World's Top 50 Companies in Thermal Energy Storage in 2025 Watch List: Statistics Report (2024–2035).
RELEASE DATE: Jul 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Thermal Energy Storage Market Size is Projected to Grow from USD 49.7 Billion in 2024 to USD 96.5 Billion by 2035, at a CAGR of 6.86 % during the forecast period 2025–2035. The Thermal Energy Storage Market holds future opportunities in renewable energy integration, smart grid systems, district heating, and industrial waste heat recovery, enabling improved energy efficiency, load balancing, and reduced carbon emissions.
Introduction
The thermal energy storage (TES) market refers to systems that store thermal energy for later use, allowing excess heat or cold to be saved and deployed when needed. This process helps balance energy demand and supply, especially when integrated with intermittent renewable energy sources like solar or wind. Key driving factors of the market include the increasing need for energy efficiency, rising demand for renewable energy integration, growing urbanization, and government initiatives supporting sustainable energy solutions. Additionally, the ability of TES to reduce peak energy loads and improve grid stability further propels its adoption across industrial, commercial, and residential sectors.
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Thermal Energy Storage Market Size & Statistics
The Market for Thermal Energy Storage was Estimated to be Worth USD 49.7 Billion in 2024.
The Market is Going to Expand at a CAGR of 6.86 % Between 2025 and 2035.
The Global Thermal Energy Storage Market Size is Anticipated to Reach USD 96.5 Billion by 2035.
Europe is expected to generate the highest demand during the forecast period in the Thermal Energy Storage Market.
Asia Pacific is expected to grow the fastest during the forecast period in the thermal energy storage market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the thermal energy storage market. Accelerated industrial growth and urban development in nations such as China, India, and Japan are boosting energy needs, resulting in heightened investments in energy storage technologies to maintain grid reliability and performance. Moreover, government programs advocating for renewable energy incorporation, along with increasing awareness of energy conservation, are driving the use of thermal energy storage systems in the area. The increasing focus on lowering carbon emissions and improving energy security bolsters the market's strong growth potential in the Asia-Pacific region. Nations with elevated solar radiation, like China and India, are at the forefront of CSP advancements. The increasing energy needs in Asia-Pacific nations are propelling the implementation of TES systems to boost grid stability, handle peak loads, and enhance overall energy efficiency. Rapid urban growth and industrial development greatly contribute to this heightened demand.
Europe is expected to generate the highest demand during the forecast period in the thermal energy storage market. The introduction of renewable energy technologies, including concentrated solar power (CSP) facilities, often accompanied by thermal energy storage systems, has garnered substantial investment and policy backing from the European Union owing to its ambitious climate and renewable energy objectives. A key objective is to attain net-zero emissions by 2050. The need for thermal energy storage is significant to support the grid integration of solar power, as nations such as Germany, Spain, and Italy lead in CSP advancements within Europe. The area's leadership in this industry has also been supported by Europe's robust framework for research and development, which features numerous technical institutions and pilot initiatives focused on creating solutions for thermal energy storage.
Top 5 Emerging Thermal Energy Storage Startups Impacting the Industry
- Hocosto – Underground Thermal Energy Storage
In recent years, the energy sector has undergone a transition towards renewable energy sources while gradually decreasing reliance on fossil fuels. There has been a notable rise in the cost-to-performance ratio of thermal energy storage. With the growing popularity of renewable energy in both commercial and public sectors, many companies are now creating thermal energy storage systems. Dutch company Hocosto offers solutions for underground thermal energy storage. The thermal energy storage system captures solar energy in the summer and retains it in an underground hot water reservoir. The stored thermal energy is then ready for use in the winter for heating systems.
- Nostromo – Modular Thermal Cell
The shift from traditional fossil fuel energy to renewable energy is progressively becoming simpler and more effective. Nonetheless, in the realm of renewable energy storage, many solutions continue to utilize hazardous materials that create issues regarding safe disposal. Startups are creating thermal energy storage systems that exceed existing storage techniques and are also eco-friendly. Israeli company Nostromo creates a modular thermal cell system. Their offering, IceBrick, serves as an effective alternative to electrochemical storage solutions. Compared to conventional lithium-based commercial chillers, IceBrick is environmentally friendly since its primary ingredient is water. It also avoids the restricted charging cycles of lithium, which consequently enhances its lifespan.
- Malta Inc – Electro-Thermal Energy Storage
Sources of renewable energy like solar and wind are becoming more popular as alternatives to fossil fuels. Nevertheless, they are affected by variability and are influenced by environmental shifts, in contrast to fossil fuels that provide a reliable energy source. Energy storage systems seek to address this issue by capturing surplus energy and retaining it during periods of reduced generation levels. The startup Malta Inc, located in the US, develops an electro-thermal energy storage system that transforms electricity into thermal energy for storage purposes. It subsequently transforms the thermal energy back into electrical energy as needed. It captures the surplus energy generated by solar, wind, and fossil fuel sources in an economical way and employs standard construction materials.
- Inficold – Off-Grid Solar Cold Storage
Off-grid solar-powered cooling offers startups the chance to develop contemporary cooling solutions. Utilizing compressors or inverters necessitates a power spike to start and poses difficulties for off-grid systems. Recent developments in solar energy production and storage technologies address these issues and render them a feasible choice for cooling and refrigeration. The Indian startup Inficold offers cooling systems for farms that use thermal energy produced by solar panels. These systems facilitate the refrigeration of perishable goods, including fruits, vegetables, flowers, and dairy. The company’s cold storage functions by harnessing solar energy and preserving it by transforming water into ice. This enables cooling to be offered later when sunlight is absent.
- Stash Energy – Smart Home Energy Storage
In numerous residential electrical systems, heating and cooling account for more than fifty percent of energy consumption. As additional houses transition to renewable energy, the issues with existing energy generation and storage techniques become increasingly apparent. The combined impact of these issues presents more difficulties than it resolves. Enhancements in smart home technology and the smart home framework enable energy storage developers to incorporate intelligent storage solutions to boost energy efficiency. Canadian startup Stash Energy creates an air-to-air heat pump that features built-in electric thermal storage. The system collects energy when demand is low and utilizes it to deliver heating or cooling when demand is high. This approach lessens the demand on the power grid and also enables more significant savings on electricity costs.
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Top 16 Companies Leading the thermal energy storage Market
- Abengoa S.A.
- Baltimore Aircoil Company
- Burns & McDonnell
- Caldwell Energy Company
- CALMAC
- Deepchill Solutions Inc.
- DN Tanks
- Dunham-Bush Limited
- EVAPCO, Inc.
- FAFCO, Inc.
- Goss Engineering, Inc.
- McDermott
- New BrightSource, Ltd.
- Siemens Gamesa Renewable Energy, S.A.
- Steffes, LLC
- Others
1. Abengoa S.A.
Headquartered: Seville, Spain
Abengoa S.A. is a Spanish multinational company specializing in engineering, energy, and environmental services. It is a global leader in thermal energy storage and solar thermal technology, developing innovative solutions for sustainable energy systems. Abengoa designs and builds parabolic trough and tower-based solar power plants that incorporate molten salt storage, allowing for round-the-clock power generation. The company also engages in desalination, bioenergy, and electrical infrastructure projects. With decades of expertise in renewable energy, Abengoa’s work supports grid stability and low-carbon energy transition across Europe, the Americas, and the Middle East, promoting long-term sustainability in power and water systems.
2. Baltimore Aircoil Company
Headquartered: Jessup, Maryland, USA
Baltimore Aircoil Company (BAC) is a global leader in evaporative cooling, thermal storage, and heat transfer technology. The company provides advanced thermal energy storage systems that help commercial and industrial clients reduce energy costs and increase system efficiency. Its flagship products include ice thermal storage systems used in HVAC and process cooling applications, optimizing energy consumption during peak periods. BAC’s solutions align with sustainable building practices and are frequently used in data centers, hospitals, and manufacturing facilities. With a focus on innovation, reliability, and sustainability, BAC serves clients globally with cutting-edge cooling and energy storage technologies.
3. Burns & McDonnell
Headquartered: Kansas City, Missouri, USA
Burns & McDonnell is a prominent engineering, architecture, construction, and consulting firm with expertise in energy infrastructure and thermal energy storage. The company designs and implements large-scale energy storage systems, including molten salt storage for solar thermal plants and chilled water or ice-based solutions for commercial buildings. Its energy division helps utilities and municipalities enhance grid reliability and integrate renewables efficiently. Burns & McDonnell is employee-owned and operates across various sectors such as transportation, aviation, water, and manufacturing. Its commitment to sustainability and innovation positions it as a key player in advancing smart energy and infrastructure solutions.
4. Caldwell Energy Company
Headquartered: Louisville, Kentucky, USA
Caldwell Energy Company specializes in energy efficiency and thermal energy systems for industrial and power generation applications. The company is known for its turbine inlet air cooling (TIAC) systems, which integrate thermal energy storage to enhance power plant performance during peak periods. Caldwell’s solutions include chilled water storage tanks and other customized energy optimization systems that boost efficiency, reduce emissions, and support renewable energy integration. Serving utility companies, industrial clients, and combined cycle power plants, Caldwell Energy focuses on maximizing energy output while minimizing operational costs, contributing to cleaner and more reliable power generation strategies.
5. CALMAC
Headquartered: Fair Lawn, New Jersey, USA
CALMAC is a leading provider of thermal energy storage systems, particularly known for its ice-based solutions that help reduce energy consumption and shift cooling loads to off-peak hours. Its IceBank® energy storage systems are widely used in commercial buildings, schools, hospitals, and data centers to improve energy efficiency and reduce carbon footprints. By storing energy in the form of ice made overnight when electricity demand is low, CALMAC systems lower peak demand charges and support grid stability. Now part of Trane Technologies, CALMAC continues to drive innovation in sustainable HVAC and energy storage applications globally.
Are you ready to discover more about the thermal energy storage market?
The report provides an in-depth analysis of the leading companies operating in the global thermal energy storage market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Abengoa S.A.
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Baltimore Aircoil Company
- Burns & McDonnell
- Caldwell Energy Company
- CALMAC
- Deepchill Solutions Inc.
- DN Tanks
- Dunham-Bush Limited
- EVAPCO, Inc.
- FAFCO, Inc.
- Goss Engineering, Inc.
- McDermott
- New BrightSource, Ltd.
- Siemens Gamesa Renewable Energy, S.A.
- Steffes, LLC
- Others
Conclusion
The thermal energy storage (TES) market is poised for significant transformation as global energy systems shift toward sustainability and efficiency. With increasing integration of renewable sources, advancements in smart grids, and rising urbanization, TES technologies are becoming vital for managing energy demand, reducing emissions, and enhancing grid reliability. From industrial waste heat recovery to large-scale solar thermal applications, the market’s versatility supports a broad range of industries. Backed by government policies and growing awareness of climate change, TES is set to play a central role in the global clean energy transition, enabling flexible, cost-effective, and environmentally conscious power systems.
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