Thermal Storage Tanks Market
The market for Thermal Storage Tanks was estimated at $1.9 billion in 2024; it is anticipated to increase to $3.9 billion by 2030, with projections indicating growth to around $6.9 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Thermal Storage Tanks Market Outlook
Revenue, 2024
$1.9B
Forecast, 2034
$6.1B
CAGR, 2025 - 2034
12.4%
The Thermal Storage Tanks industry revenue is expected to be around $2.1 billion in 2025 and expected to showcase growth with 12.4% CAGR between 2025 and 2034. The thermal storage tanks market experiences strong expansion because of rising energy storage requirements and expanding renewable energy adoption. The markets importance stems from two main factors: efficient energy management needs and the growing focus on carbon emission reduction. The market will continue to grow because of technological advancements in thermal energy storage systems and rising research and development funding.
The energy storage device known as thermal storage tanks functions by storing thermal energy through heating or cooling a storage medium. Thermal storage tanks serve multiple applications across power generation and district heating and cooling and process heating and cooling systems. The integration of thermal storage tanks with renewable energy systems has become a major trend which drives up the demand for these tanks.
Market Key Insights
- The Thermal Storage Tanks market is projected to grow from $1.9 billion in 2024 to $6.1 billion in 2034. This represents a CAGR of 12.4%, reflecting rising demand across Energy Storage Systems, District Heating & Cooling and Industrial Processes.
- Calmac Manufacturing Corporation, DN Tanks, SolarReserve are among the leading players in this market, shaping its competitive landscape.
- U.S. and Germany are the top markets within the Thermal Storage Tanks market and are expected to observe the growth CAGR of 11.2% to 14.9% between 2024 and 2030.
- Emerging markets including Vietnam, South Africa and Brazil are expected to observe highest growth with CAGR ranging between 8.7% to 13.0%.
- Transition like Embracing Renewable Energy is expected to add $200 million to the Thermal Storage Tanks market growth by 2030.
- The Thermal Storage Tanks market is set to add $4.2 billion between 2024 and 2034, with manufacturer targeting Commercial Heating & Industrial Processes Applications projected to gain a larger market share.
- With Rising demand for energy efficiency, and Technological advancements in thermal storage, Thermal Storage Tanks market to expand 222% between 2024 and 2034.
Opportunities in the Thermal Storage Tanks
The thermal storage tanks market expands through strategic partnerships and collaborations. Companies should also form alliances with local manufacturers and distributors to reach new markets and improve their product offerings. Research institutions partnerships enable the development of new thermal storage solutions which drives market expansion.
Growth Opportunities in North America and Asia-Pacific
The thermal storage tanks market finds its main focus in North America with the United States serving as its central location. The industrial sectors strength together with renewable energy initiatives drive the regional market expansion. The competitive market dynamics stem from both leading manufacturers and a well-established market structure. The market shows promising opportunities in district heating and cooling and renewable energy sectors because Insulated Water Storage Systems enhance energy management efficiency. The region experiences strong growth because of both environmental regulations and policies that support energy efficiency.
The thermal storage tanks market shows growth potential in Asia-Pacific through China and Indias emerging power status. The main factors driving this region are its fast industrialization and urbanization together with rising energy requirements. Local manufacturers have entered the market to create affordable solutions which has increased market competition. The renewable energy sector shows significant growth potential because thermal storage tanks serve essential functions in storing and distributing energy from solar and wind power sources. The market expansion in this region receives additional momentum from government programs that support energy conservation and efficiency initiatives.
Market Dynamics and Supply Chain
01
Driver: Rising Demand for Energy Efficiency, and Growth in Renewable Energy Sector
The thermal storage tanks market also experiences growth because of rising worldwide interest in energy efficiency and sustainability. The HVAC industry has also started to adopt thermal storage tanks because they enable the storage of surplus thermal energy for future use which helps minimize energy waste and boost overall efficiency. The technology finds its most suitable application in areas with changing weather patterns because it addresses the substantial variations in heating and cooling requirements. The renewable energy sectors growth, particularly solar and wind energy, is also another critical for the thermal storage tanks market. These energy sources are also intermittent, and thermal storage tanks provide a solution for storing excess energy generated during peak production times for later use, ensuring a consistent energy supply. This application is also particularly relevant for off-grid and remote areas, where energy supply consistency is also critical.
The thermal storage tanks industry also experiences various technological developments which will also propel market expansion. The combination of phase change materials and molten salt technology enhances thermal storage tank efficiency and storage capacity thus making them more suitable for renewable energy generation and industrial processes.
02
Restraint: High Initial Investment
The high initial cost of thermal storage tanks acts as a major obstacle for many potential customers who want to purchase them. The industrial tanks require substantial expenses for both tank purchase and installation and maintenance costs. The high initial expenses of thermal storage tanks prevent small and medium-sized enterprises from adopting them which restricts market expansion.
03
Opportunity: Expanding Renewable Energy Sector and Technological Advancements in Thermal Storage
The renewable energy sector is witnessing rapid growth worldwide. This growth presents a significant for the thermal storage tanks industry. Thermal storage tanks are essential for storing renewable energy generated by solar and wind power systems for future use. The stored energy can be utilized during peak demand periods or when production levels are low to maintain a steady energy supply. The increasing national efforts to achieve renewable energy targets will lead to a substantial increase in thermal storage tank demand.
The thermal storage tanks market experiences growth because of technological innovations. The market for thermal storage tanks becomes more attractive to potential consumers because advanced materials and design improvements lead to better efficiency and capacity. The implementation of smart technologies including IoT and AI enables real-time monitoring and predictive maintenance of these tanks which leads to reduced operational costs and extended tank lifespan. The thermal storage tanks market will benefit from ongoing technological advancements.
04
Challenge: Technological Challenges
The operation of thermal storage tanks involves managing high-temperature fluids and ensuring their efficient storage and release. This process requires advanced technology and skilled personnel, which can be challenging for many organizations. Additionally, the need for continuous innovation to improve efficiency and reduce environmental impact presents a persistent challenge. These technological hurdles can impede the widespread adoption of thermal storage tanks, thus restraining market expansion.
Supply Chain Landscape
1
Raw Material Suppliers
ArcelorMittalNippon Steel Corporation
2
Manufacturers
CalmacDN Tanks
3
Distributors Wholesalers
FergusonWolseley Industrial Group
4
End Users
Energy Storage SystemsSolar Power
1
Raw Material Suppliers
ArcelorMittalNippon Steel Corporation
2
Manufacturers
CalmacDN Tanks
3
Distributors Wholesalers
FergusonWolseley Industrial Group
4
End Users
Energy Storage SystemsSolar Power
Use Cases of Thermal Storage Tanks in Energy Systems & District Heating & Cooling
Energy Storage Systems : Thermal storage tanks play a pivotal role in energy storage systems, particularly in renewable energy sectors like solar and wind power. These tanks store excess energy produced during peak production times for later use during periods of low production or high demand. The most commonly useds are sensible heat storage tanks due to their high efficiency and lower cost. Top players in this sector, such as Siemens and Tesla, leverage these tanks to optimize energy utilization and reduce waste, reinforcing their market dominance.
Industrial Processes : In industrial processes, thermal storage tanks are indispensable for maintaining temperature stability. They are primarily used in industries such as chemical, pharmaceutical, and food processing where precise temperature control is crucial. Latent heat storage tanks are often used in these applications for their ability to store large amounts of heat without significant temperature changes. Market leaders like ABB and Honeywell utilize these tanks to ensure consistent product quality and safety, thereby strengthening their market position.
District Heating & Cooling : District heating and cooling systems heavily rely on thermal storage tanks for efficient energy management. These systems use the tanks to store surplus heat or cold produced during off-peak hours for use during peak demand periods. Sensible heat storage tanks are the most commonly used due to their cost-effectiveness and simplicity. Key players such as Veolia and Engie use these tanks to enhance energy efficiency and reduce operational costs, thus solidifying their market presence.
Recent Developments
Thermal storage tanks have been the focus of considerable market activity in recent years. These energy storage solutions are playing a pivotal role in the renewable energy sector, particularly in solar power systems and district heating networks. The increasing adoption of renewable energy sources worldwide has led to a surge in demand for thermal storage tanks, driving significant market growth. One of the key market trends shaping the thermal storage tanks industry is the rise in demand for molten salt storage systems.
December 2024 : Johnson Controls International PLC launched a new range of thermal storage tanks with advanced insulation technology, significantly reducing energy loss and improving efficiency
October 2024 : Siemens Energy AG introduced AI-based predictive maintenance for thermal storage tanks, enhancing their lifespan and reliability
August 2024 : ABB Ltd. announced a strategic partnership with EON SE to develop smart thermal storage tanks for renewable energy storage.
Impact of Industry Transitions on the Thermal Storage Tanks Market
As a core segment of the Industrial Supplies industry,
the Thermal Storage Tanks market develops in line with broader industry shifts.
Over recent years, transitions such as Embracing Renewable Energy and Advancements in Material Technology have redefined priorities
across the Industrial Supplies sector,
influencing how the Thermal Storage Tanks market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Embracing Renewable Energy
The thermal storage tanks industry is undergoing a significant transition towards renewable energy. The adoption of solar thermal energy storage systems is a prime example of this change. These systems utilize thermal storage tanks to store excess heat generated by solar panels during the day, which can then be used during the night or periods of low sunlight. This transition is having a profound impact on the renewable energy sector, by providing a practical solution to the intermittent nature of solar power, thereby enhancing its viability as a primary energy source.
02
Advancements in Material Technology
Another notable transition in the thermal storage tanks industry is the advancement in material technology. The development and use of phase change materials in thermal storage tanks is a prime example of this transition. PCMs are substances that absorb and release thermal energy during the process of melting and freezing. By incorporating PCMs in thermal storage tanks, the energy storage capacity of these tanks can be significantly increased. This transition is influencing industries such as construction and HVAC, where enhanced energy storage can lead to greater energy efficiency and cost savings.