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

Vietnam Thermal Energy Storage Market Overview:

The Vietnam thermal energy storage market size reached USD 30.00 Million in 2024. The market is projected to reach USD 61.69 Million by 2033, exhibiting a growth rate (CAGR) of 8.34% during 2025-2033. The market is driven by the accelerating renewable energy integration and grid modernization requirements, comprehensive government policy support and evolving regulatory frameworks, and increasing industrial decarbonization initiatives coupled with widespread energy storage adoption across multiple sectors. Additionally, Vi­­etnam's commitment to diversifying its energy sources and reducing dependence on traditional power generation is supporting the Vietnam thermal energy storage market share.

Vietnam Thermal Energy Storage Market Trends:

Rapid Adoption in Industrial and Commercial Sectors

Commercial and industrial uses are surfacing as key impetuses for Vietnam's thermal energy storage market. As energy demand increases and more focus is laid on optimizing costs, companies are looking for effective means of dealing with heat and cooling loads. TES solutions allow industries like food processing, textiles, and chemicals to capture thermal energy in off-peak hours and use it during peak demand, thus saving much energy cost and improving operational efficiency. The commercial building sector, which comprises big office buildings and shopping complexes, is increasingly applying TES to air-conditioning and climate control to maintain uniform comfort while keeping power costs down. In 2025, the introduction of thermal storage units in industrial cooling systems showed concrete improvements in cost-effectiveness and energy use. These technologies not only ease pressure on the country's grid but are also enhancing Vietnam's overall sustainability objectives. With decarbonization and energy efficiency becoming top-of-mind for industries, the application of TES in commercial and industrial uses will continue to grow. This increasing adoption is evidence of the market's transition towards more intelligent, more sustainable energy management systems, making TES an essential part of Vietnam's future energy infrastructure.

Increasing Focus on Renewable Energy Integration

The rising demand for reliable and sustainable power solutions is driving significant momentum in the Vietnam thermal energy storage market growth. As the country accelerates its transition toward renewable energy, the ability to store excess thermal energy and utilize it during peak demand has become essential. Thermal energy storage (TES) systems enable better integration of intermittent renewable sources like solar and wind, ensuring a stable and consistent power supply. Vietnam’s government policies promoting clean energy adoption and carbon reduction targets are also encouraging investment in TES technologies. Developments such as the installation of molten salt storage systems in solar power plants in 2024 demonstrated improved grid stability and enhanced energy efficiency. Moreover, energy-intensive industries are increasingly adopting TES to optimize operations and reduce reliance on fossil fuels. The flexibility offered by these systems supports grid resilience while lowering overall energy costs. As Vietnam continues to expand its renewable energy capacity, the adoption of advanced TES solutions will play a vital role in meeting future energy demands sustainably. These advancements position TES as a cornerstone in Vietnam’s clean energy transition, further boosting market potential in the coming years.

Technological Advancements and Efficiency Improvements

Technological innovation is reshaping Vietnam’s thermal energy storage landscape, enhancing efficiency, reliability, and cost-effectiveness. Advances in materials science, phase-change materials (PCMs), and system design are enabling TES solutions to store larger amounts of energy with minimal losses. These improvements are particularly valuable for renewable energy projects, where efficient storage ensures continuous energy availability even when generation fluctuates. The development of hybrid systems combining thermal storage with renewable generation is further strengthening grid flexibility and performance. In 2024, research initiatives focused on next-generation PCMs led to pilot projects in solar thermal plants, significantly increasing storage capacity and discharge efficiency. Additionally, digital monitoring and automation technologies are being integrated into TES systems, improving real-time performance tracking and predictive maintenance. These advancements are making TES more viable and attractive for both utility-scale and distributed energy projects across the country. As Vietnam continues to invest in clean energy infrastructure, the role of advanced TES technologies will become even more critical. This focus on innovation is expected to accelerate adoption, reduce operational costs, and enhance the overall performance of energy storage solutions, positioning TES as a key enabler of a resilient and sustainable energy future.

Vietnam 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 country and regional levels for 2025-2033. Our report has categorized the market based on storage type, technology, material type, application, and end-use.

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 storage type have also been provided in the report. 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 technology 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 material type. 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 application 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

The report has provided a detailed breakup and analysis of the market based on end-use. This includes residential and commercial sector, utility industry, and others.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

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.

Vietnam Thermal Energy Storage Market News:

• August 2025: Fluence and ACE Engineering opened a 35GWh automated battery storage manufacturing facility in Bac Giang, Vietnam, producing Gridstack Pro and Smartstack systems. This development strengthened Vietnam thermal energy storage capacity, enhanced grid-scale storage solutions, and supported the country’s clean energy transition.

Vietnam Thermal Energy Storage Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam thermal energy storage market performed so far and how will it perform in the coming years?
• What is the breakup of the Vietnam thermal energy storage market on the basis of storage type?
• What is the breakup of the Vietnam thermal energy storage market on the basis of technology?
• What is the breakup of the Vietnam thermal energy storage market on the basis of material type?
• What is the breakup of the Vietnam thermal energy storage market on the basis of application?
• What is the breakup of the Vietnam thermal energy storage market on the basis of end-use?
• What is the breakup of the Vietnam thermal energy storage market on the basis of region?
• What are the various stages in the value chain of the Vietnam thermal energy storage market? 
• What are the key driving factors and challenges in the Vietnam thermal energy storage market?
• What is the structure of the Vietnam thermal energy storage market and who are the key players?
• What is the degree of competition in the Vietnam 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 Vietnam thermal energy storage market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam thermal energy storage market.
• Porter's Five Forces analysis assists 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 Vietnam 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.