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GCC Thermal Energy Storage Market
ID: MRFR/EnP/53831-HCR
200 Pages
June 2025
GCC 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) andBy Material Used (Concrete, Steel, Natural Materials, Composite Materials)- Forecast to 2035
Industry Developments
The GCC Thermal Energy Storage Market has witnessed significant developments recently, with companies like ACWA Power and Masdar leading the charge in expanding their renewable energy capacities. In October 2023, Masdar announced an ambitious partnership to develop a large-scale solar energy project aimed at enhancing energy efficiency through thermal storage technologies. Moreover, in March 2023, Saudi Electricity Company unveiled plans for a groundbreaking thermal energy storage facility that promises to bolster the region's grid stability. Notably, in September 2023, Siemens expanded its footprint in the GCC by collaborating with Doosan Heavy Industries to develop innovative thermal energy solutions that align with the GCC's sustainability goals. The market has also seen a valuation growth attributed to increasing investments and government support for renewable energy sources. With solar power being a key focus, SolarReserve and BrightSource Energy are actively pursuing opportunities within the GCC, solidifying their market presence. Over the past few years, notable trends have emerged in policy reforms aimed at integrating thermal energy storage solutions, enhancing energy efficiency, and boosting the region's overall resilience against climate change impacts, showcasing a robust evolution in the sector.
Report Scope
Report Scope:
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 83.3(USD Million) |
| MARKET SIZE 2024 | 90.12(USD Million) |
| MARKET SIZE 2035 | 212.5(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 8.11% (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 Million |
| KEY COMPANIES PROFILED | Engie, SolarReserve, ACWA Power, Doosan Heavy Industries, Masdar, Siemens, Abengoa Solar, Saudi Electricity Company, Sungrow, PVH, Schneider Electric, CSP Services, Foster Wheeler, National Renewable Energy Laboratory, BrightSource Energy |
| SEGMENTS COVERED | Technology, Storage Capacity, Application, Material Used |
| KEY MARKET OPPORTUNITIES | Increased renewable energy integration, Government incentives and regulations, Growing industrial applications, Enhanced energy efficiency demand, Expansion of district cooling systems |
| KEY MARKET DYNAMICS | growing renewable energy investments, increasing energy efficiency demands, government regulations and incentives, advancements in storage technologies, rising peak demand management needs |
| COUNTRIES COVERED | GCC |
FAQs
What is the expected market size of the GCC Thermal Energy Storage Market in 2024?
The GCC Thermal Energy Storage Market is expected to be valued at approximately 90.12 million USD in 2024.
What will be the projected market size of the GCC Thermal Energy Storage Market by 2035?
By 2035, the market is projected to reach a valuation of about 212.5 million USD.
What is the expected compound annual growth rate (CAGR) for the GCC Thermal Energy Storage Market from 2025 to 2035?
The expected CAGR for the market between 2025 to 2035 is 8.11%.
Which technology segment is anticipated to dominate the GCC Thermal Energy Storage Market?
Molten Salt Storage is anticipated to be a dominant segment within the market by reaching around 60.0 million USD by 2035.
How much is the Water Thermal Storage segment expected to be valued in 2035?
The Water Thermal Storage segment is expected to grow to approximately 50.0 million USD by 2035.
What is the projected market value for Ice Storage in 2035?
Ice Storage is projected to be valued at about 62.5 million USD by 2035.
Who are the key players in the GCC Thermal Energy Storage Market?
Major players in the market include Engie, SolarReserve, ACWA Power, and Doosan Heavy Industries.
What value is the Phase Change Materials segment expected to reach by 2035?
The Phase Change Materials segment is expected to be valued at approximately 40.0 million USD by 2035.
What are the challenges facing the GCC Thermal Energy Storage Market?
Challenges facing the market include regulatory hurdles and the need for technological advancements in energy storage.
What are the growth opportunities in the GCC Thermal Energy Storage Market?
The market presents growth opportunities through investments in renewable energy and advancements in storage technologies.
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