New York, United States , Aug. 26, 2024 (GLOBE NEWSWIRE) -- The Global Molten Salt Thermal Energy Storage Market Size is Expected to Grow from USD 7.07 Billion in 2023 to USD 29.1 Billion by 2033, at a CAGR of 15.20% during the forecast period 2023-2033.
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A phase-changing substance that is commonly used for thermal energy storage is called molten salt. At normal temperature and atmospheric pressure, molten salts are solid; but, when thermal energy is transmitted to the storage medium, molten salt becomes liquid. The majority of molten salt energy storage systems keep the molten salt liquid throughout the duration of the energy storage procedure. The demand for reliable energy storage solutions, particularly for renewable energy sources like solar and CSP plants, has led to the growth of molten salt thermal energy storage systems. These systems enable continuous power generation, are clean and sustainable, and offer more economical solutions than conventional energy sources. However, the high initial capital expenditure, complex maintenance, lack of demonstration projects, and concerns about the safety and environmental effects of molten salt thermal energy storage may hinder its adoption. Additionally, the market may face challenges from alternative energy storage options. Despite these challenges, the growth of molten salt thermal energy storage remains a promising solution for various applications.
Browse key industry insights spread across 240 pages with 115 Market data tables and figures & charts from the report on the "Global Molten Salt Thermal Energy Storage Market Size, Share, and COVID-19 Impact Analysis, By Type (Parabolic Trough Systems, Power Tower Systems, Dish/Engine Systems, and Others), By Application (Power Generation, District Heating and Cooling, and Process Heating and Cooling), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The parabolic trough systems segment is predicted to hold the largest market share through the forecast period.
Based on the type, the molten salt thermal energy storage market is classified into power tower systems, parabolic trough systems, dish/engine systems, and others. Among these, the parabolic trough systems segment is predicted to hold the largest market share through the forecast period. The most established and extensively used technology in the molten salt thermal energy storage sector is the parabolic trough system. There is a long history of using molten salt thermal energy storage technologies in large-scale commercial operations worldwide, especially in concentrated solar power (CSP) plants. When compared to other molten salt thermal energy storage arrangements, parabolic trough technology has higher efficiency, dependability, and affordability, which makes it a desirable choice for large-scale energy storage applications. Additionally, parabolic trough systems' performance has been enhanced and their costs have decreased due to ongoing improvements in materials, designs, and production techniques. The substantial expenditures and continuous R&D in the CSP industry, make extensive use of parabolic trough molten salt thermal energy storage.
The power generation segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the molten salt thermal energy storage market is divided into power generation, district heating and cooling, and process heating and cooling. Among these, the power generation segment is anticipated to hold the highest market share during the projected timeframe. Due to there is an increasing need for dependable and effective energy storage options to facilitate the integration of renewable energy sources, especially concentrated solar power (CSP) facilities, systems that store and release thermal energy from solar radiation on demand make up molten salt thermal energy storage systems, which are ideal for large-scale power generation applications. This allows for the continuous and dispatchable production of electricity. The adoption of molten salt thermal energy storage technology has been fueled by the growing deployment of CSP plants, particularly in areas with abundant solar resources. This technology offers long-duration energy storage and enhances the overall efficiency and reliability of these renewable power generation systems. Further enhancing its attractiveness in the power generating sector is molten salt thermal energy storage's capacity to facilitate the grid's integration of sporadic renewable energy sources like wind and solar. The need for molten salt thermal energy storage technologies to support this move is anticipated to be maintained, as governments and energy providers continue to prioritize the shift to clean energy.
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Europe is estimated to hold the largest share of the molten salt thermal energy storage market over the forecast period.
The deployment of renewable energy technologies, such as concentrated solar power (CSP) plants, which frequently use molten salt thermal energy storage systems, has received significant investment and policy support from the European Union due to its ambitious climate and renewable energy targets. One such target is to achieve net-zero emissions by 2050. Molten salt thermal energy storage is in high demand to facilitate the grid integration of solar electricity because countries like Germany, Spain, and Italy have been at the forefront of CSP development in Europe. The region's dominance in this sector has also been aided by Europe's well-established ecosystem for research and development, which includes a large number of technical institutes and pilot projects aimed at developing solutions for thermal energy storage using molten salt. The availability of financial initiatives that aid in the creation and testing of molten salt thermal energy storage technologies, such as Horizon Europe.
North America is expected to grow the fastest during the forecast period. The molten salt thermal energy storage market in North America is growing primarily because to the growing use of renewable energy sources, especially solar and concentrated solar power (CSP) facilities in the United States and Canada. In order to assure consistent and dependable power output, both nations have set aggressive clean energy targets and are aggressively investing in the development of large-scale solar power projects. These projects frequently incorporate thermal energy storage devices made of molten salt. The need for molten salt thermal energy storage technology in the area is also being driven by the increased interest in energy storage solutions to facilitate the integration of intermittent renewable energy sources into the grid. The rapid developments and commercialization of molten salt thermal energy storage systems are also being aided by the well-established research and development infrastructure in North America, as well as the availability of government funding programs and incentives.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the molten salt thermal energy storage market include SENER Grupo de Ingenieria S.A., KVK Energy Ventures Ltd., ACWA Power, Yara International ASA, Acciona S.A., Abengoa SA, Bright Source Energy Inc., SolarReserve LLC, Engie SA, ACWA Power, Sulzer, Pratt and Whitney Rocketdyne, Inc., and Others.
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Recent Developments
- In July 2024, China plans to use molten salt thorium to construct the first nuclear power plant in history. Work on a nuclear power plant that uses thorium instead of uranium is set to begin in the Gobi Desert.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the molten salt thermal energy storage market based on the below-mentioned segments:
Global Molten Salt Thermal Energy Storage Market, By Type
- Parabolic Trough Systems
- Power Tower Systems
- Dish/Engine Systems
- Others
Global Molten Salt Thermal Energy Storage Market, By Application
- Power Generation
- District Heating and Cooling
- Process Heating and Cooling
Global Molten Salt Thermal Energy Storage Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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