The Global Molten Salt Thermal Energy Storage (TES) Market report includes a global opportunity analysis and industry forecasts for the period 2023–2032. The global market is estimated at USD 2.76 Billion in 2022, registering at a promising CAGR of 23.65% from 2023 to 2032. The historic year is considered 2020 and the base year considered for the study is 2021, the estimated year is 2022 and the forecast has been provided for the period 2023 to 2032.
The Molten Salt Thermal Energy Storage (TES) Market is projected to register high demand during the forecast period with increasing demand from major end-use industries such as csp system, generate electricity, and industrial heating during the forecast period. Molten salt is strong at standard temperature and pressure (STP) yet enters the liquid stage due to high temperatures. The heat of molten salt is used for storing solar energy at high temperatures. Molten salt can be utilized as a thermal energy storage method to retain thermal energy. Currently, this is an industrially used technology to store the heat gathered by concentrated solar power. The heat can later be converted into superheated steam to control conventional steam turbines and generate electricity.
Concentrated solar thermal systems produce solar power by utilizing mirrors or focal points to concentrate a huge area of sunlight or solar thermal energy onto a small zone. The electricity is produced when the concentrated light energy is converted to heat energy, which drives a heat engine associated with the electrical power generator or forces a thermochemical response. The molten salt solar energy thermal storage refers to a thermal energy storage method, which is widely used in the concentrated solar power (CSP) system.
The global molten salt thermal energy storage (TES) market is growing with the increase in the adoption of variable renewable energy. Moreover, the molten salt thermal energy storage technology fulfils the criteria of emission reduction and non-renewable fuel dependency for the countries around the globe. All these factors are fuelling the growth of the global molten salt thermal energy storage (TES) market.
Figure 1: Molten Salt Thermal Energy Storage (TES) Market
Key Factors Impacting Market Growth:
- Huge demand for variable renewable energy
- Intensifies or supplements the existing energy transmission and distribution systems
- Strict government regulations pertaining to emission standards and use of renewables
- High investments in setting up molten salt thermal energy storage systems
Regional Outlook:
The regional outlook for molten salt thermal energy storage (TES) market provides detailed information for markets including North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World. North America and Western Europe are estimated to be key regions for molten salt thermal energy storage (TES) market during the forecast period. Being one of the industrialized regions, the energy & power sector is key to the operations of various industries in this region. This is one of the important factors governing the growth of molten salt thermal energy storage (TES) market in these regions. Some of the major countries covered in this region include US, Germany, UK, France, Italy, Canada, and so on.
Asia Pacific is estimated one of the fastest growing regions for molten salt thermal energy storage (TES) market during the forecast period. Some of the fastest growing economies and increasing demand for energy & power to cater high population & industries is expected to drive the demand in this region. China and India are projected to register major demand during the forecast period. Middle East that includes UAE, Saudi Arabia, Iran, Qatar, and others promises high market potential during the forecast period. Rest of the World including South America and Africa are emerging regions in terms of market demand during the forecast period.
Companies Covered: BrightSource Energy, Abengoa Solar S.A., Areva, Acciona, ESolar, SolarReserve, Wilson Solarpower, Novatec, Shams Power, ACWA, SUPCON, Thai Solar Energy, Sunhome, Pratt & Whitney Rocktdyne Inc., Siemens AG, and SCHOTT AG
Market Segmentation:
By Type:
- Tower-type Solar Power Tower Systems
- Dish Concentrating Solar Power Systems
- Others
By Application:
- CSP System
- Generate Electricity
- Industrial Heating
- Others
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Type
- By Application
- Western Europe
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Type
- By Application
- Eastern Europe
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Type
- By Application
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Type
- By Application
- Middle East
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Type
- By Application
- Rest of the World
- By Region (South America, Africa)
- By Type
- By Application
Reasons to Buy This Report:
- Market size estimation of the global molten salt thermal energy storage (TES) market on regional and global basis
- Unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
For more information, contact: sales@quincemarketinsights.com