently the dominant markets for thermal energy storage, driven by high solar and wind energy penetration and supportive government policies. California and Texas lead in terms of both market share and growth potential. Within the segment breakdown, Molten Salt and Chilled Water technologies hold the largest market share due to their maturity and proven track record. Power generation remains the largest application segment, although heating & cooling applications are gaining momentum.
- Leading Region: Western United States (California, Nevada, Arizona)
- Key Country: United States
- Dominant Type: Molten Salt, Chilled Water
- Leading Application: Power Generation
- Key Drivers: Government incentives, high renewable energy penetration, and favorable climate conditions.
North America Thermal Energy Storage Industry Product Landscape
The North American thermal energy storage market offers a diverse range of products, including systems based on molten salt, chilled water, heat, and ice storage technologies. Recent innovations focus on improving energy density, reducing system costs, and enhancing efficiency. Products are tailored to specific applications, from large-scale power generation plants to smaller-scale building applications. Unique selling propositions often include system lifespan, ease of maintenance, and integration capabilities with renewable energy sources.
Key Drivers, Barriers & Challenges in North America Thermal Energy Storage Industry
Key Drivers:
- Increasing renewable energy integration needs.
- Stringent environmental regulations.
- Rising energy costs.
- Government incentives and subsidies.
Key Challenges:
- High upfront capital costs.
- Technological complexities and lack of standardization.
- Limited awareness and understanding among potential consumers.
- Supply chain constraints impacting component availability. This has resulted in an estimated xx% increase in production costs in 2024.
Emerging Opportunities in North America Thermal Energy Storage Industry
Emerging opportunities lie in the integration of thermal energy storage with smart grids, the development of innovative applications in industrial processes, and the expansion into underserved markets, such as rural communities and developing regions. The growing demand for sustainable building solutions presents significant opportunities for residential and commercial applications. The exploration of novel storage materials and technologies also offers pathways for further growth.
Growth Accelerators in the North America Thermal Energy Storage Industry
Long-term growth will be accelerated by breakthroughs in material science leading to higher energy density and lower cost storage solutions. Strategic partnerships between technology providers and energy companies will expedite market penetration. Government policies favoring renewable energy integration, combined with increasing awareness of energy efficiency, will propel market expansion significantly.
Key Players Shaping 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
Notable Milestones in North America Thermal Energy Storage Industry Sector
- 2020: Introduction of a novel molten salt storage technology by SolarReserve LLC.
- 2022: Significant investment in thermal storage by a major utility company in California.
- 2023: Launch of a new line of chilled water storage systems by Trane Technologies PLC.
In-Depth North America Thermal Energy Storage Industry Market Outlook
The North American thermal energy storage market is poised for substantial growth over the next decade. Technological advancements, coupled with supportive government policies and rising demand for clean energy, will drive market expansion. Strategic investments in research and development, coupled with increased industry collaboration, will pave the way for innovative solutions and wider adoption across diverse sectors. The market presents significant opportunities for companies to capitalize on the growing need for efficient and reliable energy storage 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 > 2.00% 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 (Million, %) 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 Million Forecast, by Type 2020 & 2033
- Table 2: North America Thermal Energy Storage Industry Revenue Million Forecast, by Application 2020 & 2033
- Table 3: North America Thermal Energy Storage Industry Revenue Million Forecast, by Technology 2020 & 2033
- Table 4: North America Thermal Energy Storage Industry Revenue Million Forecast, by Geography 2020 & 2033
- Table 5: North America Thermal Energy Storage Industry Revenue Million Forecast, by Region 2020 & 2033
- Table 6: North America Thermal Energy Storage Industry Revenue Million Forecast, by Type 2020 & 2033
- Table 7: North America Thermal Energy Storage Industry Revenue Million Forecast, by Application 2020 & 2033
- Table 8: North America Thermal Energy Storage Industry Revenue Million Forecast, by Technology 2020 & 2033
- Table 9: North America Thermal Energy Storage Industry Revenue Million Forecast, by Geography 2020 & 2033
- Table 10: North America Thermal Energy Storage Industry Revenue Million Forecast, by Country 2020 & 2033
- Table 11: North America Thermal Energy Storage Industry Revenue Million Forecast, by Type 2020 & 2033
- Table 12: North America Thermal Energy Storage Industry Revenue Million Forecast, by Application 2020 & 2033
- Table 13: North America Thermal Energy Storage Industry Revenue Million Forecast, by Technology 2020 & 2033
- Table 14: North America Thermal Energy Storage Industry Revenue Million Forecast, by Geography 2020 & 2033
- Table 15: North America Thermal Energy Storage Industry Revenue Million Forecast, by Country 2020 & 2033
- Table 16: North America Thermal Energy Storage Industry Revenue Million Forecast, by Type 2020 & 2033
- Table 17: North America Thermal Energy Storage Industry Revenue Million Forecast, by Application 2020 & 2033
- Table 18: North America Thermal Energy Storage Industry Revenue Million Forecast, by Technology 2020 & 2033
- Table 19: North America Thermal Energy Storage Industry Revenue Million Forecast, by Geography 2020 & 2033
- Table 20: North America Thermal Energy Storage Industry Revenue Million 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 > 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