Press Release

Molten Salt Thermal Energy Storage Market to be dominated by Parabolic Trough segment through 2028

Increase in electricity consumption, decreasing the cost per kilowatt for energy storage to drive Global Molten Salt Thermal Energy Storage Market in the forecast period, 2023-2028.

 

According to TechSci Research report, “Global Molten Salt Thermal Energy Storage Market - By Region, Competition, Forecast & Opportunities, 2028”, Global Molten Salt Thermal Energy Storage Market is anticipated to grow at a 12.07% CAGR in the forecast period, 2024-2028, driven by the growing factors such as an increase in electricity consumption, decreasing the cost per kilowatt for energy storage, and a push by governments for cleaner fuel are expected to boost the market..

 

 Browse over XX market data Figures spread through 180 Pages and an in-depth TOC on "Global Molten Salt Thermal Energy Storage Market.”

 

Based on Technology, Global Molten Salt Thermal Energy Storage Market is segmented into— Parabolic Trough, Fresnel Reflector, and Power Tower. Parabolic Trough Segment to Dominate the Market. Parabolic troughs dominate the market as the method most used for storing energy in molten salt as they can concentrate solar energy more efficiently. Many projects are under, in 2021, under construction. With a decrease in the cost per kilowatt for molten salt stored electricity, it is expected to dominate the market in the forecast period. The parabolic trough is among the most efficient methods for molten salt storage, competing with solar power tower technology. Many different countries around the globe have 2021 already set up a parabolic trough molten solar energy storage system. As of 2021, Spain is the leading country in concentrated solar power installation, with an installed capacity of about 2,304 MW. Parabolic-trough solar concentrating systems are parabolic-shaped collectors made of reflecting materials. The collectors reflect the incident solar radiation onto the salt and raise the temperature to melt the salt. Different types of reflecting material and molten salt are under research, which can provide the required push to reduce the cost of the energy extracted from molten salt, which is expected to boost the market.

In October 2022, Abengoa won the 2022 Solar Project of the Year of Renewable Energy Award for the Noor 1 project, which comprises the construction of three solar fields (200 MW each) of parabolic trough collectors in the world's largest solar complex: the Mohammed bin Rashid Al Maktoum Solar Park (MBR), south of Dubai (United Arab Emirates). Therefore, with the increase in demand for electricity and increasing efficiency of the molten salts and reflective material, it is expected that the molten salt thermal energy storage with the parabolic troughs is expected to grow in the forecast period.

Based on Region, Asia Pacific region is expected to dominate the market for Molten Salt Thermal Energy Storage during the forecast period. Asia-Pacific is among the most significant users of molten solar energy plants and is expected to grow fastest in the forecast period. India and China are expected to lead in the market's growth. The Asia-Pacific molten salt thermal energy storage market has grown the fastest in 2021 and is expected to continue its high growth rate in the coming yeell. The region consists of large countries below the Tropic of Capricorn, which enables the countries to use solar energy projects efficiently. Gujarat Solar One is India's largest Parabolic Trough with a molten salt capacity of 9 hours. The thermal storage system used is a 2-tank indirect. More molten salt storage is expected to be expanded and built in the forecast period. China is among the largest user of the molten salt energy storage system in the world. In July 2022, Xinhua Power Generation Company announced the commencement of the firm's 1 GW new solar energy project at Bozhou. The project includes 100 MW of tower CSP using molten salt as thermal storage fluid, with 8 hours of storagandth 900 MW of PV. Hence, molten salt thermal energy storage is expected to grow the fastest in the Asia-Pacific region in the forecast period due to an increased demand for electricity and government and private players' investmeninnto in the sector.

 

Major companies operating in the Global Molten Salt Thermal Energy Storage market are:-

  • Yara International ASA
  • Acciona, S.A.
  • Abengoa SA
  • BrightSource Energy, Inc.
  • SENER Grupo de Ingenieria, S.A.
  • SolarReserve, LLC
  • Engie SA
  • SCHOTT AG


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“The global Molten Salt Thermal Energy Storage market is driven by several key factors that shape its growth and development. The global molten salt thermal energy storage market is driven by several compelling factors. Firstly, the increasing adoption of renewable energy sources, such as solar and wind power, necessitates efficient energy storage solutions. Molten salt thermal energy storage systems excel in this regard, as they can store excess energy generated during peak periods and release it when needed, thereby enhancing the reliability of renewable energy sources. Grid stability and reliability are crucial for maintaining the integrity of electrical grids, and molten salt thermal energy storage plays a pivotal role in achieving this. By providing a consistent and dispatchable source of electricity, these systems help balance supply and demand, reducing grid disruptions and minimizing the need for fossil fuel-based peaker plants. Energy efficiency is another significant driver. Molten salt thermal energy storage systems are known for their high energy efficiency, capturing and storing thermal energy at high temperatures with minimal energy loss during storage and retrieval. Moreover, government incentives, subsidies, and regulations promoting renewable energy and energy storage technologies encourage investment in molten salt thermal energy storage projects.

Technological advancements continue to enhance the competitiveness of these systems, making them more cost-effective, reliable, and efficient. As the world transitions to cleaner energy sources and addresses climate change, molten salt thermal energy storage stands as a vital enabler of renewable energy integration, grid stability, and sustainable energy systems.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Molten Salt Thermal Energy Storage Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Technology (Parabolic Trough, Fresnel Reflector, and Power Tower), By Region, Competition, 2018-2028”, has evaluated the future growth potential of global Molten Salt Thermal Energy Storage market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Molten Salt Thermal Energy Storage market.


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