Molten Salt Thermal Energy Storage Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 1.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Molten Salt Thermal Energy Storage Market Analysis
The Molten Salt Thermal Energy Storage Market is expected to grow at a CAGR of more than 1.50% over the forecast period.
The market was slightly affected by the outbreak of COVID-19 in terms of project delays. However, the market rebounded in 2021.
- Over the long term, factors such as an increase in electricity consumption, decreasing the cost per kilowatt for energy storage, and a push by governments for cleaner fuel are expected to boost the market.
- On the other hand, the higher price of solar energy storage relative to fossil fuels is expected to restrain the market.
- However, new types of molten salt are under the research and development stage, like an increase in the stabilization of molten salts with the use of metal chloride. Innovations in the sector can spell an opportunity for market players.
Molten Salt Thermal Energy Storage Market Trends
This section covers the major market trends shaping the Molten Salt Thermal Energy Storage Market according to our research experts:
Parabolic Trough Segment to Dominate the Market
- Parabolic troughs dominate the market as the method most used for storing energy in molten salt as they can concentrate solar energy more efficiently. Many projects are under, in 2021, under construction. With a decrease in the cost per kilowatt for molten salt stored electricity, it is expected to dominate the market in the forecast period.
- The parabolic trough is among the most efficient method for molten salt storage, competing with solar power tower technology. Many different countries around the globe have 2021 already set up a parabolic trough molten solar energy storage system. As of 2021, Spain is the leading country in concentrated solar power installation, with an installed capacity of about 2,304 MW.
- Parabolic-trough solar concentrating systems are parabolic-shaped collectors made of reflecting materials. The collectors reflect the incident solar radiation onto the salt and raise the temperature to melt the salt. Different types of reflecting material and molten salt are under research, which can provide the required push to reduce the cost of the energy extracted from molten salt, which is expected to boost the market.
- A parabolic trough molten salt solar plant is under construction in Gansu Province, China, with estimated energy generated of around 100 megawatts (MW). It has molten salt as the storage mechanism and can provide 7 hours of electricity without a source.
- In October 2022, Abengoa won the 2022 Solar Project of the Year of Renewable Energy Award for the Noor 1 project, which comprises the construction of three solar fields (200 MW each) of parabolic trough collectors in the world's largest solar complex: the Mohammed bin Rashid Al Maktoum Solar Park (MBR), south of Dubai (United Arab Emirates).
- Therefore, with the increase in demand for electricity and increasing efficiency of the molten salts and reflective material, it is expected that the molten salt thermal energy storage with the parabolic troughs expected to grow in the forecast period.
Asia-Pacific to be the Fastest Growing Market
- Asia-Pacific is among the most significant users of molten solar energy plants and is expected to grow fastest in the forecast period. India and China are expected to lead in the market's growth.
- The Asia-Pacific molten salt thermal energy storage market has grown the fastest in 2021 and is expected to continue its high growth rate in the coming yeell. The region consists of large countries below the Tropic of Capricorn, which enables the countries to use solar energy projects efficiently.
- Gujarat Solar One is India's largest Parabolic Trough with a molten salt capacity of 9 hours. The thermal storage system used is a 2-tank indirect. More molten salt storage is expected to be expanded and built in the forecast period.
- China is among the largest user of the molten salt energy storage system in the world. In July 2022, Xinhua Power Generation Company announced the commencement of the firm's 1 GW new solar energy project at Bozhou. The project includes 100 MW of tower CSP using molten salt as the thermal storage fluid, with 8 hours of storagandth 900 MW of PV.
- Hence, molten salt thermal energy storage is expected to grow the fastest in the Asia-Pacific region in the forecast period due to an increased demand for electricity and government and private players' investmeninnto in the sector.
Molten Salt Thermal Energy Storage Industry Overview
The Molten Salt Thermal Energy Storage Market is partially fragmented. Some of the key players in this market are (not in particular order) Yara International ASA, Acciona, S.A., Abengoa SA, BrightSource Energy, Inc., and SENER Grupo de Ingenieria, S.A.
Molten Salt Thermal Energy Storage Market Leaders
-
Yara International ASA
-
Acciona SA
-
Abengoa SA
-
BrightSource Energy, Inc.
-
Torresol Energy Group
*Disclaimer: Major Players sorted in no particular order
Molten Salt Thermal Energy Storage Market News
- November 2022: Hyme Energy ApS announced that the company is partnering with Bornholms Energi & Forsyning (BEOF) to build its first molten salt thermal energy storage demonstrator on the Danish island of Bornholm. The storage facility is scheduled for completion in 2024 and will have a capacity of 1 MW/20 MWh. It will provide heat, power, and ancillary services to the local network.
Molten Salt Thermal Energy Storage Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Electricity Production Forecast, in TWh, till 2027
- 4.3 Solar Power Installed Capacity, Historic and Forecast, in MW, till 2027
- 4.4 Recent Trends and Developments
- 4.5 Government Policies and Regulations
-
4.6 Market Dynamics
- 4.6.1 Drivers
- 4.6.2 Restraints
- 4.7 Supply Chain Analysis
-
4.8 Porter's Five Forces Analysis
- 4.8.1 Bargaining Power of Suppliers
- 4.8.2 Bargaining Power of Consumers
- 4.8.3 Threat of New Entrants
- 4.8.4 Threat of Substitutes Products and Services
- 4.8.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 Technology
- 5.1.1 Parabolic Troughs
- 5.1.2 Fresnel Reflector
- 5.1.3 Power Tower
-
5.2 Geography
- 5.2.1 North America
- 5.2.2 Asia-Pacific
- 5.2.3 Europe
- 5.2.4 South America
- 5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
-
6.3 Company Profiles
- 6.3.1 Yara International ASA
- 6.3.2 Acciona, S.A.
- 6.3.3 Abengoa SA
- 6.3.4 BrightSource Energy, Inc.
- 6.3.5 SENER Grupo de Ingenieria, S.A.
- 6.3.6 SolarReserve, LLC
- 6.3.7 Engie SA
- 6.3.8 SCHOTT AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityMolten Salt Thermal Energy Storage Industry Segmentation
Molten Salt Thermal Energy Storage is a type of energy storage technology that uses salts in molten form to store energy. Currently, this technology is mainly used in concentrated solar power projects to store energy and then convert it to heat or electricity in the future.
The Molten Salt Thermal Energy Storage Market is segmented by technology and geography. By technology, the market is segmented into the parabolic trough, fresnel reflector, and power tower. The report also covers the market size and forecasts for the molten salt thermal energy storage market across the major regions. The market sizing and forecasts have been done based on electricity generation (TWh) and installed capacity (MW).
| Technology | Parabolic Troughs |
| Fresnel Reflector | |
| Power Tower | |
| Geography | North America |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
Molten Salt Thermal Energy Storage Market Research FAQs
What is the current Molten Salt Thermal Energy Storage Market size?
The Molten Salt Thermal Energy Storage Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)
Who are the key players in Molten Salt Thermal Energy Storage Market?
Yara International ASA , Acciona SA , Abengoa SA, BrightSource Energy, Inc. and Torresol Energy Group are the major companies operating in the Molten Salt Thermal Energy Storage Market.
Which is the fastest growing region in Molten Salt Thermal Energy Storage Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Molten Salt Thermal Energy Storage Market?
In 2024, the Asia Pacific accounts for the largest market share in Molten Salt Thermal Energy Storage Market.
What years does this Molten Salt Thermal Energy Storage Market cover?
The report covers the Molten Salt Thermal Energy Storage Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Molten Salt Thermal Energy Storage Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Molten Salt Thermal Energy Storage Industry Report
Statistics for the 2024 Molten Salt Thermal Energy Storage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Molten Salt Thermal Energy Storage analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
