How Has the Molten Salt Thermal Energy Storage Market Size Evolved in Recent Years?
The molten salt thermal energy storage market has seen considerable growth due to a variety of factors.
• The market size of molten salt thermal energy storage has seen a swift expansion in the recent past. The market is projected to escalate from $4.8 billion in 2024 to $5.5 billion in 2025, with a compound annual growth rate (CAGR) of 14.6%.
The historical growth can be credited to factors such as enhanced stability and efficiency, a rising demand for reliable and efficient energy storage solutions, the need for more cost-effective energy storage solutions, its growing recognition as a viable alternative for thermal energy storage, and a heightened demand for the enhancement of power transmission and distribution infrastructure.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Molten Salt Thermal Energy Storage Market?
The molten salt thermal energy storage market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for molten salt thermal energy storage is predicted to experience swift expansion in the coming years. It is projected to escalate to $9.38 billion by 2029, displaying a compound annual growth rate (CAGR) of 14.3%.
This projected rise during the forecast period can be traced back to the increasing demand for renewable energy, the thriving need for molten salt thermal energy storage within the solar energy generation industry, the expansion of concentrating solar power (CSP) plants utilizing this type of storage, along with the rapid development of the energy generation sector. Significant trends predicted in this period include wider acceptance of this technology, enhancement of power transmission systems, prevalent usage in the molten salt thermal energy storage arena, technological advancements, and cutting-edge molten salt reactor systems.
What Key Factors and Trends are Driving the Growth of the Molten Salt Thermal Energy Storage Market?
The molten salt thermal energy storage market is anticipated to expand due to the increasing interest in renewable energy. Renewable energy, which is derived from perpetually replenishing natural sources, is sought after in efforts to reduce greenhouse gas emissions, mitigate climate change, and shift towards sustainable, cleaner, more efficient energy sources that pose lesser environmental harm than fossil fuels. To store surplus thermal energy produced from sources such as concentrated solar power, renewable energy harnesses molten salt thermal energy storage. This ensures a consistent energy supply even in the absence of sunlight, thereby boosting efficiency and reliability. The Energy Information Administration (EIA), a US government agency reported in September 2024 that renewable energy made up roughly 9% (8.2 quadrillion BTUs) of the total U.S energy consumption in 2023. Out of this, about 39% was consumed by the electric power sector, with renewable energy accounting for 21% of the nation’s electricity generation. Consequently, the molten salt thermal energy storage market is experiencing growth influenced by the rising demand for renewable energy.
What Are The Key Segments Within The Global Molten Salt Thermal Energy Storage Market?
The molten salt thermal energy storage market covered in this report is segmented –
1) By Type: Sensible Heat Storage, Latent Heat Storage, Thermochemical Heat Storage
2) By Technology: Parabolic Trough, Power Tower, Fresnel Reflector
3) By Application: Heating, Ventilation And Air Conditioning (HVAC) Systems, Heat Transfer Fluid Systems, Combined Heat And Power Generators, Other Applications
4) By End-Use Industry: Energy Generation, Residential, Commercial, Industrial
Subsegments:
1) By Sensible Heat Storage: Direct Sensible Heat Storage, Indirect Sensible Heat Storage
2) By Latent Heat Storage: Phase Change Materials (PCMs), Salt Hydrates, Organic PCMs
3) By Thermochemical Heat Storage: Reversible Chemical Reactions, Solid-Gas Reactions, Solid-Solid Reactions
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How Are New Trends Impacting The Size Of The Molten Salt Thermal Energy Storage Market?
Key players in the molten salt thermal energy storage market are prioritizing technology advancements, like molten hydroxide salt energy storage, to progress renewable energy technology and mitigate greenhouse gas emissions, especially in industrial heating applications. Molten hydroxide salt energy storage is a thermal energy storage solution that uses molten hydroxide salts as a reservoir for thermal energy. This strategy allows for competent storage of heat generated from renewable energy sources, later converted into heat or steam for various uses including power production or industrial activities. For example, in April 2024, Hyme Energy, a Denmark-based green energy firm, rolled out the world's initial molten salt energy storage unit. It's engineered to hoard surplus renewable energy produced during peak output times and distribute it when energy production declines, operating similarly to a super-efficient battery. The facility uses molten hydroxide salt which can retain energy at elevated temperatures, offering a dependable and sustainable energy cache during periods of low renewable energy output.
Who Are the Key Players in the Molten Salt Thermal Energy Storage Market?
Major companies operating in the molten salt thermal energy storage market are include:
• Engie SA
• Siemens AG
• Mitsubishi Hitachi Power Systems
• Yara International ASA
• Acciona S.A.
• Orano
• Sulzer Ltd.
• Abengoa SA
• SENER Grupo de Ingenieria S.A.
• Kraftanlagen München GmbH
• Ferrostaal AG
• Torresol Energy Group
• BrightSource Energy Inc.
• CSP Services
• Aalborg CSP
• TSK Group
• HeliosCSP
• SolarReserve LLC
• ACWA Power
• Caldwell Energy Company
What are the Regional Insights into the Molten Salt Thermal Energy Storage Market?
Europe was the largest region in the molten salt thermal energy storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the molten salt thermal energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
