Molten Salt Thermal Energy Market is Likely to Rise at 9.95% CAGR By 2030

The global molten salt thermal energy market size was evaluated at USD 3.53 billion in 2022 and it is expected to touch over USD 22.43 billion by 2030, growing at a CAGR of 9.95% during the forecast period 2022 to 2030.

Molten Salt Thermal Energy Market Size and Growth Rate From 2022 To 2030

Molten salt is used in solar power plants as a thermal energy storage and a heat transfer fluid. Thermal energy may be stored using molten salts, a method that is sometimes utilized. Currently, this technique is used to store the heat collected by concentrated solar power. Concentrated solar power systems generate solar energy by using mirrors or lenses to concentrate a huge patch of sunlight onto a receiver. Concentrated light is converted into heat which powers a thermochemical reaction or a heat engine connected to an electricity generator.

Additionally, in order to limit carbon emissions, trends are turning toward the production of energy from renewable sources, and new technologies are being developed to store energy in any alternative form and use it as needed. As a result, energy storage devices are constructed in order to store energy during periods of low demand and use it during periods of peak demand. As a result, the market would benefit from the rising demand for energy from renewable sources.

Report Highlights:

  • Due to its superior ability to concentrate solar energy, parabolic troughs are the most popular technology for storing energy in molten salt on the market.
  • With a drop in the price per kilowatt for molten salt stored power, it is anticipated to rule the market throughout the projected period and there are currently several projects under development.
  • Researchers are now working on developing new kinds of molten salt, such as ways to employ metal chloride to stabilise molten salts more effectively. Market participants may have an opportunity as a result of industry innovations.
  • Asia-Pacific is one of the regions that uses molten solar energy plants the most and is anticipated to develop at the quickest rate during the forecast period. India and China are anticipated to play a key role in the market's expansion.

Molten Salt Thermal Energy Market Report Scope:

Report Details
Market Revenue in 2023 USD 4.45 Billion
Projected Forecast Revenue in 2030 USD 22.43 Billion
Growth Rate from 2022 to 2030 CAGR of 9.95%
Largest Market Europe
Base Year 2022
Forecast Period 2022 To 2030
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Regional Snapshots:

China seized a substantial portion of the market since the nation's security, health, and economy all depend on the steady transmission of power. China is also predicted to have the fastest growth rate because of the rise in thermal energy storage projects utilizing molten salt as well as the rapid implementation of technology that assist in enhancing the dependability as well as efficiency of utility processes, such as the adoption of systems and practices to more successfully involve utility clients in the management of energy. The Chinese government is focusing on developing and implementing more renewable energy projects in order to fulfil its growing energy demands and reduce carbon emissions. For instance, construction is underway on a parabolic trough molten salt solar complex in Gansu Province, China, with an anticipated energy production of roughly 100 megawatts (MW). Due to its molten salt storage technique, it can operate without a source of power for seven hours. As a result, it is expected that molten salt thermal energy storage by parabolic troughs would increase during the course of the projected time as a result of the increase in power demand and molten salt and reflecting material efficacy.

Market Dynamics:

Drivers:

The growing need to lessen reliance on oil, gas, and coal for the generation of electricity in order to minimize carbon emissions is what is driving the need for molten salt thermal energy storage (TES) systems. As a result, countries throughout the world are investing in advanced renewable energy technology and switching to renewable energy sources. For instance, the European Union studied the possibility of creating Desertec, a USD 774 billion network of solar power plants headquartered in the Sahara region and utilizing CSP technology to link Europe, the Middle East, and North Africa.

Additionally, Asia-Pacific is one of the regions that uses molten solar energy plants the most and is anticipated to develop at the quickest rate during the forecast period. India and China are anticipated to play a key role in the market's expansion. For example, Gujarat Solar One has the biggest parabolic trough in India and has a 9-hour capacity for molten salt. A two-tank indirect thermal storage method is employed. During the predicted period, molten salt storage is anticipated to be extended and constructed.

Restraints:

The technology utilized for thermal insulation, the use, and the size all affect how much thermal energy storage systems cost. In general, molten salt thermal energy storage systems based upon phase transition materials as well as thermochemical storage are more expensive per unit of storage capacity. The storage system accounts for 30–40% of the system's overall cost. As a consequence of more research on energy storage technologies to reduce initial capital demands, it is projected that molten salt thermal energy storage systems will become more competitive in the near future.

Opportunities:

The world is experiencing a severe energy crisis as fossil fuel supplies continue to vanish. Because of this, environmentalists and energy specialists have developed trustworthy methods for producing renewable energy. As a result, it is projected that the global market for molten salt thermal energy storage would expand at a healthy rate in the near future.

The market for molten salt thermal energy storage has had an exceptional annual growth rate due to the transition from non-renewable to renewable energy sources for energy generation. Due to the need to augment large solar power facilities, molten salt thermal power plants have gained attention. It is expected that regional and global organizations would spend heavily in the energy sector. Additionally, it is anticipated that a rise in the need for electricity throughout the industrial sector would boost the market for molten salt thermal energy storage in the near future.

Additionally, developments in the sector of power supply are a crucial factor in the expansion of the worldwide market for molten salt thermal energy storage. The development of the worldwide market for molten salt thermal energy storage may be aided by the presence of a reliable electrical transmission infrastructure. Additionally, reliable transmission and distribution networks inspire investors to place money in the renewable energy industry. Another important factor driving the expansion of the worldwide molten salt thermal energy storage market is the speed at which industrialization is occurring.

Challenges:

There are various downsides to using molten salt. Higher system maintenance costs are caused by the need for more costly materials to prevent salt corrosion. Additionally, since salt has a higher freezing point than other media, more energy—roughly 4 percent of the solar energy captured—is needed to keep it from freezing at night. Therefore, restricting the usage of molten salt as a form of energy storage might slow expansion in the coming years.

Recent Developments:

  • Malta Inc. stated in December 2021 that it has partnered with Bechtel to build numerous electro-thermal energy storage systems that could provide backup for more than 150 hours.
  • In December 2021, Seaborg Technologies said that it has developed a sodium hydroxide-based molten salt storage solution that was more efficient. The compound uses less salt because it can store more heat per salt unit and is hence more effective at storing energy. Additionally, it costs around 90% less than the other salts that are employed in the business.

Major Key Players:

  • Yara International ASA
  • Acciona S.A.
  • Abengoa SA
  • BrightSource Energy Inc.
  • SENER Grupo de Ingenieria S.A.
  • SolarReserve LLC
  • Engie SA
  • ACWA Power
  • KVK Energy Ventures Ltd.

Market Segmentation:

By Technology

  • Parabolic Troughs
  • Fresnel Reflector
  • Power Tower

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