Analysts’ Viewpoint on Molten Salt Thermal Energy Storage Market Scenario
Companies in the molten salt thermal energy storage market are assessing micro- and macro-economic factors to ensure business continuity during the ongoing coronavirus outbreak. Molten salts are playing an instrumental role for energy optimization in industrial processes. Even though molten salts are gaining popularity as sensible thermal energy storage solution, its relatively high melting point results in them solidifying in pipes in the absence of a heat source. Hence, participants in the molten salt thermal energy storage market are increasing awareness about the installation of anti-freeze systems. Innovative and cost efficient nano-diamond-based molten salt nano-composites hold promising potentials, as heat transfer fluids and thermal energy storage media.
The molten salt thermal energy storage method is being publicized as a reliable choice that can be integrated into various applications such as ensuring a secure power supply in various end-use industries. Since the energy sector is constantly striving to reduce its high CO2 emissions, companies in the molten salt thermal energy storage market are capitalizing on this opportunity to expand their services.
Since renewable energies including wind and solar power are linked to fluctuations in electricity supply, molten salt thermal energy storage is being deployed to stabilize the grid.
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Business activities in the molten salt thermal energy storage market are growing in a staggered manner due to the ongoing coronavirus outbreak. Stakeholders are focusing on positive or limited negative impact industries to stay financially afloat during the pandemic. They are making data-driven decisions before investing in new technologies and regions.
Companies in the molten salt thermal energy storage market are adapting to new business norms, owing to the pandemic. They are adopting contingency planning to align with volatile demand and supply trends, owing to a sudden surge in COVID-19 cases in the U.S., India, and China. Participants in the market are maintaining a balanced relationship with suppliers and ecosystem partners to ensure business continuity.
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Molten salts are most widely used material for high temperature applications such as in concentrating solar power (CSP) plants to store thermal energy for electricity generation. Although these salts have high volumetric heat capacity, these salts are associated with a relatively high melting point, which results in them solidifying in pipes in the absence of a heat source. Hence, participants in the market are increasing awareness about the installation of anti-freeze systems.
Little effort has been put into increasing the stability limit of the upper temperature of nitrates. In addition, results obtained using other cations different from alkali metals lead to a decrease in thermal stability. In order to overcome this problem, researchers are proposing confinement of the molten salt in a controlled atmosphere that allows for an increase of the partial pressure of oxygen.
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Service providers are making use of efficient storage systems to stabilize grids in various locations help boost base-load capabilities and deliver reliable power in line with demand. Molten salts have the potential to provide robust power generation and offer energy storage technologies to help customers reduce their energy costs and carbon emissions whilst improving the security of energy supply.
Next-gen molten salt reactor systems are translating into revenue opportunities for companies in the molten salt thermal energy storage market. Participants in the market hold capability to transform the energy sector by providing full engineering, procurement and construction services to clients, customers and partners.
Long-term storage of renewable energy and decarbonized power generation trends are contributing to the growth of the molten salt thermal energy storage market. Molten salts help to store the thermal energy produced for use at night or during periods with less sunlight. Long-term storage systems using molten salts are suitable for conventional power plant retrofits i.e. by adding electric heaters or heat pumps, storage tanks, and salt heat exchangers for steam generation to coal fired power plants. Such setups allow existing power plant infrastructure such as turbines to be kept in use, which helps to reduce the investment cost of the entire system.
Attribute |
Details |
Market Size Value in 2020 |
US$ 1.4 Bn |
Market Forecast Value in 2031 |
US$ 17 Bn |
Growth Rate (CAGR) |
25.1% |
Forecast Period |
2021-2031 |
Quantitative Units |
US$ Bn for Value and TWh for Volume |
Market Analysis |
It includes cross segment analysis at global as well as regional level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces analysis, supply chain analysis, and parent industry overview. |
Competition Landscape |
|
Format |
Electronic (PDF) + Excel |
Regions Covered |
|
Key Countries Covered |
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Companies Profiled |
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Customization Scope |
Available upon Request |
Pricing |
Available upon Request |
Molten Salt Thermal Energy Storage Market – Segmentation
This report on the global molten salt thermal energy storage market provides segmentation of the market based on region.
Region |
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This study also discusses the underlying trends and the impact of various factors on the global molten salt thermal energy storage market along with their influence on evolution of the market.
This study also offers Porter’s Five Forces analysis, value chain analysis, and regulatory scenario of the global molten salt thermal energy storage market in order to elaborate crucial growth strategies of and opportunities for players operating in the market.
Molten Salt Thermal Energy Storage (TES) Market is expected to reach US$ 17 Bn By 2031
Molten Salt Thermal Energy Storage (TES) Market is estimated to rise at a CAGR of 25.10% during forecast period
Increase in demand for VRE is further supported by government investments and high priority research and development projects is driving the growth of the Molten Salt Thermal Energy Storage (TES) Market
Europe is more attractive for vendors in the Molten Salt Thermal Energy Storage (TES) Market
Key players of Molten Salt Thermal Energy Storage (TES) Market are Acconia S.A., AREVA, BrightSource Energy, Inc., Abengoa Solar S.A., SCHOTT AG, Siemens AG, and Pratt and Whitney Rocketdyne, Inc. These vendors are expected to make efforts to obtain fresh investments from national authorities
1. Executive Summary: Global Molten Salt Thermal Energy Storage Market
2. Market Overview
2.1. Market Segmentation
2.2. Market Definitions
2.3. Market Trends
2.4. Market Dynamics
2.4.1. Drivers
2.4.2. Restraints
2.4.3. Opportunities
2.5. Porter’s Five Forces Analysis
2.6. Value Chain Analysis
2.7. Regulatory Landscape
3. COVID-19 Impact Analysis
4. Price Trend Analysis
5. Global Molten Salt Thermal Energy Storage Market Analysis and Forecast, by Region
5.1. Global Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Region, 2020–2031
5.1.1. North America
5.1.2. Europe
5.1.3. Asia Pacific
5.1.4. Latin America
5.1.5. Middle East & Africa
5.2. Global Molten Salt Thermal Energy Storage Market Attractiveness Analysis, by Region
6. North America Molten Salt Thermal Energy Storage Market Analysis and Forecast
6.1. Key Findings
6.2. North America Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Country, 2020–2031
6.2.1. U.S.
6.2.2. Canada
6.3. U.S. Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
6.4. Canada Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
6.5. North America Molten Salt Thermal Energy Storage Market Share and Attractiveness Analysis, by Country
7. Europe Molten Salt Thermal Energy Storage Market Analysis and Forecast
7.1. Key Findings
7.2. Europe Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Country and Sub-region, 2020–2031
7.2.1. U.K.
7.2.2. France
7.2.3. Germany
7.2.4. Italy
7.2.5. Spain
7.2.6. Rest of Europe
7.3. U.K. Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
7.4. France Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
7.5. Germany Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
7.6. Italy Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
7.7. Spain Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
7.8. Russia & CIS Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
7.9. Rest of Europe Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
7.10. Europe Molten Salt Thermal Energy Storage Market Share and Attractiveness Analysis, by Country and Sub-region
8. Asia Pacific Molten Salt Thermal Energy Storage Market Analysis and Forecast
8.1. Key Findings
8.2. Asia Pacific Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Country and Sub-region, 2020–2031
8.2.1. China
8.2.2. Japan
8.2.3. India
8.2.4. ASEAN
8.2.5. Rest of Asia Pacific
8.3. China Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
8.4. Japan Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
8.5. India Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
8.6. ASEAN Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
8.7. Rest of Asia Pacific Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
8.8. Asia Pacific Molten Salt Thermal Energy Storage Market Share and Attractiveness Analysis, by Country and Sub-region
9. Latin America Molten Salt Thermal Energy Storage Market Analysis and Forecast
9.1. Key Findings
9.2. Latin America Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Country and Sub-region, 2020–2031
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Brazil Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
9.4. Mexico Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
9.5. Rest of Latin America Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Application, 2020–2031
9.6. Latin America Molten Salt Thermal Energy Storage Market Share and Attractiveness Analysis, by Country and Sub-region
10. Middle East & Africa Molten Salt Thermal Energy Storage Market Analysis and Forecast
10.1. Key Findings
10.2. Middle East & Africa Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Country and Sub-region, 2020–2031
10.2.1. Israel
10.2.2. South Africa
10.2.3. Rest of Middle East & Africa
10.3. Israel Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
10.4. South Africa Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), 2020–2031
10.5. Rest of Middle East & Africa Molten Salt Thermal Energy Storage Market Volume (TWh) & Value (US$ Bn), by Application, 2020–2031
10.6. Middle East & Africa Molten Salt Thermal Energy Storage Market Share and Attractiveness Analysis, by Country and Sub-region
11. Competition Landscape
11.1. Competition Matrix, by Key Players
11.2. Global Molten Salt Thermal Energy Storage Market Share Analysis, by Company, 2020
11.3. Footprint Analysis
11.4. Company Profiles
11.4.1. Abengoa Solar S.A.
11.4.1.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees
11.4.1.2. Business Segments
11.4.1.3. Financial Overview
11.4.1.4. Strategic Overview
11.4.2. Acciona S.A.
11.4.2.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees
11.4.2.2. Business Segments
11.4.2.3. Financial Overview
11.4.2.4. Strategic Overview
11.4.3. AREVA
11.4.3.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees
11.4.3.2. Business Segments
11.4.3.3. Financial Overview
11.4.3.4. Strategic Overview
11.4.4. BrightSource Energy, Inc.
11.4.4.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees
11.4.4.2. Business Segments
11.4.4.3. Financial Overview
11.4.4.4. Strategic Overview
11.4.5. SCHOTT AG
11.4.5.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees
11.4.5.2. Business Segments
11.4.5.3. Financial Overview
11.4.5.4. Strategic Overview
11.4.6. Siemens AG
11.4.6.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees
11.4.6.2. Business Segments
11.4.6.3. Financial Overview
11.4.6.4. Strategic Overview
11.4.7. Pratt and Whitney Rocketdyne Inc.
11.4.7.1. Headquarters, Year of Establishment, Revenue, Key Management, Number of Employees
11.4.7.2. Business Segments
11.4.7.3. Financial Overview
11.4.7.4. Strategic Overview
12. Primary Research - Key Insights
13. Appendix
13.1. Research Methodology and Assumptions