The global molten salt thermal energy storage market was valued at US$ 1.4 Bn in 2020. The global market is estimated to rise at a CAGR of 25.1% during the forecast period, from 2021 to 2031. The global molten salt thermal energy storage market is likely to attain the value of US$ 17 Bn by the end of 2031.
Micro- and macroeconomic aspects are being assessed by firms in the global molten salt thermal energy storage market to ensure business continuity amid the ongoing coronavirus epidemic. In industrial processes, molten salts play an important role in energy optimization.
Despite molten salts becoming more popular as a practical thermal energy storage option, their relatively high melting point causes them to harden in pipes in the absence of heat. As a result, industry participants in the global molten salt thermal energy storage market are becoming more conscious of the importance of installing anti-freeze systems. Innovative and cost-effective molten salt Nano-composites based on nanodiamonds have intriguing potentials as heat transfer fluids and thermal energy storage medium.
The growth of the solar energy industry is critical to the expansion of the global molten salt thermal energy storage market. New opportunities for renewable energy generation have emerged, as the energy sector embraces diversity of use. The energy sector is aiming to build additional platforms for renewable energy generation. Offshore wind farms, large solar plants, and biofuel stations can all benefit from the energy generated by these subsidiary platforms.
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Key Findings of Market Report
- Firms in the molten salt thermal energy storage market are taking advantage of this opportunity to expand their services, as the energy sector is consistently attempting to lower its considerable CO2 emissions. Molten salt thermal energy storage is used to stabilize the grid as renewable energies, such as solar and wind power, are connected to variations in electricity supply.
- Molten salts have the ability to produce reliable power production and energy storage solutions, allowing consumers to save money on energy and cut carbon emissions while strengthening energy supply security
- Rise of the molten salt thermal energy storage market is being fueled by long-term storage of renewable energy as well as decarbonized power production trends. Molten salts aid in the storage of thermal energy for use during periods with less or no sunlight.
- Government funding and high-priority research and development programs, particularly for molten salt thermal energy storage, are bolstering the demand for variable renewable energy
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Global Molten Salt Thermal Energy Storage Market: Growth Drivers
- Molten salt thermal energy storage adds a distinct value to the power sector. It can be used to complement or magnify current energy transmission and distribution infrastructures. Many locations are looking for this component since there is a significant need for better electricity transmission as well as distribution infrastructure.
- Europe accounted for 78.2% share of the total value of molten salt thermal energy storage units in 2020. This can be ascribed to the region’s early adoption of molten salt thermal energy storage, which was prompted by rigorous rules governing emission standards and renewable energy consumption.
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Global Molten Salt Thermal Energy Storage Market: Key Players
Some of the key market players are
- Pratt and Whitney Rocketdyne, Inc
- Acconia S.A.
- BrightSource Energy, Inc.
- Siemens AG
- Abengoa Solar S.A.
- Areva S.A.
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Global Molten Salt Thermal Energy Storage Market: Segmentation
Molten Salt Thermal Energy Storage Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
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