At 5.4% CAGR, the North America Thermal Energy Storage Market is projected to be worth US$ 7,179.17 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the North America thermal energy storage market was valued at US$ 4,716.91 million in 2022 and is expected to reach US$ 7,179.17 million by 2030, registering a CAGR of 5.4% from 2022 to 2030. Rising renewable energy share and application of artificial intelligence for optimization and control of thermal energy storage systems are among the critical factors attributed to the North America thermal energy storage market expansion.

Energy storage systems are crucial for boosting the operational efficiency of existing energy sources; these systems help reduce energy consumption and costs, decrease environmental impacts, and improve the power grids’ flexibility and consistency. To improve thermal energy storage systems, artificial intelligence is being integrated into these systems. Different research and development activities are being conducted to understand and implement the viability of artificial intelligence for predicting, optimizing, and monitoring the performance of energy systems that encompass thermal energy storage facilities. Various studies have been led to observe the viability of applying artificial intelligence techniques, such as artificial neural networks (ANN), particle swarm optimization (PSO), adaptive neuro-fuzzy inference system (ANFIS), and square vector machine (SVM), in the energy storage sector. In addition, the global energy trend is shifting toward renewables, and various large-scale solar, wind, and geothermal projects are being initiated across the globe. The development of effective and high-capacity energy storage systems can assist in overcoming the intermittent issue of renewable energy as it can store and discharge energy during a shortage. The implementation of AI in such systems offers various benefits, including rapid decision-making, minimization of human errors, and digital assistance. Further, traditional computing demands a lot of labor and time and can only resolve one issue at a time; as a result, the implementation of AI is rising in these systems. The utilization of AI and other advanced technologies helps optimize operations, forecast energy production and consumption, enhance the system's efficiency, and reduce energy costs. This factor is expected to fuel the thermal energy storage market growth in the coming years.

On the contrary, lack of technology readiness hampers the North America thermal energy storage market.

Based on technology, the North America thermal energy storage market is segmented into sensible heat storage, latent heat storage, and thermochemical storage. The sensible heat storage segment held 52.2% share of North America thermal energy storage market in 2022, amassing US$ 2,460.93 million. It is projected to garner US$ 3,585.99 million by 2030 to expand at 4.8% CAGR during 2022–2030.

Based on storage material, the North America thermal energy storage market is segmented into water, molten salt, PCM, and others. The water segment held 35.0% share of North America thermal energy storage market in 2022, amassing US$ 1,650.92 million. It is projected to garner US$ 2,261.44 million by 2030 to expand at 4.0% CAGR during 2022–2030.

Based on application, the North America thermal energy storage market is segmented into low power generation, process heating and cooling, and district heating and cooling. The district heating and cooling segment held 48.6% share of North America thermal energy storage market in 2022, amassing US$ 2,294.66 million. It is projected to garner US$ 3,334.65 million by 2030 to expand at 4.8% CAGR during 2022–2030.

Based on end user, the North America thermal energy storage market is segmented into utility and nonutility. The utility segment held 60.9% share of North America thermal energy storage market in 2022, amassing US$ 2,872.36 million. It is projected to garner US$ 4,262.66 million by 2030 to expand at 5.1% CAGR during 2022–2030.

Based on country, the North America thermal energy storage market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 59.5% share of North America thermal energy storage market in 2022. It was assessed at US$ 2,806.56 million in 2022 and is likely to hit US$ 4,028.95 million by 2030, exhibiting a CAGR of 4.6% during 2022–2030.

Key players operating in the North America thermal energy storage market are Baltimore Aircoil Co, Burns & McDonnell Consultants Inc, Calmac Corp, Evapco Inc, Goss Engineering Inc, Kelvin Energy Inc, MAN Energy Solutions SE, Steffes LLC, and Sunamp Ltd, among others.

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