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The Molten Salt Thermal Energy Storage Market is Anticipated to Witness High Growth Owing to Rising Demand for Renewable Energy Sources
The molten salt thermal energy storage market comprises products and solutions for storing thermal energy generated from renewable and concentrated solar power plants. Molten salt acts as a heat transfer fluid to store solar energy in the form of thermal energy during the day for generating electricity when sunlight is unavailable. It has advantages such as high energy storage density, low cost, and capability of operating at high temperatures up to 565°C. The increasing installation of concentrated solar power plants globally is driving the demand for molten salt as a viable thermal energy storage solution.
The Global molten salt thermal energy storage market is estimated to be valued at US$ 2.3 billion in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024-2030.
Key Takeaways
Key players operating in the molten salt thermal energy storage are Key players operating in the molten salt TES market are Yara International ASA, Acciona S.A., Abengoa SA, BrightSource Energy, Inc., SENER Grupo de Ingenieria, S.A., SolarReserve, LLC, Engie SA, SCHOTT AG, Torresol Energy Group, Hyme Energy ApS, Build to Zero, Kyoto Group, Malta Group, Pintail Power, Rpow, E2S Power, Kraftanlagen, Rondo Energy, Polar Night Energy, and Brenmiller. These companies provide integral components for molten salt TES including heat exchangers, molten salt pumps, thermal storage tanks, and control system panels.
There is significant scope for capacity expansion in existing concentrated solar power plants with integrated thermal energy storage using molten salt, which is driving the Molten Salt Thermal Energy Storage (TES) Market Demand. Countries like China, India, and those in the Middle East offer huge opportunities due to high solar irradiation levels, further fueling the growth of the market.
Major companies are focusing on global expansion through partnerships, collaborations, and building operational assets across markets like Europe, Americas, Middle East and Asia Pacific to tap the growing demand. For instance, SCHOTT has partnered with Chinese EPC company Shanghai Electric to develop molten salt thermal energy storage projects in China.
Market Drivers
Increasing installation of CSP plants - Rapid installation of concentrated solar power plants worldwide is one of the major factors driving the demand for molten salt as it allows for power generation even when the sun is not shining.
Low operating costs - Molten salt thermal energy storage provides power producers with a cost-competitive solution to generate power on-demand. It has lower operating costs than lithium-ion battery storage.
Market Restraints
High capital costs - Initial capital expenditure on molten salt thermal storage towers and heat exchangers is higher compared to other storage technologies. This acts as a restraint for its widespread adoption.
Corrosion challenges - Corrosion and material compatibility issues arise due to higher operating temperatures and cyclic thermal loading of molten salt, increase maintenance costs.
Segment Analysis
The molten salt thermal energy storage market is segmented based on technology, storage material, application, and region. The technology segment includes sensible and latent heat technology. Sensible heat technology dominates the market as it is widely used in solar power plants for thermal energy storage during the day for power generation at night. The storage material segment is classified into nitrates, fluorides & chlorides, and carbonates & hydrides. Nitrates are the dominating sub-segment as sodium nitrate and potassium nitrate are most commonly used molten salt materials due to their stability at high temperatures without decomposition. The application segment includes power generation, district heating & cooling, and others. Power generation dominates as molten salt thermal energy storage is majorly used in concentrating solar power plants to store solar thermal energy during the day and generate power as per demand.
Global Analysis
Regionally, Asia Pacific is the fastest growing market for molten salt thermal energy storage. Countries such as China, India, and Japan are significantly investing in concentrating solar power plants integrated with thermal energy storage systems to meet their renewable energy targets. China dominates the global market due to the large number of operating and under-construction solar power plants with molten salt thermal energy storage technology in the country. Europe and North America are other major markets with countries actively utilizing molten salt thermal energy storage for renewable integration and district heating & cooling applications.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
