North America Thermal Energy Storage Market Size (2024 - 2029)

The North America thermal energy storage market is anticipated to experience growth driven by factors such as the push for renewable energy generation, increased demand in HVAC applications, government incentives, and advancements in material sciences. Despite the challenge posed by declining battery costs, which are boosting battery storage installations, the market is expected to expand, particularly in the United States. The power generation segment through thermal energy storage systems is projected to be the largest, with significant opportunities arising from the commercial and industrial sector's need to enhance the utilization of intermittent renewable energy sources.

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Market Size of North America Thermal Energy Storage Industry

North America Thermal Energy Storage Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 2.00 %

Major Players

North America Thermal Energy Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Thermal Energy Storage Market Analysis

The North America thermal energy storage market is expected to grow at a CAGR of more than 2% during the forecast period. Factors such as growing impetus for renewable energy generation, such as concentrated solar power, increasing demand for thermal energy storage systems in heating, ventilation, and air conditioning (HVAC) application, government incentives for thermal energy storage systems, and advancements in material sciences are some of the major factors driving the demand for thermal energy storage market in North America. However, the declining battery costs leading to an increase in installations of battery storage is hampering the growth of the market.

  • Power generation through thermal energy storage systems is expected to be the largest segment by application with the majority of demand rising from the United States.
  • The commercial and industrial (C&I) sector is increasingly adopting renewable power generation sources, such as solar and wind energy, for self-consumption. But renewable energy is an intermittent power source and the C&I sector is failing to utilize these resources to its fullest potential. Therefore, to increase the utilization rate of renewable power sources, the C&I sector is expected to increasingly adopt the energy storage systems which in, turn, creates significant opportunities to the thermal energy storage providers in the future.
  • The United States is expected to be the largest market during the forecast period, owing to several ongoing thermal energy storage projects along with upcoming ones.

North America Thermal Energy Storage Industry Segmentation

The North America thermal energy storage market report includes:

Type
Molten Salt
Chilled Water
Heat
Ice
Others
Application
Power Generation
Heating & Cooling
Technology
Sensible Heat Storage
Latent Heat Storage
Thermochemical Heat Storage
Geography
United States
Canada
Rest of North America
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North America Thermal Energy Storage Market Size Summary

The North America thermal energy storage market is poised for growth, driven by the increasing focus on renewable energy generation and advancements in material sciences. The demand for thermal energy storage systems is particularly rising in the HVAC sector, supported by government incentives. Despite the challenge posed by declining battery costs, which are encouraging more installations of battery storage, the market is expected to expand. The United States is anticipated to be the largest market, fueled by numerous ongoing and upcoming thermal energy storage projects. The commercial and industrial sector's shift towards renewable power sources, such as solar and wind energy, is creating significant opportunities for thermal energy storage providers, as these systems enhance the utilization of intermittent renewable resources.

In North America, thermal energy storage technology plays a crucial role in managing variable energy generation from renewables, aiding grid operators in maintaining a stable energy supply. The United States, with its substantial grid-tied thermal storage capacity, is a leader in this market. The integration of thermal storage with concentrated solar power systems is a key component of the energy mix, supported by government policies and initiatives like the Clean Development Mechanism and the SunShot Initiative. These efforts aim to make solar energy cost-competitive, further bolstering the thermal energy storage market. The market is moderately consolidated, with key players including BrightSource Energy Inc., Abengoa SA, and others, contributing to the region's leadership in the global thermal energy storage landscape.

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North America Thermal Energy Storage Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Molten Salt

      2. 2.1.2 Chilled Water

      3. 2.1.3 Heat

      4. 2.1.4 Ice

      5. 2.1.5 Others

    2. 2.2 Application

      1. 2.2.1 Power Generation

      2. 2.2.2 Heating & Cooling

    3. 2.3 Technology

      1. 2.3.1 Sensible Heat Storage

      2. 2.3.2 Latent Heat Storage

      3. 2.3.3 Thermochemical Heat Storage

    4. 2.4 Geography

      1. 2.4.1 United States

      2. 2.4.2 Canada

      3. 2.4.3 Rest of North America

North America Thermal Energy Storage Market Size FAQs

The North America Thermal Energy Storage Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)

BrightSource Energy Inc, Abengoa SA, Baltimore Aircoil Company, Terrafore Technologies LLC and Aalborg CSP A/S are the major companies operating in the North America Thermal Energy Storage Market.

North America Thermal Energy Storage Market Report Snapshots

North America Thermal Energy Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)