Summary
Objective
The objectives of the Thermal Energy Storage provide analysis of top Thermal Energy Storage companies and their market strategies including technological innovations and geographic expansion through analyzing competitive positioning.
Scope
The scope of the Thermal Energy Storage market includes an evaluation of major Thermal Energy Storage companies and their strategies for market expansion, technological advancements, and innovation. It includes evaluating each company’s approach to improving storage efficiency, integrating with existing energy systems, and meeting sustainability goals.
Summary
The Global Thermal Energy Storage Market size was valued at USD 284.92 million in 2023 and the total Global Thermal Energy Storage revenue is expected to grow at 14.1% from 2024 to 2030, reaching nearly USD 628.69 million by 2030.
The competitive analysis of the top Thermal Energy Storage Companies that develop various advanced energy technologies to improve storage efficiency and integrate with renewable energy sources.
The competitive landscape of the Thermal Energy Storage market is characterized by a huge number of Thermal Energy Storage companies including Caldwell Energy Company, Cryogel, DN Tanks, Evapco, Inc., Fafco, Inc., Goss Engineering, Inc., Ice Energy, McDermott International, Inc., SolarReserve, LLC, Steffes Corporation, Northvolt, Verkor, Redwood Materials, Li-Cycle, Form Energy, and Amprius Others. These Thermal Energy Storage companies compete by advancing technology to enhance storage efficiency and integration with renewable energy sources. They employ strategies such as investing heavily in research and development, forming strategic partnerships, and expanding geographic reach. Furthermore, the companies differentiate themselves through innovative solutions and sustainable practices. Thus, innovation and sustainability practices help to maintain their position as a market leader and expand market growth as well.
BrightSource Energy, Inc., headquartered in the United States, is a top Thermal Energy Storage company. The company builds, finances, and operates solar power plants. They use concentrated solar thermal technology to capture the sun's rays and direct them to a water tower to produce renewable energy. BrightSource’s goals are to make electric grids more sustainable, reliable, resilient, and affordable. BrightSource aims to provide for the world’s growing clean energy needs and become a leading global provider in the future grid space. The company has over 700 MW of renewables deployed. BrightSource has expertise in system modeling, optimization, forecasting, data mining, and AI. Furthermore, BrightSource Energy, Inc. has skills in computer vision, big data, algorithms, sensors, energy storage management, weather analysis, and wireless communication. Thus, BrightSource’s sustainable practices, skills in different sectors, and innovation in Thermal Energy Storage help them to maintain their position as a global leader in the Thermal Energy Storage market.
Caldwell Energy Company is a leading player in the Thermal Energy Storage market that provides turbine inlet cooling technologies and systems for combustion turbines. The company focuses on advancing its technological capabilities and expanding its market presence. Caldwell offers a variety of inlet cooling technologies including evaporative cooling, chilling, and patented wet compression technology. The company designs and manufactures systems to meet specific project requirements. The company's strategies include investing in advanced research to improve thermal storage efficiency and reduce costs. Caldwell also highlights strategic partnerships and collaborations to enhance its product services. Cadwell Energy has launched a new high-efficiency thermal storage system designed to enhance energy management in large-scale industrial applications. The company reported a 15% increase in storage efficiency and a 20% reduction in operational costs as compared to previous models.
SolarReserve, LLC, headquartered in the United States, is a leading company that develops and operates solar power plants and advanced solar thermal technology. The company’s propriety solar thermal technology included integrated energy storage. In 2025, SolarReserve developed and secured long-term power contracts for 482 megawatts (MW) of solar projects. The company focuses on large-scale projects and strategic partnerships to scale its technology and enhance global market penetration. SolarReserve also invests heavily in research and development to improve solar thermal technology and increase market growth.
Recent Development in the Thermal Energy Storage Market:
BrightSource Energy, Inc., headquartered in the United States, is a top Thermal Energy Storage company. The company builds, finances, and operates solar power plants. They use concentrated solar thermal technology to capture the sun's rays and direct them to a water tower to produce renewable energy. BrightSource’s goals are to make electric grids more sustainable, reliable, resilient, and affordable. BrightSource aims to provide for the world’s growing clean energy needs and become a leading global provider in the future grid space. The company has over 700 MW of renewables deployed. BrightSource has expertise in system modeling, optimization, forecasting, data mining, and AI. Furthermore, BrightSource Energy, Inc. has skills in computer vision, big data, algorithms, sensors, energy storage management, weather analysis, and wireless communication. Thus, BrightSource’s sustainable practices, skills in different sectors, and innovation in Thermal Energy Storage help them to maintain their position as a global leader in the Thermal Energy Storage market.
Caldwell Energy Company is a leading player in the Thermal Energy Storage market that provides turbine inlet cooling technologies and systems for combustion turbines. The company focuses on advancing its technological capabilities and expanding its market presence. Caldwell offers a variety of inlet cooling technologies including evaporative cooling, chilling, and patented wet compression technology. The company designs and manufactures systems to meet specific project requirements. The company's strategies include investing in advanced research to improve thermal storage efficiency and reduce costs. Caldwell also highlights strategic partnerships and collaborations to enhance its product services. Cadwell Energy has launched a new high-efficiency thermal storage system designed to enhance energy management in large-scale industrial applications. The company reported a 15% increase in storage efficiency and a 20% reduction in operational costs as compared to previous models.
SolarReserve, LLC, headquartered in the United States, is a leading company that develops and operates solar power plants and advanced solar thermal technology. The company’s propriety solar thermal technology included integrated energy storage. In 2025, SolarReserve developed and secured long-term power contracts for 482 megawatts (MW) of solar projects. The company focuses on large-scale projects and strategic partnerships to scale its technology and enhance global market penetration. SolarReserve also invests heavily in research and development to improve solar thermal technology and increase market growth.
Recent Development in the Thermal Energy Storage Market:
• In July 2023, BrightSource Energy, a global leader in CSP technology, spin-off its Israeli, UK, and South African subsidiaries to form New BrightSource Energy LTD.
• In July 2023, Danish company Hyme Energy launched Molten Salt Storage – Moss, the world's first energy storage project using molten hydroxide to store renewable energy during peak periods
Table of Content
1. Thermal Energy Storage Market Competition Matrix
a. Market Structure
i. Market Leaders
ii. Market Followers
iii. Emerging Players
2. Competitive Benchmarking of key players
3. Mergers and Acquisition in Pine Derived Chemicals
4. Thermal Energy Storage Manufacturing Company Profile: Key Players
4.1 BrightSource Energy, Inc.
a. Company Overview
b. Financial Overview
c. Product Portfolio
d. SWOT Analysis
e. Business Strategy
f. Recent Developments
g. Development Footprint
4.2. Caldwell Energy Company - (United States)
4.3. Cryogel - (United States)
4.4. DN Tanks - (United States)
4.5. Evapco, Inc. - (United States)
4.6. Fafco, Inc. - (United States)
4.7. Goss Engineering, Inc. - (United States)
4.8. Ice Energy - (United States)
4.9. McDermott International, Inc. - (United States)
4.10. SolarReserve, LLC - (United States)
4.11. Steffes Corporation - (United States)
4.12. Terrafore Technologies LLC - (United States)
4.13. Tesla, Inc. – (United States)
4.14. Abengoa Solar, S.A. - (Spain)
4.15. Linde plc - (United Kingdom)
4.16. Nestlé S.A. - (Switzerland)
4.17. SaltX Technology Holding AB - (Sweden)
4.18. Siemens AG - (Germany)
4.19. Dunham-Bush Holding Bhd - (Malaysia)
4.20. Northvolt – (Sweden)
4.21. Verkor – (France)
4.22. Redwood Materials – (United States)
4.23. Li-Cycle – (Canada)
4.24. Form Energy – (United States)
4.25. Amprius – (United States)
5. Key Findings
