Market Size of Molten Salt Thermal Energy Storage Industry
| 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 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 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.
Molten Salt Thermal Energy Storage Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Electricity Production Forecast, in TWh, till 2027
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1.3 Solar Power Installed Capacity, Historic and Forecast, in MW, till 2027
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 Porter's Five Forces Analysis
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1.8.1 Bargaining Power of Suppliers
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1.8.2 Bargaining Power of Consumers
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1.8.3 Threat of New Entrants
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1.8.4 Threat of Substitutes Products and Services
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1.8.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Technology
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2.1.1 Parabolic Troughs
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2.1.2 Fresnel Reflector
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2.1.3 Power Tower
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2.2 Geography
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2.2.1 North America
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2.2.2 Asia-Pacific
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2.2.3 Europe
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2.2.4 South America
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2.2.5 Middle-East and Africa
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Molten Salt Thermal Energy Storage Market Size 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.
