Molten Salt Thermal Energy Storage Market Size (2024 - 2029)

The Molten Salt Thermal Energy Storage Market is anticipated to experience growth over the forecast period, driven by rising electricity consumption, reduced energy storage costs, and governmental support for cleaner fuels. Despite challenges such as the higher cost of solar energy storage compared to fossil fuels, the market has shown resilience following disruptions from the COVID-19 pandemic. Ongoing research and development into new types of molten salts, including those stabilized with metal chloride, present potential opportunities for market expansion.

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Market Size of Molten Salt Thermal Energy Storage Industry

Molten Salt Thermal Energy Storage Market Summary
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

Molten Salt Thermal Energy Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
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Molten Salt Thermal Energy Storage Market Size Summary

The Molten Salt Thermal Energy Storage Market is poised for growth, driven by increasing electricity consumption and a shift towards cleaner energy sources. Despite initial setbacks due to the COVID-19 pandemic, the market has shown resilience and is expected to expand steadily over the forecast period. The decreasing cost per kilowatt for energy storage solutions and governmental support for renewable energy initiatives are significant factors propelling market growth. However, the higher cost of solar energy storage compared to fossil fuels presents a challenge. Innovations in molten salt technology, such as the stabilization of molten salts with metal chloride, offer potential opportunities for market players to enhance efficiency and reduce costs.

Parabolic troughs are the dominant technology in the molten salt thermal energy storage market, known for their efficient solar energy concentration capabilities. This method is expected to maintain its leading position due to ongoing projects and advancements in reflective materials and molten salt types. The Asia-Pacific region, particularly China and India, is anticipated to experience the fastest growth, supported by favorable climatic conditions and substantial investments in solar energy projects. Key industry players, including Yara International ASA, Acciona, S.A., and Abengoa SA, are actively involved in expanding their presence in this fragmented market. Notable projects, such as the Gansu Province plant in China and the Noor 1 project in Dubai, highlight the global momentum towards adopting molten salt thermal energy storage systems.

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Molten Salt Thermal Energy Storage Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Electricity Production Forecast, in TWh, till 2027

    3. 1.3 Solar Power Installed Capacity, Historic and Forecast, in MW, till 2027

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitutes Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Parabolic Troughs

      2. 2.1.2 Fresnel Reflector

      3. 2.1.3 Power Tower

    2. 2.2 Geography

      1. 2.2.1 North America

      2. 2.2.2 Asia-Pacific

      3. 2.2.3 Europe

      4. 2.2.4 South America

      5. 2.2.5 Middle-East and Africa

Molten Salt Thermal Energy Storage Market Size FAQs

The Molten Salt Thermal Energy Storage Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)

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.

Molten Salt Thermal Energy Storage Market Report Snapshots

Molten Salt Thermal Energy Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)