North America Thermal Energy Storage Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The North America Thermal Energy Storage Market is segmented by Type (Molten Salt, Chilled Water, Heat, Ice, and Others), Application (Power Generation and Heating & Cooling), Technology (Sensible Heat Storage, Latent Heat Storage, and Thermochemical Heat Storage), and Geography (US, Canada, and Rest of North America)

North America Thermal Energy Storage Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

North America Thermal Energy Storage Market Size

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North America Thermal Energy Storage Market - Market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2020 - 2023
CAGR 2.00 %

Major Players

North America Thermal Energy Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

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North America Thermal Energy Storage Market Analysis

The North America Thermal Energy Storage Market is expected to register a CAGR of greater than 2% during the forecast period.

  • 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 Overview

The North America thermal energy storage market is moderately consolidated. Some of the key players are BrightSource Energy Inc., Abengoa SA, Baltimore Aircoil Company, Terrafore Technologies LLC, and Aalborg CSP A/S.

North America Thermal Energy Storage Market Leaders

  1. BrightSource Energy Inc

  2. Abengoa SA

  3. Baltimore Aircoil Company

  4. Terrafore Technologies LLC

  5. Aalborg CSP A/S

  6. *Disclaimer: Major Players sorted in no particular order
Market Concentration - North America Thermal Energy Storage Market.png
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North America Thermal Energy Storage Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD billion, till 2025
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.2 Restraints
  • 4.6 Supply Chain Analysis
  • 4.7 Porter's Five Forces Analysis
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Consumers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitutes Products and Services
    • 4.7.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 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 Application
    • 5.2.1 Power Generation
    • 5.2.2 Heating & Cooling
  • 5.3 Technology
    • 5.3.1 Sensible Heat Storage
    • 5.3.2 Latent Heat Storage
    • 5.3.3 Thermochemical Heat Storage
  • 5.4 Geography
    • 5.4.1 United States
    • 5.4.2 Canada
    • 5.4.3 Rest of North America

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 BrightSource Energy Inc.
    • 6.3.2 Aalborg CSP A/S
    • 6.3.3 Abengoa SA
    • 6.3.4 Baltimore Aircoil Company
    • 6.3.5 Burns & McDonnell
    • 6.3.6 SaltX Technology Holding AB
    • 6.3.7 SolarReserve LLC
    • 6.3.8 Terrafore Technologies LLC
    • 6.3.9 Trane Technologies PLC
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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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 Research FAQs

What is the current North America Thermal Energy Storage Market size?

The North America Thermal Energy Storage Market is projected to register a CAGR of greater than 2% during the forecast period (2025-2030)

Who are the key players in North America Thermal Energy Storage Market?

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.

What years does this North America Thermal Energy Storage Market cover?

The report covers the North America Thermal Energy Storage Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the North America Thermal Energy Storage Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

North America Thermal Energy Storage Industry Report

Statistics for the 2025 North America Thermal Energy Storage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Thermal Energy Storage analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.