Global Molten Salt Thermal Energy Storage (TES) Market: Snapshot 

Variable renewable energy is facing high demand as an energy generation method in present times. The depleting nonrenewable energy sources coupled with the massive amounts of pollution and emissions created due to them have been instrumental in driving the demand for renewable – specifically, variable renewable – energy sources such as molten salt thermal energy storage. The increasing demand for VRE is further backed by government investments and high priority research and development projects, especially for molten salt TES.

Additionally, molten salt thermal energy storage puts forth a unique value addition to the power sector: it can act as a means to amplify or supplement the existing energy transmission and distribution systems. This is a sought after factor in many regions as there is a high demand for improving power transmission and distribution infrastructure. This is applicable especially to developing economies, where the rapid rate of industrialization needs to be sustained by an equally fast developing power transmission and distribution network.

The above factors, along with a few others, will drive the global molten salt thermal energy storage market at a CAGR of 24.7% in terms of revenue from 2015 to 2023. The market is expected to reach US$480.5 mn by the end of 2015 and is expected to reach US$2.5 bn by the end of 2023.

European Push for Renewables Results in High Growth Rate of Molten Salt TES in Region

In 2014, Europe held a whopping 78.2% of the overall value for molten salt thermal energy storage units. This was due to the early initiation of the market in the region, caused by the stringent government regulations pertaining to emission standards and use of renewables. North America held also held a substantial share at the time and the other regions barely had a stake in this market’s value.

Most countries in Europe consider molten salt thermal energy storage as a very effective method of augmenting power supply and distribution. The high importance given to the technology by the region has given it the upper hand in terms of latest developments and key player presence. The immediate future of molten salt thermal energy storage in Europe is expected to be in large capacity energy storage locations for latent heat and thermonuclear energy.

The scenario is rapidly changing, however, and it is expected that Asia Pacific and the MEA region will play leading roles in molten salt thermal energy storage usage and technology development in the coming years. By the end of 2023, the Middle East and Africa demand for molten salt TES is expected to account for a share of 39.0% in market volume.

North America Scope for Molten Salt TES to Remain Moderate to High

The scope of using thermal energy storage technologies in North America is relatively medium due to a matured market and loose frameworks surrounding the use of thermal energy storage. The demand for molten salt thermal energy storage is expected to increase in the near future owing to large scale projects for planned concentrated solar power plants across the U.S. Additionally, concentrated solar plants pose a greater competitive system when it comes to net grid system costs, adding to the region favoring solar power and molten salt thermal energy storage. The latter can be an effective energy storage station with a much greater efficiency than most conventional counterparts.

The key players in the global market for molten salt thermal energy storage include Abengoa Solar S.A., Acconia S.A., AREVA, BrightSource Energy, Inc., SCHOTT AG, Siemens AG, and Pratt and Whitney Rocketdyne, Inc.

 

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

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

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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

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Molten Salt Thermal Energy Storage Market