Global Thermal Energy Storage Market Size & Outlook

The thermal energy storage industry worldwide is expected to reach a projected revenue of US$ 10,897.5 million by 2030. A compound annual growth rate of 11.7% is expected of the worldwide thermal energy storage industry from 2024 to 2030.
Revenue, 2023 (US$M)
$5,018.5
Forecast, 2030 (US$M)
$10,897.5
CAGR, 2024 - 2030
11.7%
Report Coverage
Worldwide

Global thermal energy storage market highlights

  • The global thermal energy storage market generated a revenue of USD 5,018.5 million in 2023 and is expected to reach USD 10,897.5 million by 2030.
  • The market is expected to grow at a CAGR (2024 - 2030) of 11.7% by 2030.
  • In terms of segment, commercial accounted for a revenue of USD 2,406.5 million in 2023.
  • Industrial is the most lucrative application segment registering the fastest growth during the forecast period.
  • In terms of region, Europe was the largest revenue generating market in 2023.
  • Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.

Global data book summary

Market revenue in 2023USD 5,018.5 million
Market revenue in 2030USD 10,897.5 million
Growth rate11.7% (CAGR from 2023 to 2030)
Largest segmentCommercial
Fastest growing segmentIndustrial
Historical data covered2018 - 2022
Base year for estimation2023
Forecast period covered2024 - 2030
Quantitative unitsRevenue in USD million
Market segmentationResidential, Commercial, Industrial

Other key industry trends

  • In terms of revenue, the North America accounted for 26.7% of the global thermal energy storage market in 2023.
  • By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
  • By country, Mexico is the fastest growing regional market and is projected to reach USD 184.4 million by 2030.

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Thermal Energy Storage Market Scope

Thermal energy storage market segmentation & scope

Thermal Energy Storage Market Companies

Name Profile # Employees HQ Website

Global 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.


Commercial was the largest segment with a revenue share of 47.95% in 2023. Horizon Databook has segmented the Global thermal energy storage market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.


  • Global Thermal Energy Storage Application Outlook (Revenue, USD Million, 2018-2030)
    • Residential
    • Commercial
    • Industrial

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Horizon Databook provides a detailed overview of global-level data and insights on the Global thermal energy storage market , including forecasts for subscribers. This global databook contains high-level insights into Global thermal energy storage market from 2018 to 2030, including revenue numbers, major trends, and company profiles.

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Global thermal energy storage market size, by regions, 2018-2030 (US$M)

Top 10 countries: Thermal energy storage market size, 2023 (US$M)

Global thermal energy storage market share, by application, 2023 & 2030 (%, US$M)

Thermal Energy Storage Market: Opportunity Assessment By Country

Global thermal energy storage market, by region, 2023 (US$M)

Global thermal energy storage market size, by regions, 2018-2030 (US$M)

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