We use cookies for a better user experience. Read our Privacy Policy

I Agree

Molten Salt Thermal Energy Storage (TES) Market

Molten Salt Thermal Energy Storage Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Molten Salt Thermal Energy Storage Market Outlook 2031

  • The global molten salt thermal energy storage market was valued at US$ 1.4 Bn in 2020
  • It is estimated to expand at a CAGR of 25.1% from 2021 to 2031
  • The global molten salt thermal energy storage market is expected to reach the value of US$ 17 Bn by the end of 2031

Analysts’ Viewpoint on Molten Salt Thermal Energy Storage Market Scenario

Companies in the molten salt thermal energy storage market are assessing micro- and macro-economic factors to ensure business continuity during the ongoing coronavirus outbreak. Molten salts are playing an instrumental role for energy optimization in industrial processes. Even though molten salts are gaining popularity as sensible thermal energy storage solution, its relatively high melting point results in them solidifying in pipes in the absence of a heat source. Hence, participants in the molten salt thermal energy storage market are increasing awareness about the installation of anti-freeze systems. Innovative and cost efficient nano-diamond-based molten salt nano-composites hold promising potentials, as heat transfer fluids and thermal energy storage media.

Molten Salt Thermal Energy Storage Ensures Stable Electricity Supply

The molten salt thermal energy storage method is being publicized as a reliable choice that can be integrated into various applications such as ensuring a secure power supply in various end-use industries. Since the energy sector is constantly striving to reduce its high CO2 emissions, companies in the molten salt thermal energy storage market are capitalizing on this opportunity to expand their services.

Since renewable energies including wind and solar power are linked to fluctuations in electricity supply, molten salt thermal energy storage is being deployed to stabilize the grid.

Request a sample to get extensive insights into the Molten Salt Thermal Energy Storage Market

Companies Making Data-driven Decisions Prior to Investing in New Technologies amid Coronavirus Scare

Business activities in the molten salt thermal energy storage market are growing in a staggered manner due to the ongoing coronavirus outbreak. Stakeholders are focusing on positive or limited negative impact industries to stay financially afloat during the pandemic. They are making data-driven decisions before investing in new technologies and regions.

Companies in the molten salt thermal energy storage market are adapting to new business norms, owing to the pandemic. They are adopting contingency planning to align with volatile demand and supply trends, owing to a sudden surge in COVID-19 cases in the U.S., India, and China. Participants in the market are maintaining a balanced relationship with suppliers and ecosystem partners to ensure business continuity.

To understand how our report can bring difference to your business strategy, Ask for a brochure

Installation of Anti-freeze Systems Holds Potential to Prevent Solidifying of Molten Salts

Molten salts are most widely used material for high temperature applications such as in concentrating solar power (CSP) plants to store thermal energy for electricity generation. Although these salts have high volumetric heat capacity, these salts are associated with a relatively high melting point, which results in them solidifying in pipes in the absence of a heat source. Hence, participants in the market are increasing awareness about the installation of anti-freeze systems.

Little effort has been put into increasing the stability limit of the upper temperature of nitrates. In addition, results obtained using other cations different from alkali metals lead to a decrease in thermal stability. In order to overcome this problem, researchers are proposing confinement of the molten salt in a controlled atmosphere that allows for an increase of the partial pressure of oxygen.

Stuck in a neck-to-neck competition with other brands? Request a custom report on Molten Salt Thermal Energy Storage Market

Service Providers Transforming Energy Sector by Reducing Carbon Emissions

Service providers are making use of efficient storage systems to stabilize grids in various locations help boost base-load capabilities and deliver reliable power in line with demand. Molten salts have the potential to provide robust power generation and offer energy storage technologies to help customers reduce their energy costs and carbon emissions whilst improving the security of energy supply.

Next-gen molten salt reactor systems are translating into revenue opportunities for companies in the molten salt thermal energy storage market. Participants in the market hold capability to transform the energy sector by providing full engineering, procurement and construction services to clients, customers and partners.

Long-term Storage Systems Using Molten Salts Help Reduce Power Plant Investment Cost

Long-term storage of renewable energy and decarbonized power generation trends are contributing to the growth of the molten salt thermal energy storage market. Molten salts help to store the thermal energy produced for use at night or during periods with less sunlight. Long-term storage systems using molten salts are suitable for conventional power plant retrofits i.e. by adding electric heaters or heat pumps, storage tanks, and salt heat exchangers for steam generation to coal fired power plants. Such setups allow existing power plant infrastructure such as turbines to be kept in use, which helps to reduce the investment cost of the entire system.

Molten Salt Thermal Energy Storage Market: Overview

  • Variable renewable energy is facing high demand as an energy generation method in present times. Depleting nonrenewable energy sources coupled with 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.
  • Increase in demand for VRE is further supported by government investments and high priority research and development projects, especially for molten salt thermal energy storage
  • 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.

Push for Renewables Results in High Growth Rate of Molten Salt Thermal Energy Storage in Europe

  • In 2020, Europe held 78.2% share of the overall value for molten salt thermal energy storage units. This was due to the early initiation of the molten salt thermal energy storage market in the region, caused by the stringent government regulations pertaining to emission standards and use of renewables. North America also held a substantial share at the time and the other regions barely had a stake in the molten salt thermal energy storage market.
  • Most countries in Europe consider molten salt thermal energy storage as an 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. Asia Pacific and Middle East & Africa are likely to play key role in molten salt thermal energy storage usage and technology development over the next few years. Demand for molten salt thermal energy storage is expected to account for a share of 39% in market volume in Middle East & Africa by the end of 2031.

Scope for Molten Salt Thermal Energy Storage to Remain Moderate to High in North America

  • 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
  • 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.

Molten Salt Thermal Energy Storage Market Players

  • Key players operating 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
    • Pratt and Whitney Rocketdyne, Inc.

Recent Developments in Molten Salt Thermal Energy Storage Market

  • In December 2021, Malta Inc. announced that it had entered into a partnership with Bechtel in order to set up several electro-thermal energy storage systems capable of providing backup of 150+ hours
  • In December 2021, Seaborg Technologies announced that it had discovered a more effective molten salt storage solution by using sodium hydroxide. The compound is able to contain more heat per salt unit, making it more efficient for storing energy, while also reducing the amount of salt needed. It is also around 90% cheaper than the cost of the other salts, which are being used in the industry.

Molten Salt Thermal Energy Storage Market Snapshot

Attribute

Details

Market Size Value in 2020

US$ 1.4 Bn

Market Forecast Value in 2031

US$ 17 Bn

Growth Rate (CAGR)

25.1%

Forecast Period

2021-2031

Quantitative Units

US$ Bn for Value and TWh for Volume

Market Analysis

It includes cross segment analysis at global as well as regional level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces analysis, supply chain analysis, and parent industry overview.

Competition Landscape

  • Market Share Analysis, by Company (2020)
  • Company Profiles section includes overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy & recent developments, and key financials

Format

Electronic (PDF) + Excel

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • China
  • Japan
  • India
  • ASEAN
  • Brazil
  • Mexico
  • Israel
  • South Africa

Companies Profiled

  • Abengoa Solar S.A.
  • Acciona S.A.
  • AREVA
  • BrightSource Energy, Inc.
  • SCHOTT AG
  • Siemens AG
  • Pratt and Whitney Rocketdyne Inc.

Customization Scope

Available upon Request

Pricing

Available upon Request

Molten Salt Thermal Energy Storage Market – Segmentation

This report on the global molten salt thermal energy storage market provides segmentation of the market based on region.

Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

This study also discusses the underlying trends and the impact of various factors on the global molten salt thermal energy storage market along with their influence on evolution of the market.

This study also offers Porter’s Five Forces analysis, value chain analysis, and regulatory scenario of the global molten salt thermal energy storage market in order to elaborate crucial growth strategies of and opportunities for players operating in the market.

Molten Salt Thermal Energy Storage (TES) Market

Interested in this report?
Get a FREE Brochure now!

Get Free Brochure

*Get Brochure Report (PDF) sent to your email within minutes

Frequently Asked Questions

What is the Molten Salt Thermal Energy Storage (TES) Market Size?

Molten Salt Thermal Energy Storage (TES) Market is expected to reach US$ 17 Bn By 2031

What is the CAGR for Molten Salt Thermal Energy Storage (TES) Market?

Molten Salt Thermal Energy Storage (TES) Market is estimated to rise at a CAGR of 25.10% during forecast period

What are the key factors driving the growth of Molten Salt Thermal Energy Storage (TES) Market?

Increase in demand for VRE is further supported by government investments and high priority research and development projects is driving the growth of the Molten Salt Thermal Energy Storage (TES) Market

Which region is more attractive for vendors in the Molten Salt Thermal Energy Storage (TES) Market?

Europe is more attractive for vendors in the Molten Salt Thermal Energy Storage (TES) Market

Who are the key players in the Molten Salt Thermal Energy Storage (TES) Market?

Key players of Molten Salt Thermal Energy Storage (TES) Market are Acconia S.A., AREVA, BrightSource Energy, Inc., Abengoa Solar S.A., SCHOTT AG, Siemens AG, and Pratt and Whitney Rocketdyne, Inc. These vendors are expected to make efforts to obtain fresh investments from national authorities

1. Executive Summary: Global Molten Salt Thermal Energy Storage Market

2. Market Overview

    2.1. Market Segmentation

    2.2. Market Definitions

    2.3. Market Trends

    2.4. Market Dynamics

        2.4.1. Drivers

        2.4.2. Restraints

        2.4.3. Opportunities

    2.5. Porter’s Five Forces Analysis

    2.6. Value Chain Analysis

    2.7. Regulatory Landscape

3. COVID-19 Impact Analysis

4. Price Trend Analysis

5. Global Molten Salt Thermal Energy Storage Market Analysis and Forecast, by Region

    5.1. Global Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Region, 2020–2031

        5.1.1. North America

        5.1.2. Europe

        5.1.3. Asia Pacific

        5.1.4. Latin America

        5.1.5. Middle East & Africa

    5.2. Global Molten Salt Thermal Energy Storage Market Attractiveness Analysis, by Region

6. North America Molten Salt Thermal Energy Storage Market Analysis and Forecast

    6.1. Key Findings

    6.2. North America Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Country, 2020–2031

        6.2.1. U.S.

        6.2.2. Canada

    6.3. U.S. Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    6.4. Canada Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    6.5. North America Molten Salt Thermal Energy Storage Market Share and Attractiveness Analysis, by Country

7. Europe Molten Salt Thermal Energy Storage Market Analysis and Forecast

    7.1. Key Findings

    7.2. Europe Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Country and Sub-region, 2020–2031

        7.2.1. U.K.

        7.2.2. France

        7.2.3. Germany

        7.2.4. Italy

        7.2.5. Spain

        7.2.6. Rest of Europe

    7.3. U.K. Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    7.4. France Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    7.5. Germany Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    7.6. Italy Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    7.7. Spain Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    7.8. Russia & CIS Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    7.9. Rest of Europe Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    7.10. Europe Molten Salt Thermal Energy Storage Market Share and Attractiveness Analysis, by Country and Sub-region

8. Asia Pacific Molten Salt Thermal Energy Storage Market Analysis and Forecast

    8.1. Key Findings

    8.2. Asia Pacific Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Country and Sub-region, 2020–2031

        8.2.1. China

        8.2.2. Japan

        8.2.3. India

        8.2.4. ASEAN

        8.2.5. Rest of Asia Pacific

    8.3. China Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    8.4. Japan Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    8.5. India Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    8.6. ASEAN Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    8.7. Rest of Asia Pacific Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    8.8. Asia Pacific Molten Salt Thermal Energy Storage Market Share and Attractiveness Analysis, by Country and Sub-region

9. Latin America Molten Salt Thermal Energy Storage Market Analysis and Forecast

    9.1. Key Findings

    9.2. Latin America Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Country and Sub-region, 2020–2031

        9.2.1. Brazil

        9.2.2. Mexico

        9.2.3. Rest of Latin America

    9.3. Brazil Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    9.4. Mexico Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    9.5. Rest of Latin America Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Application, 2020–2031

    9.6. Latin America Molten Salt Thermal Energy Storage Market Share and Attractiveness Analysis, by Country and Sub-region

10. Middle East & Africa Molten Salt Thermal Energy Storage Market Analysis and Forecast

    10.1. Key Findings

    10.2. Middle East & Africa Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Country and Sub-region, 2020–2031

        10.2.1. Israel

        10.2.2. South Africa

        10.2.3. Rest of Middle East & Africa

    10.3. Israel Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    10.4. South Africa Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031

    10.5. Rest of Middle East & Africa Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Application, 2020–2031

    10.6. Middle East & Africa Molten Salt Thermal Energy Storage Market Share and Attractiveness Analysis, by Country and Sub-region

11. Competition Landscape

    11.1. Competition Matrix, by Key Players

    11.2. Global Molten Salt Thermal Energy Storage Market Share Analysis, by Company, 2020

    11.3. Footprint Analysis

    11.4. Company Profiles

        11.4.1. Abengoa Solar S.A.

            11.4.1.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees

            11.4.1.2. Business Segments

            11.4.1.3. Financial Overview

            11.4.1.4. Strategic Overview

        11.4.2. Acciona S.A.

            11.4.2.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees

            11.4.2.2. Business Segments

            11.4.2.3. Financial Overview

            11.4.2.4. Strategic Overview

        11.4.3. AREVA

            11.4.3.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees

            11.4.3.2. Business Segments

            11.4.3.3. Financial Overview

            11.4.3.4. Strategic Overview

        11.4.4. BrightSource Energy, Inc.

            11.4.4.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees

            11.4.4.2. Business Segments

            11.4.4.3. Financial Overview

            11.4.4.4. Strategic Overview

        11.4.5. SCHOTT AG

            11.4.5.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees

            11.4.5.2. Business Segments

            11.4.5.3. Financial Overview

            11.4.5.4. Strategic Overview

        11.4.6. Siemens AG

            11.4.6.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees

            11.4.6.2. Business Segments

            11.4.6.3. Financial Overview

            11.4.6.4. Strategic Overview

        11.4.7. Pratt and Whitney Rocketdyne Inc.

            11.4.7.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees

            11.4.7.2. Business Segments

            11.4.7.3. Financial Overview

            11.4.7.4. Strategic Overview

12. Primary Research - Key Insights

13. Appendix

    13.1. Research Methodology and Assumptions

Transparency Market Research Plus
  • We offer 100% free customisation with our Enterprise License!!
  • Get a free copy if the report you purchased is updated within 90 days
  • Regardless from where you have purchased the report, you can request an updated version of the report from us.

Complete the form below and we'll get back to you shortly.

619

Your personal details are safe with us. Privacy Policy*

Copyright © Transparency Market Research, Inc. All Rights reserved