The Global Electric Thermal Energy Storage Technology Market was valued at USD 216 Million in 2023 and is projected to reach USD 753.94 Million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 14.90% during the forecast period (2023–2032). This growth is being driven by the rising integration of renewable energy sources, increasing demand for grid stability and peak shaving solutions, and the accelerating adoption of Electric Thermal Energy Storage (ETES) systems in industrial and utility sectors to address supply-demand mismatches in power grids.
As the energy sector shifts toward sustainable and efficient operations, the focus turns to innovative storage technologies that convert electrical energy into thermal form for later use. These solutions are pivotal in balancing intermittent renewable generation with steady energy needs. In this blog, we profile the Top 10 Companies in the Electric Thermal Energy Storage Technology Market—a blend of engineering giants, specialized innovators, and energy firms pioneering scalable ETES solutions to power a greener future.
🔟 1. EnergyNest AS
Headquarters: Porsgrunn, Norway
Key Offering: Thermal batteries using concrete for heat storage, integrated with power-to-heat systems
EnergyNest stands out as a leader in modular thermal storage, leveraging its patented Firebrick technology to store heat in solid-state thermal batteries. This approach allows for efficient, long-duration energy storage that supports renewable integration and industrial heating needs. The company’s systems are deployed in Europe and beyond, providing dispatchable power without the degradation issues of chemical batteries.
Sustainability Initiatives:
- Zero-emission storage solutions compatible with wind and solar
- Partnerships with utilities for grid-scale deployments
- Commitment to circular economy principles in material use
9️⃣ 2. Brenmiller Energy Ltd.
Headquarters: Dimona, Israel
Key Offering: Thermal energy storage systems using recycled ceramic particles
Brenmiller’s innovative bCSP (thermal energy power) systems store electricity as heat in ceramic particles, enabling high-efficiency discharge for steam generation in industrial processes. With projects in the US and Europe, the company addresses peak load challenges in manufacturing and district heating, offering a cost-effective alternative to fossil fuels.
Sustainability Initiatives:
- Utilization of waste materials for sustainable particle production
- Collaborations with industrial clients to reduce carbon footprints
- Aiming for widespread adoption in decarbonizing heavy industries
8️⃣ 3. SaltX Technology
Headquarters: Helsingborg, Sweden
Key Offering: Salt-based thermal energy storage for latent heat applications
SaltX develops nano-coated salt technology that enables reversible heat storage at the molecular level, ideal for residential and industrial ETES. Their systems provide high energy density and long-term stability, helping to stabilize grids by storing excess renewable energy during off-peak times. Deployments in Sweden highlight their role in Europe’s green transition.
Sustainability Initiatives:
- Innovative salt recycling to minimize environmental impact
- Integration with solar thermal for enhanced efficiency
- Focus on reducing energy costs for end-users
7️⃣ 4. Azelio AB
Headquarters: Stockholm, Sweden
Key Offering: Stirling engine-integrated thermal storage using recycled aluminum
Azelio’s unique ETES combines concentrated solar power with thermal storage in aluminum alloys, generating dispatchable electricity 24/7. This hybrid system targets utility-scale applications in sunny regions, with pilot projects in the Middle East and Chile demonstrating round-the-clock clean energy output superior to traditional PV.
Sustainability Initiatives:
- Utilizing up to 80% recycled materials in storage units
- Goal to enable 100% renewable energy in remote grids
- Research into scaling for global energy access
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6️⃣ 5. Polar Night Energy
Headquarters: Kemi, Finland
Key Offering: Large-scale sand-based thermal storage for district heating
Polar Night Energy pioneers sand battery technology, storing surplus electricity as heat in insulated silos filled with sand. Their systems can hold gigawatt-hours of energy for months, primarily serving district heating networks in cold climates. A notable installation in Finland provides heat to thousands of homes, showcasing ETES scalability.
Sustainability Initiatives:
- Low-cost, abundant materials for carbon-neutral storage
- Integration with wind farms to balance seasonal demand
- Expansion plans for heat-to-power conversion
5️⃣ 6. Trane Technologies
Headquarters: Swords, Ireland (Global HQ)
Key Offering: Thermal storage integrated with HVAC systems for building energy management
Trane Technologies excels in ETES for commercial buildings, using phase-change materials to store cooling and heating from renewables. Their solutions optimize energy use in data centers and offices, reducing peak grid loads. With a strong US presence, they drive efficiency in North America’s growing smart building sector.
Sustainability Initiatives:
- Gigaton targets for global emissions reduction
- Partnerships with utilities for demand response programs
- Advancing low-GWP refrigerants in storage tech
4️⃣ 7. Echogen Power Systems
Headquarters: Akron, Ohio, USA
Key Offering: Supercritical CO2-based thermal storage for power generation
Echogen’s ETES leverages sCO2 cycles to convert stored heat back to electricity with high efficiency, targeting industrial waste heat recovery and renewable integration. Their modular systems are gaining traction in the US utility market, offering a flexible alternative to lithium-ion for long-duration storage needs.
Sustainability Initiatives:
- Closed-loop CO2 systems for minimal environmental footprint
- Collaborations with DOE for grid resilience projects
- Focus on 50%+ efficiency in heat-to-power conversion
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3️⃣ 8. MAN Energy Solutions
Headquarters: Augsburg, Germany
Key Offering: Compressed air and thermal hybrid storage for industrial applications
MAN Energy Solutions integrates ETES with power-to-gas technologies, providing robust storage for heavy industry and utilities in Europe. Their systems handle large-scale energy shifts, supporting Germany’s Energiewende by storing excess wind power as heat. Reliability and scalability define their market position.
Sustainability Initiatives:
- Electrification of industrial processes via stored thermal energy
- EU-funded R&D for hydrogen-compatible storage
- Net-zero goals aligned with Paris Agreement
2️⃣ 9. Siemens Energy
Headquarters: Munich, Germany
Key Offering: Grid-scale ETES with molten salt and phase-change materials
Siemens Energy leads with comprehensive ETES portfolios, combining digital controls and thermal storage for renewable-heavy grids. Their solutions serve utilities worldwide, from Europe’s offshore wind farms to Asia’s solar parks. Advanced simulation tools ensure optimal performance, making them a go-to for large-capacity implementations.
Sustainability Initiatives:
- Investment in AI for energy management
- Global partnerships for 100% renewable grids by 2040
- Sustainable supply chains for storage components
Download FREE Sample Report: Electric Thermal Energy Storage Technology Market – View in Detailed Research Report
1️⃣ 10. E2S Power
Headquarters: Austin, Texas, USA
Key Offering: Resistive heating-based ETES for microgrid and utility applications
E2S Power tops the list with innovative electric thermal storage that uses resistive heaters to store energy in high-temperature media, dispatchable for peaking power. Focused on North American markets, their systems enhance grid reliability amid rising EV and renewable adoption, with deployments supporting California’s clean energy mandates.
Sustainability Initiatives:
- Seamless integration with existing grid infrastructure
- R&D in cost-effective, long-life storage media
- Strategic alliances for nationwide rollout
Read Full Report: Electric Thermal Energy Storage Technology Market – View in Detailed Research Report
🌍 Outlook: The Future of Electric Thermal Energy Storage Is Smarter and Greener
The Electric Thermal Energy Storage market is experiencing rapid evolution. While emerging from niche applications, the sector is channeling significant investments into scalable, low-cost solutions that complement battery storage and support the global push for net-zero emissions. Innovations in materials and integration are set to unlock terawatt-hour potential, particularly as renewables surpass 50% of energy mix in key regions.
📈 Key Trends Shaping the Market:
- Expansion of hybrid storage systems combining ETES with batteries for multi-hour dispatch
- Policy incentives like EU’s REPowerEU and US IRA boosting deployment
- Digital twins and IoT for real-time optimization of storage operations
- Industry collaborations for sector coupling, linking power and heat grids
Market Trends Affecting Electric Thermal Energy Storage Technology
- Integration with renewables: — ETES systems are increasingly paired with solar and wind to store excess generation, enabling higher penetration rates. For instance, projects in Europe demonstrate how thermal storage smooths output variability, reducing curtailment and enhancing grid stability.
- Cost reductions in materials: — Advances in affordable media like sand and concrete are lowering levelized costs of storage (LCOS) to compete with pumped hydro. Companies like Polar Night are leading this shift, making ETES viable for widespread adoption in developing markets.
- Regulatory support and mandates: — Governments worldwide are enacting storage targets, such as California’s 15 GW by 2030, driving ETES innovation. This includes incentives for long-duration storage to backstop intermittent sources, with Europe focusing on cross-border heat networks.
- Modular and scalable designs: — Prefabricated units allow quick deployment in industrial settings, favored for their flexibility. Siemens Energy’s modular approach exemplifies this, supporting everything from small factories to utility-scale farms.
- Focus on efficiency and longevity: — Next-gen ETES aims for 90%+ round-trip efficiency with minimal degradation. Brenmiller’s ceramic tech illustrates how high-temperature operations extend lifespan, minimizing replacement needs in harsh environments.
Read Full Report: Electric Thermal Energy Storage Technology Market – View in Detailed Research Report
The companies listed above are not only storing energy for today—they’re powering the renewable revolution of tomorrow.