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Published Date: 2015-09-16Number of Pages: 78

Molten Salt Thermal Energy Storage (TES) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023

 

Despite increasing demand for alternative power sources, limitations on renewable technologies and unpredictable operating profiles inhibit the proliferation of thermal storage technologies around the world. However, it is possible to mitigate such limitations by capitalizing on the highly efficient capacity of molten salt for heat transfer. This technology efficiently insulates electricity generation from volatile weather conditions and other impacting factors and enables the dispatch of electricity as and when needed, without having to use natural gas. With thermal storage touted as the future of renewable energy initiatives, the global market for molten salt thermal energy storage (TES) is expected to exhibit an incredible growth curve in the forecast period. 

The global molten salt TES market is segmented on the basis of geography. The regional segments of the market include Asia Pacific, Central and South America (CSA), Europe, the Middle East and Africa, and North America. These regional segments are further classified into country-wise sub-segments. 

The report presents a holistic overview of the global molten salt TES market with insights into the factors that will fuel or inhibit the market. It compiles key elemental information and relevant data obtained from industrial sources as well as proprietary databases. Using industry-leading analytical tools such as SWOT analysis, the strengths, weaknesses, opportunities, and threats of the leading market players are studied in the report. The effect of Porter’s five forces is also evaluated in detail in the report. 

Overview of the global molten salt thermal energy storage market

Molten salt TES is likely to reduce peak energy demand, bring down the overall energy consumption by end users, and curb carbon dioxide emission. In the forthcoming years, the use of molten salt TES is anticipated to increase, subsequently increasing the share of renewable power, especially solar and wind energy, in the global energy scenario. For instance, CSP or concentrated solar power plants are already deploying molten salt thermal energy storage technologies to be able to generate electricity even in the absence of sunlight. 

The molten salt TES market has emerged as a highly profitable market due to the optimized costs, high performance, and high reliability of the systems deployed. The most crucial advantage of molten salt TES energy storage is that it helps in reducing the energy demand during peak hours. This technology is already used in centralized systems across several industries, in district heating, power plants, and in cooling systems. Molten salt TES storage systems are also used as distributed systems in commercial and residential buildings that store solar power for the space. 

The global molten salt TES market was dominated by Europe in 2014, with Spain at the forefront. Spain has recently emerged as the hub of technology developers, with about 22 CSP projects in the country expected to generate approximately 15 GW. Out of this, 1,037 MW is already under construction. Furthermore, significant support from governments in Europe propel the molten salt TES market in the region. 

Companies mentioned in the research report 

Some of the major companies profiled in the report are AREVA, Abengoa Solar S.A., Siemens AG, BrightSource Energy, Inc., Acciona S.A., SCHOTT AG, and Pratt & Whitney Rocketdyne Inc.

Major geographies analyzed under this research report are: 

  • Europe
  • North America 
  • Asia-Pacific 
  • Rest of the World 

This report gives you access to decisive data such as:

  • Market growth drivers 
  • Factors limiting market growth
  • Current market trends 
  • Market structure
  • Market projections for the coming years 

Key highlights of this report

  • Overview of key market forces propelling and restraining market growth 
  • Up-to-date analyses of market trends and technological improvements 
  • Pin-point analyses of market competition dynamics to offer you a competitive edge
  • An analysis of strategies of major competitors 
  • An array of graphics and SWOT analysis of major industry segments 
  • Detailed analyses of industry trends
  • A well-defined technological growth map with an impact-analysis 
  • Offers a clear understanding of the competitive landscape and key product segments


Chapter 1 Preface
1.1 Report Description
1.2 Research Scope
1.3 Market Segmentation
1.4 Research Methodology

Chapter 2 Executive Summary
2.1 Global Molten Salt Thermal Energy Storage (TES) Market

Chapter 3 Molten Salt Thermal Energy Storage (TES) Market – Industry Analysis
3.1 Introduction
3.2 Value Chain Analysis
3.3 Market Drivers
      3.3.1 Growth in Variable Renewable Energy (VRE) Drives Adoption of Molten Salt Thermal Energy Storage Technologies
      3.3.2 Deferral of transmission and distribution upgrades through the deployment of molten salt thermal energy storage technologies
      3.3.3 Increasing desire for access to efficient reliable and price competitive electricity propels growth in the market
3.4 Market Restraints
      3.4.1 High upfront investment and grid interconnection barriers hamper growth of the market
3.5 Market Opportunity
      3.5.1 Latent Heat Storage Advancing as an Emerging Application Area of Molten Salt Thermal Energy Storage Systems
3.6 Porter’s Five Forces Analysis
      3.6.1 Bargaining Power of Suppliers
      3.6.2 Bargaining Power of Buyers
      3.6.3 Threat of New Entrants
      3.6.4 Degree of Competition
      3.6.5 Threat of Substitutes

Chapter 4 Global Molten Salt Thermal Energy Storage (TES)  Market – Regional Analysis
4.1 Global Molten Salt Thermal Energy Storage (TES)  Market: Regional Overview
      4.1.1 Global Molten Salt Thermal Energy Storage (TES) Market, Volume Share by Region, 2014 and 2023
4.2 North America
      4.2.1 North America Molten Salt Thermal Energy Storage (TES) Market Volume Share, By Country, 2014 – 2023
      4.2.2 North America Molten Salt Thermal Energy Storage (TES)  Market, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
      4.2.3 U.S. Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
      4.2.4 Rest of North America Molten Salt Thermal Energy Storage (TES) Market, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million) 
4.3 Europe
      4.3.1 Europe Molten Salt Thermal Energy Storage (TES) Market Volume Share, By Country, 2014 – 2023
      4.3.2 Europe Molten Salt Thermal Energy Storage (TES) Market Estimates and Forecast, By Volume and Revenue, 2014 – 2023 (TWh) (USD Million)
      4.3.3 Spain Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
              4.3.3.1 Spain Molten Salt Thermal Energy Storage (TES)  Projects Technical Information   
      4.3.4 Rest of Europe Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
  
4.4 Asia Pacific
      4.4.1 Asia Pacific Molten Salt Thermal Energy Storage (TES) Market Volume Share, By Country, 2014 – 2023
      4.4.2 Asia Pacific Molten Salt Thermal Energy Storage (TES) Market, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
      4.4.3 India Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
              4.4.3.1 India Molten Salt Thermal Energy Storage (TES)  Projects Technical Information   
      4.4.4 China Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
              4.4.4.1 China Molten Salt Thermal Energy Storage (TES)  Projects Technical Information   
      4.4.5 Japan Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
      4.4.6 Rest of Asia Pacific Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)

4.5 Middle East and Africa (MEA)
      4.5.1 Middle East and Africa (MEA) Molten Salt Thermal Energy Storage (TES) Market Volume Share, By Country, 2014 – 2023
      4.5.2 Middle East and Africa (MEA) Molten Salt Thermal Energy Storage (TES) Market, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
      4.5.3 South Africa Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)  
      4.5.4 Israel Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)  
      4.5.5 Morocco Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
              4.5.5.1 Morocco Molten Salt Thermal Energy Storage (TES)  Projects Technical Information   
      4.5.6 Rest of MEA Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
4.6 Central and South America (CSA)
      4.6.1 Central and South America (CSA) Molten Salt Thermal Energy Storage (TES) Market Volume Share, By Country, 2014 – 2023
      4.6.2 Central and South America (CSA) Molten Salt Thermal Energy Storage (TES) Market, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)
      4.6.3 Chile Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)  
      4.6.4 Brazil Molten Salt Thermal Energy Storage (TES) Estimates and Forecast, By Volume and Revenue, 2013 – 2023 (TWh) (USD Million)    

Chapter 5 Company Profiles
5.1 Abengoa Solar S.A.
      5.1.1 Company Overview
      5.1.2 Financial Overview
      5.1.3 Business Strategy
      5.1.4 Recent Developments
5.2 Acciona S.A.
      5.2.1 Company Overview
      5.2.2 Financial Overview
      5.2.3 Business Strategy
      5.2.4 Recent Developments
5.3 AREVA
      5.3.1 Company Overview
      5.3.2 Financial Overview
      5.3.3 Business Strategy
      5.3.4 Recent Developments
5.4 BrightSource Energy, Inc.
      5.4.1 Company Overview
      5.4.2 Financial Overview
      5.4.3 Business Strategy
      5.4.4 Recent Developments
5.5 SCHOTT AG
      5.5.1 Company Overview
      5.5.2 Financial Overview
      5.5.3 Business Strategy
      5.5.4 Recent Developments
5.6 Siemens AG
      5.6.1 Company Overview
      5.6.2 Financial Overview
      5.6.3 Business Strategy
      5.6.4 Recent Developments
5.7 Pratt and Whitney Rocketdyne Inc.
      5.7.1 Company Overview
      5.7.2 Financial Overview
      5.7.3 Business Strategy
      5.7.4 Recent Developments

Continuous research for alternative modes of power generation has been promoted by many incentive schemes and supportive programs in the last few decades. This is majorly due to the negative impact of the use of fossil fuels on the environment. Renewable energies have gained higher acceptance in power generation since the recent past. A key part of renewable energy is how to store power for later use, especially in cases where supply surpasses demand. Ensuring grid stability and network capacity are other key concerns that are leading to the development of advanced energy storage technologies. Various technologies like batteries, compressed air, molten salt, and flywheels are key factors responsible for the growth of segment. The primary purpose of energy storage technology is to ensure power quality and supply reliability. Thermal energy storage projects enable storage of renewable energy, particularly solar energy, for its use later. Molten salt thermal energy storage technology also enable solar plants to be designed to optimize the electricity load profile according to the market needs. A solar plant with thermal energy storage technology can be designed, for instance, for electricity generation even after sunset or maximize power generation during peak hours.

Molten salt thermal energy storage is also expected to reduce peak energy demand, carbon dioxide emissions, and energy consumption by end-consumers. In the future, use of molten salt TES systems is expected to increase the share of renewable energy, especially solar and wind. For instance, concentrating solar power (CSP) plants are now employing thermal energy storage technologies such as molten salt for electricity generation in the absence of sunlight. The molten salt thermal energy storage market is currently highly profitable owing to the high reliability, optimized cost, and high performance of these systems. Molten salt thermal energy storage technology can reduce energy demand at peak times. This technology is used as centralized systems in industries, in district heating, in cooling systems and in power plants and as distributed systems in residential and commercial buildings to store solar energy for space/ water heating or cooling. 

The report on the molten salt thermal energy storage market discusses how the persistent need for effective energy storage will, in turn, shape the future of the global molten salt thermal energy storage market. The demand for energy storage and conversation is currently as essential as energy generation itself. 

Growing adoption of renewable energy sources for power generation and increasing need for efficient, reliable, and price-competitive electricity are some of the factors boosting the growth of the overall market. Molten salt thermal energy storage allows solar plants to be designed in such a way that they optimize the electricity load profile, according to the market fluctuations in terms of electricity demand. Some of the characteristics of molten salt are high energy density, low melting point, and low power generation costs as compared to those of oils, rocks, and concrete.       

The market for molten salt TES has been segmented on the basis of geography. The regional segments included in this study are North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Central and South America (CSA). These regional segments were further divided into country-wise sub-segments. In 2014, Europe dominated the overall market, which was led by Spain. Spain has become the hub for technology developers and promoters, with around 22 CSP projects – of approximately 15 GW, out of which 1,037 MW are currently under construction. Additionally, significant institutional support has been provided by the Government of U.K. for achieving the green energy generation objectives. This, in turn, creates opportunities for electricity generation from renewable energy resources which is in accordance with the EU Climate Action Plan mandates. 

Key participants in the global molten salt TES market include Abengoa Solar S.A., Acciona S.A., AREVA, BrightSource Energy, Inc., SCHOTT AG, Siemens AG, and Pratt & Whitney Rocketdyne Inc. The report provides an overview of these companies, followed by their financial revenues, business strategies, and recent developments.

The figure below describes the estimates for thermal energy storage market for North America:

 

molten-salt-thermal-energy-storage-market

 


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