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

The top five players in the North America Thermal Energy Storage Market are Calmac (Trane Technologies), BrightSource Energy, EnergyNest, Burns & McDonnell, and Baltimore Aircoil Company. These companies provide advanced thermal storage technologies and solutions, driving innovation through large-scale projects, and expanding their market presence across multiple industrial and utility-scale applications.

Which segment accounted for the largest North America Thermal Energy Storage Market share?

The largest market share comes from the power generation application segment. Thermal energy storage is crucial in balancing energy supply and demand for utility companies, allowing renewable sources to be dispatched efficiently. Projects by BrightSource Energy exemplify how storage in power generation ensures grid stability and peak load management.

What are the factors driving the North America Thermal Energy Storage Market?

Key drivers include the growing emphasis on grid reliability, renewable energy integration, and stringent emissions regulations. Trane Technologies, for example, is capitalizing on increased demand for energy efficiency in commercial buildings, offering solutions that lower operational costs while supporting the transition away from fossil fuels.

Which type accounted for the largest North America Thermal Energy Storage Market share?

The sensible heat storage type holds the largest market share, largely due to the widespread application of water- and molten salt-based systems for large-scale energy storage. Sensible heat storage is widely chosen for its operational simplicity and has been successfully implemented in district cooling and utility-scale projects.

Home Energy & Power

North America Thermal Energy Storage Market Size & Share Analysis - Growth Trends and Forecast (2026 - 2035)

Name: North America Thermal Energy Storage Market
Brand: Bussiness Insights

North America Thermal Energy Storage Market: by Type (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage), Application (Power Generation, Heating & Cooling, Process Heating, District Heating & Cooling, Ice Storage, Others), Distribution Channels (Direct Sales, Distributors/Wholesalers, Online, EPC Contractors, OEMs, Others), Technology (Molten Salt, Chilled Water, Ice-based, Phase Change Materials, Miscibility Gap Alloys, Others), Organization Size (Small, Medium, Large) and By North America Historical & Forecast Period (2020-2035) Comprehensive Study 2025

Last Updated: 23-07-2025 | Format: PDF | Report ID:10750 | Author: Ankita R

RD TOC Procurement Report Segmentation Research Methodology Request For Free Sample Copy

North America Thermal Energy Storage Market: Comprehensive Analysis and Forecast (2020-2035)

The North America Thermal Energy Storage Market is experiencing robust growth driven by surging demand for sustainable energy solutions, grid modernization efforts, and technological advancements. This comprehensive study analyzes market trends across types, applications, technologies, distribution channels, and key players while providing forecasts from 2020 to 2035. The market is segmented into sensible heat storage, latent heat storage, thermochemical storage, and more. Applications span power generation, heating & cooling, and process heating. The market size, projected at USD 3,520 Million in 2025, is anticipated to expand at a CAGR of 8.9%, reaching approximately USD 8,635 Million by 2035. Major players are driving innovation through strategic alliances, product launches, and sustainable energy initiatives.

Latest Market Dynamics

Key Drivers

Advancements in Phase Change Materials: Leading companies like Steffes Corporation are innovating with new PCM technologies, improving storage efficiency and commercial viability across various climates.
Growth of Ice-based Storage in Commercial Buildings: Driven by HVAC efficiency goals, companies such as Baltimore Aircoil Company and Ice Energy have expanded their ice-based products, supporting major commercial real estate and data center projects.

Expansion of Smart Grid and Microgrid Projects: Integration of advanced thermal storage in emerging microgrid projects is a significant opportunity, with Siemens Energy piloting modular storage solutions in North American campuses and urban districts.
Decarbonization Initiatives by Large Enterprises: Major corporations are committing to net-zero targets, increasing investments in long-duration thermal storage. In 2025, McDermott International undertook large-scale installations with utilities to meet carbon reduction goals.

High Initial Capital Costs: Many utilities and commercial users face challenges in financing large storage systems. For example, Abengoa Solar's projects have encountered cost-recovery issues delaying widespread adoption.
Complex Integration with Legacy Infrastructure: Technical barriers and regulatory uncertainties remain. BrightSource Energy’s ongoing retrofit projects have highlighted difficulties in integrating storage into older grid systems.

Limited Awareness and Slow Regulatory Adoption: Despite proven technology, market growth is hampered by fragmented policies. FAFCO and smaller OEMs note project delays due to lengthy permitting processes.
Material and Supply Chain Constraints: Global shortages of critical components, particularly for molten salt and PCM-based systems, have affected deployment rates. Terrafore Technologies reported supply chain disruptions impacting project timelines.

In 2025, the North America Thermal Energy Storage Market is characterized by a dominant presence of sensible heat storage, capturing 42% of the market share due to its simple technology and cost-effectiveness. Latent heat storage holds 31%, favored for its higher energy density and application in both commercial and residential sectors. Thermochemical storage makes up 16%, offering potential for long-duration applications but facing higher capital requirements. Miscibility gap alloys, ice thermal, and molten salt storage collectively account for the remaining 11%, driven by niche use cases such as peak load balancing and grid-scale renewables integration.

Power generation is the leading application for thermal energy storage in North America, comprising 35% of the market due to the rapid expansion of intermittent renewables. Heating & cooling follows closely at 28%, underscoring demand in urban commercial buildings and district energy systems. Process heating accounts for 17% as manufacturers seek energy cost optimization. District heating & cooling, ice storage, and other uses represent 20%, with growth prospects in data centers and hospitals.

The North America Thermal Energy Storage Market reported revenue of USD 2,900 Million in 2020, rising to USD 3,520 Million by 2025 on the back of increasing grid modernization projects and renewable energy integration. The market is projected to grow steadily, reaching approximately USD 8,635 Million by 2035. This expansion is underpinned by escalating investments in decarbonization, with surging demand from industrial, commercial, and utility sectors for efficient energy storage solutions that enable flexibility and load management.

The North America Thermal Energy Storage Market has maintained a solid year-over-year (YoY) growth rate, averaging 8.2% from 2020-2025. The pace accelerates to nearly 9.7% between 2025 and 2030 as advanced technology deployments gain traction. By 2031-2035, growth stabilizes at around 7.8%, driven by market maturity and sustained investments in smart grids. These rates reflect ongoing policy support, technology innovation, and evolving end-user requirements.

The United States commands the largest market share in North America for thermal energy storage, accounting for 62% of the total revenue in 2025, driven by massive investments in grid resilience and renewable integration. Canada follows with 24%, leveraging district energy developments and governmental support for clean energy. Mexico represents 14%, gradually expanding its renewables sector and grid upgrade projects.

Key market players in North America exhibit significant differentiation in market share. CALMAC (Trane Technologies) leads with 19% owing to its diverse project portfolio and robust distribution. Siemens Energy and Burns & McDonnell collectively hold 25% through comprehensive turnkey solutions and EPC offerings. Other prominent firms like Chicago Bridge & Iron, Abengoa Solar, BrightSource Energy, and regional specialists share the remaining 56%.

Utility companies represent the largest buyer segment for thermal energy storage in North America, accounting for 40% of purchases in 2025, as they prioritize grid stabilization and peak demand solutions. Industrial end-users hold 28% of the share, followed by commercial buildings at 22%. Residential and others collectively account for 10%, with potential for growth as consumer-focused solutions develop.

Metrics	Details
Years	2020-2035
Base Year	2025
Market Size	Revenue (USD Million)
Regions	United States, Canada, Mexico
Segments	By Type (Sensible Heat Storage, Latent Heat Storage, Thermochemical Storage, Ice Thermal Storage, Molten Salt Storage, Miscibility Gap Alloy Storage), By Application (Power Generation, Heating & Cooling, Process Heating, District Heating & Cooling, Ice Storage, Others)
Players	CALMAC (Trane Technologies), Burns & McDonnell, Chicago Bridge & Iron Company (McDermott International), Abengoa Solar, BrightSource Energy, Siemens Energy, FAFCO, Ice Energy, SolarReserve, DN Tanks, Baltimore Aircoil Company, Steffes Corporation, Terrafore Technologies, Evapco, Caledonian Piping Corporation

June 2024: Siemens Energy successfully commissioned a new modular molten salt storage system for a utility in Texas, enabling higher renewable integration.
July 2024: CALMAC announced a partnership with a leading Canadian district energy provider to deploy advanced chilled water storage.
August 2024: McDermott International launched a turnkey thermal storage EPC service optimized for large-scale utility applications in California.
September 2024: Steffes Corporation introduced next-generation phase change material storage solutions for commercial HVAC customers in New York.
October 2024: Baltimore Aircoil Company expanded its manufacturing facility in Illinois to meet the increased demand for ice-based thermal storage units.

About the Author

Ankita R

Lead Industry Analyst

Ankita R is a Lead Industry Analyst specializing in market research, industry analysis, and business consulting across Energy & Power. Ankita R brings a commercially grounded perspective to sectors shaped by changing demand, innovation, and competitive dynamics, helping turn complex market trends into clear strategic insights for business decision-makers. With 10+ years of experience across research, analytics, and strategic advisory roles, Ankita R has helped organizations translate data into actionable growth strategies.

Energy & PowerMarket ResearchIndustry AnalysisStrategic Consulting

Key Questions Answered

»What is the market size and growth rate of the global and regional market by various segments?
»What is the market size and growth rate of the market for selective countries?
»Which region or sub-segment is expected to drive the market in the forecast period?
»What factors are estimated to drive and restrain the market growth?
»What are the key technological and market trends shaping the market?
»What are the key opportunities in the market?
»What are the key companies operating in the market?
»Which company accounted for the highest market share?

Download Sample

Why Choose Bussiness Insights?

»Strong Industry Focus
»Extensive Product Offerings
»Customer Research Services
»Robust Research Methodology
»Comprehensive Reports
»Latest Technological Developments
»Value Chain Analysis
»Potential Market Opportunities
»Growth Dynamics
»Quality Assurance
»Post-sales Support
»Regular Report Updates

Speak to Analyst

North America Thermal Energy Storage Market Size & Share Analysis - Growth Trends and Forecast (2026 - 2035)

North America Thermal Energy Storage Market: Comprehensive Analysis and Forecast (2020-2035)

Latest Market Dynamics

Key Drivers

Key Trends

Key Opportunities

Key Challenges

Key Restraints

Market Share by Storage Type (2025)

Market Share by Application (2025)

Market Revenue (2020-2035, USD Million)

Year-over-Year Growth (2020-2035, %)

Market Share by Region (2025)

Market Player Share (2025)

Market Buyer Share (2025)

Study Coverage

Key Recent Developments

Frequently Asked Questions

About the Author

Related Reports