Global Molten Salt Thermal Energy Storage Market Size By Type, By Application, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Molten Salt Thermal Energy Storage Market Size By Type, By Application, By Geographic Scope And Forecast
Molten Salt Thermal Energy Storage Market Size And Forecast
Molten Salt Thermal Energy Storage Market size was valued at USD 8.17 Billion in 2024 and is projected to reach USD 23.1 Billion by 2031, growing at a CAGR of 15.30% during the forecast period 2024-2031.
Global Molten Salt Thermal Energy Storage Market Drivers
The market drivers for the Molten Salt Thermal Energy Storage Market can be influenced by various factors. These may include
High Initial Investment The high initial costs associated with molten salt thermal energy storage systems may deter potential investors or project developers.
Technical Challenges Technical issues with the design, construction, and maintenance of molten salt storage systems could impede the market’s growth.
Limited Awareness and Education Lack of knowledge about the benefits and potential applications of molten salt thermal energy storage systems by consumers and businesses may hinder market adoption.
Regulatory Constraints Because of regulatory roadblocks like permission processes or compliance requirements, project implementation may be delayed or operating costs may increase.
Competition from Other Energy Storage Technologies Lithium-ion batteries and pumped hydro storage are two examples of energy storage technologies that could pose a threat to the commercial adoption of molten salt thermal energy storage.
Supply Chain Issues One type of supply chain issue that can impede market expansion is a problem with the parts or raw materials required for molten salt storage systems.
Geopolitical Factors When trade disputes or geopolitical instability affect the regions where components for molten salt are produced or where projects are carried out, supply chains and project timelines may be thrown off.
Limited Scalability Molten salt thermal energy storage systems may not be as scalable as other energy storage technologies, which limits their suitability for certain markets or uses.
Perception of Risk Concerns regarding the purported hazards of molten salt technology, such as potential leaks or environmental consequences, may deter certain investors or project developers.
Industry participants, policymakers, and research organisations must collaborate to address these limitations in order to surmount technological, financial, and regulatory barriers and encourage the widespread application of molten salt thermal energy storage systems.
Global Molten Salt Thermal Energy Storage Market Restraints
Several factors can act as restraints or challenges for the Molten Salt Thermal Energy Storage Market. These may include
High Initial Investment Potential investors or project developers may be discouraged by the molten salt thermal energy storage systems’ hefty startup costs.
Technical Challenge The development of the market may be hampered by technical difficulties in the conception, implementation, and upkeep of molten salt storage systems.
Limited Awareness and Education Market adoption may be slowed down by consumers’ and enterprises’ ignorance of the advantages and possible uses of molten salt thermal energy storage systems.
Regulatory Constraints Implementing a project may be delayed or operational expenses may rise due to regulatory obstacles like permitting procedures or compliance requirements.
Competition from Other Energy Storage Technologies The commercial penetration of molten salt thermal energy storage may be hampered by competition from other energy storage technologies like lithium-ion batteries or pumped hydro storage.
Supply Chain Issues Problems with the raw materials or parts needed for molten salt storage systems are examples of supply chain issues that can hinder market expansion.
Geopolitical Factors Supply chains and project timetables might be thrown off when trade disputes or geopolitical instability impact the areas where components for molten salt are produced or where projects are carried out.
Limited Scalability Compared to other energy storage technologies, the scalability of molten salt thermal energy storage systems may be restricted, which makes them less appropriate for specific markets or applications.
Perception of Risk Some investors or project developers may be discouraged by worries about the alleged risks of molten salt technology, such as possible leaks or environmental effects.
Global Molten Salt Thermal Energy Storage Market Segmentation Analysis
The Global Molten Salt Thermal Energy Storage Market is Segmented on the basis of Type, Application, and Geography.
Molten Salt Thermal Energy Storage Market, By Type
Parabolic Trough Systems
Power Tower Systems
Dish/Engine Systems
Others
Based on the Type, The market is bifurcated into including dish/engine systems, power tower systems, and parabolic trough systems. As parabolic trough systems can more effectively concentrate solar energy, parabolic trough systems are widely used. The most developed CSP technology is that used in parabolic trough power plants, which have a global installed capacity of over 4000 MW and a history of commercial plant operation going back to the early 1980s and also, parabolic trough systems are also the most economical and popular methods of producing power worldwide are.
Molten Salt Thermal Energy Storage Market, By Application
Power Generation
District Heating and Cooling
Process Heating and Cooling
Think of it this waydepending on what it's used for, the market is really split into a few key areas
power generation
district heating and cooling
process heating and cooling
Thermal energy storage, or TES, in concentrating solar power (CSP) plants is pretty cool because it helps us deal with the fact that the sun isn't always shining. By storing power for later, we can bring down the levelized cost of energy (LCOE). These TES systems grab energy during the day and save it for when we need it, like when it's cloudy, or to just boost how much power the plant makes. The best part? A solar thermal power plant can keep running even when the sun isn't out, without having to burn any nasty fossil fuels. In short, energy storage is a win-win, helping us save energy by bridging the gap between when we have it and when we need it, all while making our energy systems work better and more reliably.
Molten Salt Thermal Energy Storage Market, By Geography
North America
Europe
Asia Pacific
Rest of the world
On the basis of Geography, the Global Molten Salt Thermal Energy Storage Market is classified into North America, Europe, Asia Pacific, Rest of the World. The biggest market share is held by Europe. Based on the market environment and current pricing, the IRENA projects that Europe’s installed CSP capacity would increase from 2.3 GW in 2017 to 4 GW by 2030. The argument for dispatchable CSP facilities with storage will also be supported by European countries’ efforts to meet their carbon reduction targets, transition away from coal-fired power generation, and simultaneously increase their generation of renewable energy.
Key Players
BrightSource Energy
Novatec
Acciona
Abengoa
Wilson Solarpower
Orano
ACWA
SolarReserve
ESolar
Shams Power
Yara International ASA
Schott AG
Pratt & Whitney Rocketdyne
SENER Grupo de Ingenieria
Enel Green Power
The Israel Electric Corporation.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
BASE YEAR
2024
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2021-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
BrightSource Energy, Novatec, Acciona, Abengoa, Wilson Solarpower, Orano, ACWA, SolarReserve, ESolar, and Shams Power.
SEGMENTS COVERED
By Type
By Application
By Geography
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Research Methodology of Market Research
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