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APAC Thermal Energy Storage Market
ID: MRFR/EnP/53835-HCR
200 Pages
June 2025
APAC Thermal Energy Storage Market Research Report: By Technology (Molten Salt Storage, Water Thermal Storage, Phase Change Materials, Ice Storage), By Storage Capacity (Less than 100 MWh, 100-500 MWh, 500-1000 MWh, More than 1000 MWh), By Application (District Heating, Industrial Processes, Concentrated Solar Power, Building Heating and Cooling), By Material Used (Concrete, Steel, Natural Materials, Composite Materials) andBy Regional (China, India, Japan, South Korea, Malaysia, Thailand, Indonesia, Rest of APAC)- Forecast to 2035
Industry Developments
The APAC Thermal Energy Storage Market has recently witnessed significant developments, with companies like Siemens and ENGIE actively expanding their operational footprint in the region. These expansions aim to meet rising energy demands and enhance grid stability amid increasing renewable energy integration. In the realm of mergers and acquisitions, AES Corporation announced its strategic acquisition of a thermal storage project in July 2023, bolstering its capabilities in the APAC region. Companies such as Fluence and Honeywell are also focusing on innovations in thermal energy storage technologies to optimize energy management within the grid. The market's growth is further fueled by substantial investments in renewable energy initiatives across countries like China and India, with a reported market valuation increase, reflecting a growing emphasis on sustainability and energy efficiency. Notably, JinkoSolar has gained prominence for its solar technology developments that align with thermal storage solutions, while Vestas continues to enhance its service offerings in the region. Over the past few years, the APAC region’s commitment to reducing carbon emissions has led to favorable policies and substantial funding thermal energy storage projects, emphasizing the increasing reliance on such systems in supporting renewable energy transition.
Report Scope
Report Scope:
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 1.9(USD Billion) |
| MARKET SIZE 2024 | 2.06(USD Billion) |
| MARKET SIZE 2035 | 5.0(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 8.395% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Billion |
| KEY COMPANIES PROFILED | Abengoa, Siemens, AES Corporation, Vestas, Khan Academy, Navigant Consulting, ENGIE, Honeywell, Johnson Controls, Danfoss, Fluence, Trane, Samsung C&T, JinkoSolar |
| SEGMENTS COVERED | Technology, Storage Capacity, Application, Material Used, Regional |
| KEY MARKET OPPORTUNITIES | Growing renewable energy integration, Increasing energy efficiency regulations, Demand for peak load shifting, Expanding industrial applications, Advancements in storage technologies |
| KEY MARKET DYNAMICS | growing renewable energy integration, increasing energy efficiency initiatives, government incentives for storage, rising energy demand, technological advancements in storage |
| COUNTRIES COVERED | China, India, Japan, South Korea, Malaysia, Thailand, Indonesia, Rest of APAC |
FAQs
What is the expected market size of the APAC Thermal Energy Storage Market by 2024?
The APAC Thermal Energy Storage Market is expected to be valued at 2.06 billion USD by 2024.
What is the forecasted market size for the APAC Thermal Energy Storage Market by 2035?
By 2035, the market is projected to reach a value of 5.0 billion USD.
What is the expected compound annual growth rate (CAGR) for the APAC Thermal Energy Storage Market from 2025 to 2035?
The market is expected to grow at a CAGR of 8.395% during the forecast period from 2025 to 2035.
Which country is expected to have the largest market share in the APAC Thermal Energy Storage Market by 2035?
China is anticipated to dominate the market, reaching a value of 1.75 billion USD by 2035.
What is the projected market value for Water Thermal Storage technology by 2035?
Water Thermal Storage technology is expected to be valued at 1.1 billion USD by 2035.
How is the APAC Thermal Energy Storage Market divided by technology in 2024?
In 2024, the market is divided into technologies including Molten Salt Storage valued at 0.75 billion USD and Ice Storage valued at 0.36 billion USD.
What is the expected market size for India in the APAC Thermal Energy Storage Market by 2035?
India's market size is projected to be valued at 1.25 billion USD by 2035.
What are the key players in the APAC Thermal Energy Storage Market?
Major players include Abengoa, Siemens, AES Corporation, and Honeywell.
What is the estimated market value of Phase Change Materials technology in 2024?
Phase Change Materials technology is expected to have a market value of 0.5 billion USD in 2024.
What are some of the challenges faced by the APAC Thermal Energy Storage Market?
Challenges include high installation costs and the need for regulatory support to encourage adoption.
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