Global Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market Size By Type, By Application, By Geographic Scope And Forecast

Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market Size And Forecast

Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market were valued at USD 3.05 Billion in 2019 and are projected to reach USD 16.6 Billion by 2027, growing at a CAGR of 23.42 % from 2020 to 2027.

The Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market growth is the rise in demand for electricity. The Global Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market Definition

Thermal Energy Storage technology allows for the temporary storage of energy for later utilization from heat, ice, cold air, salts, and water among others. These systems are used to meet the on-peak energy requirements along with increasing the energy efficiency of heating and cooling systems. The system provides energy storage by cooling, vaporizing, heating, melting or solidifying a material by making the energy available when the process is reversed. Molten Salt Energy storage is used in Concentrated Solar Power systems owing to its large-scale storage capacity. The high boiling point along with low vapor pressure is some of the key features stimulating the adoption of the system.

Thermal energy storage is important for storing electricity in CSP plants in which solar heat can be stored for the production of electricity when sunlight is unavailable facilitating uninterrupted operations of CSP plants. The advantages of using molten salt thermal energy storage in CSP plants include better reliability, reductions in investment and running costs, and an increase in overall efficiency, and economic operations. It also reduces the emission of carbon dioxide. Therefore, the integration of thermal energy storage in CSP plants is likely to have a positive impact on the economy owing to its advantages.

Global Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market Overview

One of the major drivers of the Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market growth is the rise in demand for electricity. During Covid-19, the demand increased further because people were staying at home. In addition, countries are likely to make investments in the renewable energy sector because it can help in economic development by generating jobs, fostering innovation, and reducing emissions. Also, the increasing demand for heating and cooling applications in smart infrastructure will enhance the market growth.

The sustainability goals of the government to reduce carbon emissions in order to put a cap on global climate change will stimulate the market demand. The increasing need for improving energy efficiency will have a positive impact on this market. New types of molten salt are under the R&D stage, such as an increase in the stabilization of molten salts with the use of metal chloride.

Innovations and technological advancements in this sector will enhance market growth. However, the higher price of solar energy as compared to fossil fuels might restrain the market growth. Due to the huge infrastructure construction, its effect on the immediate surrounding of the environment such as people located nearby, forest and birds among others might hamper the market growth. Also, strict rules and regulations by the government on its use might affect future market growth.

Global Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market Segmentation Analysis

The Global Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market is segmented On The Basis Of Type, Application, And Geography.

Molten Salt Solar Energy Thermal Storage and Concentrated Solar Power (CSP) Market, By Type

• Parabolic Trough Systems• Power Tower Systems• Dish/Engine Systems• Others

Based on Type, the market is bifurcated into Parabolic Trough Systems, Power Tower Systems, and Dish/Engine Systems. Parabolic Trough Systems are popular because of their ability to concentrate the solar energy in a more efficient way.

Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market, By Application

• Generate Electricity• Industrial Heating• Others

Based on Application, the market is bifurcated into Generate Electricity and Industrial Heating. Its wide use of application to meet the electricity demand during peak hours as well as its usage in the heating and cooling applications is expected to drive the market growth.

Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of regional analysis, the Global Molten Salt Solar Energy Thermal Storage and Concentrated Solar Power Market is classified into North America, Europe, Asia Pacific, and Rest of the world. Asia Pacific is expected to grow at a tremendous rate during the forecasted period.

Key Players In Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market

The “Global Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are BrightSource Energy, Novatec, Acciona, Abengoa, Wilson Solarpower, Orano, ACWA, SolarReserve, ESolar and Shams Power. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Global Molten Salt Solar Energy Thermal Storage And Concentrated Solar Power (CSP) Market Report Scope

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