Thermal energy storage (TES) technologies are characterized by a high support contribution

renewability

and strong energy-accommodation capability

and thus occupy a core strategic position in building today's energy development system. However

TES projects typically require substantial upfront investment

while benefit channels remain relatively limited and value accounting is not clearly defined

which

to varying degrees

undermines coordinated development across the industry chain

including the generation side

the grid side

and the end-user side. On the basis of analyzing the current status of the TES economy and the mechanisms of value formation

this paper investigates value allocation mechanisms across the full industry chain from multiple perspectives

including techno-economic characteristics

market trading mechanisms

and benefit-sharing models

and proposes a tailored allocation framework

with the aim of providing institutional and policy safeguards for integrating the TES economy into a new-type energy system.