India Thermal Energy Storage Market Size, Outlook 2033

India Thermal Energy Storage Market Size, Share, Trends and Forecast by Storage Type, Technology, Material Type, Application, and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A30779

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India Thermal Energy Storage Market Overview:

The India thermal energy storage market size reached USD 0.70 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 1.40 Billion by 2033, exhibiting a growth rate (CAGR) of 7.60% during 2025-2033. The India thermal energy storage market share is expanding, driven by the rising installation of district cooling systems in metro cities, particularly in large-scale infrastructure developments, along with the growing adoption of artificial intelligence (AI) to enhance predictive maintenance.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 0.70 Billion
Market Forecast in 2033	USD 1.40 Billion
Market Growth Rate 2025-2033	7.60%

India Thermal Energy Storage Market Trends:

Growing investments in infrastructure projects

Rising investments in infrastructure projects are offering a favorable India thermal energy storage market outlook. Increasing construction activities drive the demand for efficient heating, cooling, and energy management solutions. Infrastructure expansion in smart city projects is also accelerating the utilization of thermal storage solutions to regulate peak electricity needs and enhance grid stability. In August 2024, the Cabinet Committee on Economic Affairs (CCEA) of India sanctioned 12 smart city initiatives within the National Industrial Corridor Development Programme (NICDP) with an expenditure of INR 286.02 Billion (USD 3.41 Billion). These proposals were anticipated to draw INR 1.52 Trillion (USD18.12 Billion) in funding from major sectors, generating 1 Million direct and 3 Million indirect employment opportunities. Large commercial complexes, hospitals, and educational institutions are adopting thermal energy storage systems to optimize power usage and ensure uninterrupted energy supply. With rapid urbanization, residential complexes and industrial facilities are integrating thermal energy storage to refine energy efficiency and reduce operational costs. The rising installation of district cooling systems in metro cities is further catalyzing the demand, particularly in large-scale infrastructure developments. Additionally, government initiatives promoting sustainable construction practices are encouraging developers to incorporate eco-friendly systems, where thermal energy storage plays a key role in improving building performance.

India Thermal Energy Storage Market Size

Advancements in technology

Improvements in technology are impelling the India thermal energy storage market growth. Innovations in molten salt storage systems are enhancing heat retention, making them ideal for concentrated solar power (CSP) plants, which are expanding in India. Enhanced insulation materials and control systems are also increasing storage efficiency by minimizing heat loss and enabling precise temperature management. Advanced software solutions are optimizing the operations of thermal energy storage systems by integrating smart sensors and automation technologies, allowing real-time energy monitoring and improved load management. The integration of AI and machine learning (ML) is further enhancing predictive maintenance, system performance, and energy forecasting, contributing to refined energy management in large-scale projects. Additionally, innovations in modular and scalable designs are making thermal energy storage solutions more adaptable for diverse applications, including industrial heat recovery processes. Apart from this, education institutions and firms are working to come up with modern solutions to cater to the evolving requirements. In January 2025, IIT Kanpur initiated its yearly startup festival, Abhivyakti, highlighting entrepreneurial enthusiasm and innovative accomplishments. IIT Kanpur launched a ‘Thermal Management System’ based on phase change materials, developed by Prof. Sri Sivakumar. This advanced technology aimed to improve cold chain logistics by providing better thermal conductivity and energy storage for applications in food item preservation.

India Thermal Energy Storage Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the regional level for 2025-2033. Our report has categorized the market based on storage type, technology, material type, and application.

Storage Type Insights:

Sensible Heat Storage
Latent Heat Storage
Thermochemical Heat Storage

The report has provided a detailed breakup and analysis of the market based on the storage types. This includes sensible heat storage, latent heat storage, and thermochemical heat storage.

Technology Insights:

Molten Salt Technology
Electric Thermal Storage Heaters
Solar Energy Storage
Ice-Based Technology
Miscibility Gap Alloy Technology (MGA)
Others

A detailed breakup and analysis of the market based on the technologies have also been provided in the report. This includes molten salt technology, electric thermal storage heaters, solar energy storage, ice-based technology, miscibility gap alloy technology (MGA), and others.

Material Type Insights:

Water
Molten Salt
Phase Change Materials (PCM)
Others

The report has provided a detailed breakup and analysis of the market based on the material types. This includes water, molten salt, phase change materials (PCM), and others.

Application Insights:

Power Generation
District Heating and Cooling
Process Heating and Cooling

A detailed breakup and analysis of the market based on the applications have also been provided in the report. This includes power generation, district heating and cooling, and process heating and cooling.

End-Use Insights:

Residential and Commercial Sector
Utility Industry
Others

A detailed breakup and analysis of the market based on the end-uses have also been provided in the report. This includes residential and commercial sector, utility industry, and others.

Regional Insights:

North India
South India
East India
West India

The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Thermal Energy Storage Market News:

In March 2025, PURE Energy (PURE) unveiled its new energy storage range, PuREPower, in Hyderabad, India. It is engineered for smooth incorporation across residential areas, commercial enterprises, and large-scale grid systems. PuREPower sought to improve energy efficiency and sustainability.
In May 2024, India Power Corporation Ltd teamed up with E2S Power to create a 250Kwh TESS for effective energy storage, facilitating the integration of renewable energy and assisting India in achieving its net zero emission goals. The technology provided adaptability in thermal power activities and supported the Make in India initiative.

India Thermal Energy Storage Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Storage Type Technology Material Type Application End-Use Region
Storage Types Covered	Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage
Technologies Covered	Molten Salt Technology, Electric Thermal Storage Heaters, Solar Energy Storage, Ice-Based Technology, Miscibility Gap Alloy Technology (MGA), Others
Material Types Covered	Water, Molten Salt, Phase Change Materials (PCM), Others
Applications Covered	Power Generation, District Heating and Cooling, Process Heating and Cooling
End-Uses Covered	Residential and Commercial Sector, Utility Industry, Others
Regions Covered	North India, South India, East India, West India
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

How has the India thermal energy storage market performed so far and how will it perform in the coming years?
What is the breakup of the India thermal energy storage market on the basis of storage type?
What is the breakup of the India thermal energy storage market on the basis of technology?
What is the breakup of the India thermal energy storage market on the basis of material type?
What is the breakup of the India thermal energy storage market on the basis of application?
What is the breakup of the India thermal energy storage market on the basis of end-use?
What is the breakup of the India thermal energy storage market on the basis of region?
What are the various stages in the value chain of the India thermal energy storage market?
What are the key driving factors and challenges in the India thermal energy storage market?
What is the structure of the India thermal energy storage market and who are the key players?
What is the degree of competition in the India thermal energy storage market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India thermal energy storage market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the India thermal energy storage market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India thermal energy storage industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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