Molten Salt Thermal Energy Storage Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

Molten salt is used as a heat transfer fluid (HTF) and thermal energy storage (TES) in solar power plants. Molten salts can be employed as a thermal energy storage method to retain thermal energy. Presently, this is a commercially used technology to store the heat collected by concentrated solar power (CSP) (e.g., from a solar tower or solar trough). Concentrated solar power systems generate solar power by using mirrors or lenses to concentrate a large area of sunlight onto a receiver. Electricity is generated when the concentrated light is converted to heat (solar thermal energy), which drives a heat engine (usually a steam turbine) connected to an electrical power generator or powers a thermochemical reaction.

Furthermore, trends are shifting towards producing energy form renewable power sources to reduce carbon emissions and new technologies are being invented to store energy in any alternate form and use it when required. Therefore, to make renewable energy more viable energy storage systems are installed in order to store energy during low demand and consume during peak time. Thus, surging demand of energy from green energy sources would boost the market.

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 According to UnivDatos Market Insights (UMI)’ research report “global molten salt thermal energy storage market”, the market is expected to witness a robust growth during the forecast period 2021-2027F. The demand for Molten Salt Thermal Energy Storage (TES) systems is driven by the increasing need to reduce the dependence on oil, gas, and coal for electricity generation in order to reduce the carbon emission. As a result, nations across the globe are shifting towards renewable energy sources and investing for advance renewable energy technologies. For instance, The European Union looked into developing a USD 774 billion (EUR 400 billion) network of solar power plants based in the Sahara region using CSP technology to be known as Desertec, to create "a new carbon-free network linking Europe, the Middle East and North Africa. In addition, Asia-Pacific is among the largest user of the molten solar energy plants and is expected to grow fastest in the forecast period, with India and China expected to play a leading role in the growth of the market. For instance, 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.

Based on Technology, the market is divided into Parabolic Troughs, Fresnel Reflector, and Power Tower. Among all, Parabolic Troughs to witness significant growth during the forecast period. This mainly due to the high penetration of the design, along with easy installation and convention. Additionally, the need to produce continuous renewable power energy to support rising fiscal activities is boosting the market growth in countries like China, India, among others. The parabolic trough Solana power plant in Arizona (U.S.) with an electric capacity of 250 MW is one of the largest CSP facility with integrated storage capacity using an indirect two-tank molten salt concept.

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China to witness extensive growth

For a better understanding of the market adoption of Molten Salt Thermal Energy Storage (TES), the market is analyzed based on its worldwide presence in the countries such as United States, Spain, China, India, Israel, Kuwait, Morocco, Chile, South Africa, and Rest of World. China is likely to witness high growth due to stringent government regulations leading to surge in demand for renewable source of energy which need Molten Salt Thermal Energy Storage (TES) system to store energy in low consumption hours and use it later in peak consumption hours.

Over the years focuses to reduce carbon emissions has been increasing, globally. Production of energy from renewable power sources have attained huge advancements in techniques although storage is still a major concern. Further, adoption of electric vehicles have been linearly increasing due to supporting government policies and very less carbon emission. This shift will accelerate dramatically in the years to come and electrified vehicles are likely to witness double digit growth in the sales of light vehicles sold globally. Increasing demand for EV’s would increase the electricity demand from grid during peak hours. Thus, to fulfil the need of electricity for fast EV charging station during the peak hours, installation of Energy Storage system would lessen the burden of electricity from grid.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Molten Salt Thermal Energy Storage market are Yara International ASA, Acciona S.A., Abengoa SA, BrightSource Energy Inc., SENER Grupo de Ingenieria S.A., SolarReserve LLC, Engie SA, ACWA Power, and KVK Energy Ventures Ltd. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

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“Global Molten Salt Thermal Energy Storage Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.       

Market Segmentations:

1. By Technology (Parabolic Troughs, Fresnel Reflector, and Power Tower and others)
2. By Country (United States, Spain, China, India, Israel, Kuwait, Morocco, Chile, South Africa, and Rest of World)
3. By Company (Yara International ASA, Acciona S.A., Abengoa SA, BrightSource Energy Inc., SENER Grupo de Ingenieria S.A., SolarReserve LLC, Engie SA, ACWA Power, and KVK Energy Ventures Ltd.)

Key questions answered in the study:

1. What are the current and future trends of the global Molten Salt Thermal Energy Storage industry?
2. How the industry has been evolving in terms of technology and end-user?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global Molten Salt Thermal Energy Storage industry?
5. What is the customer orientation, purchase behavior, and expectations from the global Molten Salt Thermal Energy Storage suppliers across various region and countries?

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL MOLTEN SALT THERMAL ENERGY STORAGE MARKET COVID-19 IMPACT

6 GLOBAL MOLTEN SALT THERMAL ENERGY STORAGE MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY TECHNOLOGY

8 MARKET INSIGHTS BY COUNTRY

9 MOLTEN SALT THERMAL ENERGY STORAGE MARKET DYNAMICS

10 MOLTEN SALT THERMAL ENERGY STORAGE MARKET OPPORTUNITIES

11 MOLTEN SALT THERMAL ENERGY STORAGE MARKET TRENDS

12 POLICY & REGULATORY FRAMEWORK

13 DEMAND AND SUPPLY SIDE ANALYSIS

14 VALUE CHAIN ANALYSIS

15 COMPETITIVE SCENARIO

16 COMPANY PROFILED

17 DISCLAIMER

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