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Molten Salt Thermal Energy Storage Market Outlook Report

Published On: Feb, 2025
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Pages: 146

The Molten Salt Thermal Energy Storage Market is estimated at USD 1,034.1 million in 2023. Further, the market is expected to grow from USD 1,130 million in 2024 to USD 2,879 million in 2031 at a CAGR of %.

Molten Salt Thermal Energy Storage Market Market Overview

Molten salt energy storage is generally used in the power sector today and uses molten salt to store heat energy from renewable sources during the daytime. Later during the night, this stored energy is discharged and used to generate steam in the power sector when required. The power generation efficiency of this method is outstanding due to the properties of molten salts like excellent heat transfer properties, High Operating Temperature capacity, Progressive industrial preparedness, and its implementation with concentrated solar power plants. Molten salts are inorganic compounds. Under room temperature, these salts are solid, and they are liquid above their melting points. These molten salts are used for storage at high temperatures. Generally, HITEC ternary salt with a composition of 53% of potassium nitrate, 7% of sodium nitrate, and 40% of sodium nitrite, and a binary salt with a composition of 60% of sodium nitrate, 40% of potassium nitrate (KNO3) are used in Molten salts energy storage technology.
Molten salt energy storage uses salt as a thermal energy storage medium. Liquid salt is pumped through panels or electric heaters, which heat it to 570°C before heating it to a heat storage tank or steam generator. Here, it produces superheated steam to drive a turbine. Liquid salt is kept in insulated tanks, where the volume can be adjusted to provide the storage capacity required for each application and location. It is a reliable option for storing renewable energy and is a flexible, cost-effective addition to existing infrastructure and systems.

Latest Trends in Molten Salt Thermal Energy Storage Market

Increased investment in thermal storage technology:
Many vendors are focusing on upgrading the technologies to increase the energy storing capacity of the storage systems. Vendors in the US and China are also investing in efficient storage batteries, power grid capacitors, and CAES. The adoption of electric vehicles will also trigger innovations in electric vehicle storage technology. Electric vehicles are integrated with power grids to store energy for future use. Therefore, the rising investment in advanced energy storage technologies will fuel the growth of the global thermal energy storage market in the future. 

Driving Factors

Cost Reduction in Technology: 
Huge investment in research and development in the area of energy storage and CSP plants drives lower technology costs. Cost reduction in solar energy technology also drives the deployment of energy storage rapidly. Technological advancements have lowered the concentrated solar power unit rate from more than 30 cents per kWh in 2010 to around 12 cents per kWh in 2020. Further, the target price reduction to around 5 cents per kWh will create staggering demand for clean energy. Growing consumer awareness of global warming and increasing awareness of environmental sustainability will drive the molten sale of thermal energy storage demand.

Market Challenges

High Implementation Cost:
There is a need for high investment in renewables, specifically in solar energy generation. Huge Capital expenditure on green field projects acts as a barrier to the implementation of the energy storage system. Further, clogging issues such as freezing, corrosion, plating, etc. in the molten salt process have been a key challenge for operators. Although technological advancements to use various compositions of other chemicals are addressing the issue, there is a need for further improvement in this area for the market to explore further. 
The next hurdle was finding the right kinds of salts for the Gen3 CSP liquid path. Commercial systems often use nitrate salts, but according to NREL, these begin to degrade at higher temperatures. NREL targets high temperatures for more efficient energy conversion, so it settled on chloride salts for their higher level of stability under extreme temperatures.

Companies Mentioned

Abengoa SA
Schott AG
BASF SE
Siemens AG
Alfa Laval AB

         Global Molten Salt Thermal Energy Storage- Market Scope,

Report Scope

Details

Market Value- $ Million

918.3

Market Growth (Value), (2024-2030)- %

Xx

Leading Region

Middle East and Africa

Base Year

2023

Forecast Period

2024 to 2031

Segments Covered

By Technology, By Capacity, and By End-Use

Geography Covered

North America, Europe, Asia-Pacific, South and Central America, and Middle East & Africa

Market Segmentation


Market Split

    
     Detail

By Technology
  • Parabolic Troughs
  • Power Tower
  • Other

By Capacity
  • 0 to 50 MW
  • 51-100 MW
  • 101 MW and above

By End-Use
  • Oil & Gas
  • Utility
  • Telecommunication
  • Others

By Geography
  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Australia, Rest of APAC)
  • The Middle East and Africa (Middle East, Africa)
  • South and Central America (Brazil, Argentina, Rest of SCA)

TABLE OF CONTENTS

1. GLOBAL MOLTEN SALT THERMAL ENERGY STORAGE INDUSTRY
1.1. Market Scope and Definition
1.2. Study Assumptions

2. MOLTEN SALT THERMAL ENERGY STORAGE MARKET LATEST TRENDS, DRIVERS AND CHALLENGES, 2023-2031
2.1. Molten Salt Thermal Energy Storage Market Latest Trends
2.2. Molten Salt Thermal Energy Storage Market Insights, 2023-2031
2.2.1. Leading Molten Salt Thermal Energy Storage Technologies, 2023-2031
2.2.2. Dominant Molten Salt Thermal Energy Storage Capacity, 2023-2031
2.2.3. Dominant Molten Salt Thermal Energy Storage End-use, 2023-2031
2.2.4. Fast-Growing Geographies for Molten Salt Thermal Energy Storage, 2023-2031
2.3. Molten Salt Thermal Energy Storage Demand Drivers to 2031
2.3.1. Cost Reduction in Technology:
2.3.2. Growing Renewable Generation
2.3.3. Developing Utility Requirements
2.3.4. Change in Policy and Regulations
2.3.5. The preferred option for large-scale high heat storage technology
2.3.6. Growing demand for uninterrupted power supply
2.4. Molten Salt Thermal Energy Storage Challenges to 2031
2.4.1. High Implementation Cost:
2.4.2. Non-Availability of Storage System Standards:
2.4.3. Economic slowdown:
2.4.4. Obsolete Energy Policy and Regulations:
2.5. Molten Salt Thermal Energy Storage Market-Five Forces Analysis

3. GLOBAL MOLTEN SALT THERMAL ENERGY STORAGE MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
3.1. Global Molten Salt Thermal Energy Storage Market Overview, 2023
3.2. Global Molten Salt Thermal Energy Storage Market Size and Share Outlook, By Technology, 2023-2031
3.2.1. Parabolic Troughs
3.2.2. Power Tower
3.2.3. Other Technologies
3.3. Global Molten Salt Thermal Energy Storage Market Size and Share Outlook, By Capacity, 2023-2031
3.3.1. 0 to 50 MW
3.3.2. 51-100 MW
3.3.3. 101 MW and above
3.4. Global Molten Salt Thermal Energy Storage Market Size and Share Outlook, By End-use, 2023-2031
3.4.1. Utilities
3.4.2. Other End-Uses
3.5. Global Molten Salt Thermal Energy Storage Market Size and Share Outlook by Region, 2023-2031

4. NORTH AMERICA MOLTEN SALT THERMAL ENERGY STORAGE MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
4.1. North America Molten Salt Thermal Energy Storage Market Overview, 2023
4.2. North America Molten Salt Thermal Energy Storage Market Size and Share Outlook by Technology, 2023-2031
4.3. North America Molten Salt Thermal Energy Storage Market Size and Share Outlook, By Capacity, 2023-2031
4.4. North America Molten Salt Thermal Energy Storage Market Size and Share Outlook by End-use, 2023-2031
4.5. North America Molten Salt Thermal Energy Storage Market Size and Share Outlook by Country, 2023-2031
4.5.1. United States
4.5.2. Canada
4.5.3. Mexico

5. EUROPE MOLTEN SALT THERMAL ENERGY STORAGE MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
5.1. Europe Molten Salt Thermal Energy Storage Market Overview, 2023
5.2. Europe Molten Salt Thermal Energy Storage Market Size and Share Outlook by Technology, 2023-2031
5.3. Europe Molten Salt Thermal Energy Storage Market Size and Share Outlook, By Capacity, 2023-2031
5.4. Europe Molten Salt Thermal Energy Storage Market Size and Share Outlook By End-use, 2023-2031
5.5. Europe Molten Salt Thermal Energy Storage Market Size and Share Outlook by Country, 2023-2031
5.5.1. Germany
5.5.2. UK
5.5.3. Italy
5.5.4. Spain
5.5.5. Rest of Europe

6. ASIA PACIFIC MOLTEN SALT THERMAL ENERGY STORAGE MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
6.1. Asia Pacific Molten Salt Thermal Energy Storage Market Overview, 2023
6.2. Asia Pacific Molten Salt Thermal Energy Storage Market Size and Share Outlook by Technology, 2023-2031
6.3. Asia Pacific Molten Salt Thermal Energy Storage Market Size and Share Outlook, By Capacity, 2023-2031
6.4. Asia Pacific Molten Salt Thermal Energy Storage Market Size and Share Outlook by End-use, 2023-2031
6.5. Asia Pacific Molten Salt Thermal Energy Storage Market Size and Share Outlook by Country, 2023-2031
6.5.1. China
6.5.2. Japan
6.5.3. India
6.5.4. Rest of Asia Pacific

7. SOUTH AND CENTRAL AMERICA MOLTEN SALT THERMAL ENERGY STORAGE MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
7.1. South and Central America Molten Salt Thermal Energy Storage Market Overview, 2023
7.2. South and Central America Molten Salt Thermal Energy Storage Market Size and Share Outlook by Technology, 2023-2031
7.3. South and Central America Molten Salt Thermal Energy Storage Market Size and Share Outlook, By Capacity, 2023-2031
7.4. South and Central America Molten Salt Thermal Energy Storage Market Size and Share Outlook by End-use, 2023-2031
7.5. South and Central America Molten Salt Thermal Energy Storage Market Size and Share Outlook by Country, 2023-2031
7.5.1. Brazil
7.5.2. Chile
7.5.3. Rest of South and Central America

8. MIDDLE EAST AFRICA MOLTEN SALT THERMAL ENERGY STORAGE MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
8.1. Middle East Africa Molten Salt Thermal Energy Storage Market Overview, 2023
8.2. Middle East Africa Molten Salt Thermal Energy Storage Market Size and Share Outlook by Technology, 2023-2031
8.3. Middle East Africa Molten Salt Thermal Energy Storage Market Size and Share Outlook, By Capacity, 2023-2031
8.4. Middle East Africa Molten Salt Thermal Energy Storage Market Size and Share Outlook by End-use, 2023-2031
8.5. Middle East Africa Molten Salt Thermal Energy Storage Market Size and Share Outlook by Country, 2023-2031
8.5.1. Middle East
8.5.2. Africa

9. MOLTEN SALT THERMAL ENERGY STORAGE MARKET STRUCTURE
9.1. Abengoa SA
9.2. Schott AG
9.3. BASF SE
9.4. Siemens AG
9.5. Alfa Laval AB

10. APPENDIX
10.1. About Us
10.2. Sources
10.3. Research Methodology
10.4. Contact Information

   

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