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..
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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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