Molten Salt Technology Market expected to reach the value of US$ 27.56 Bn by the end of 2032, key developmental strategies implemented by the key players:Wilson Solarpower, Novatec, Acciona, Abengoa, BrightSource Energy, Areva, ACWA, SolarReserve, ESolar,

The global molten salt thermal energy storage market was valued at US$ 5.49 Bn in 2021
It is estimated to expand at a CAGR of 25.1% from 2021 to 2032
The global molten salt thermal energy storage market is expected to reach the value of US$ 27.56 Bn by the end of 2032

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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.

Molten Salt Technology market competition by TOP Players are: Wilson Solarpower, Novatec, Acciona, Abengoa, BrightSource Energy, Areva, ACWA, SolarReserve, ESolar, Shams Power Company, SUPCON, SENER, Thai Solar Energy Company, Sunhome

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Service Providers Transforming Energy Sector by Reducing Carbon Emissions
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 Systems Using Molten Salts Help Reduce Power Plant Investment Cost
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.

Molten Salt Thermal Energy Storage Market: Overview
Variable renewable energy is facing high demand as an energy generation method in present times. Depleting nonrenewable energy sources coupled with massive amounts of pollution and emissions created due to them have been instrumental in driving the demand for renewable - specifically, variable renewable - energy sources such as molten salt thermal energy storage.
Increase in demand for VRE is further supported by government investments and high priority research and development projects, especially for molten salt thermal energy storage
Molten salt thermal energy storage puts forth a unique value addition to the power sector. It can act as a means to amplify or supplement the existing energy transmission and distribution systems. This is a sought after factor in many regions as there is a high demand for improving power transmission and distribution infrastructure. This is applicable especially to developing economies, where the rapid rate of industrialization needs to be sustained by an equally fast developing power transmission and distribution network.

Recent Developments in Molten Salt Thermal Energy Storage Market
In December 2021, Malta Inc. announced that it had entered into a partnership with Bechtel in order to set up several electro-thermal energy storage systems capable of providing backup of 150+ hours
In December 2021, Seaborg Technologies announced that it had discovered a more effective molten salt storage solution by using sodium hydroxide. The compound is able to contain more heat per salt unit, making it more efficient for storing energy, while also reducing the amount of salt needed. It is also around 90% cheaper than the cost of the other salts, which are being used in the industry.

The market share (by revenue) for the public players will be based on the information available in the public domain, and for the private players, such information will be provided on best effort basis, which will entirely be based on primary interviews and latest developments of the companies

On the basis of product, the Molten Salt Technology market research displays the revenue, price, market share and growth rate of each type, primarily split into,

Parabolic Trough Systems, Power Tower Systems, Dish/Engine Systems, Others.

On the basis of the end users, the Molten Salt Technology market research focuses on the status and outlook for major applications, consumption (sales), market share and growth rate for each application, including

Generate Electricity, Industrial Heating, Other

Key Market Trends

Parabolic Trough Segment to Dominate the Market

The parabolic trough is among the most efficient method for molten salt storage, competing with solar power tower technology. Many different countries around the globe have, in 2019, already set up a parabolic trough molten solar energy storage system.
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 in turn is expected to boost the market.
A parabolic trough molten salt solar plant is under construction in Gansu Province, China, with estimated energy generated of around 100 megawatts (MW). It has molten salt as the storage mechanism and can provide for 7 hours of electricity without source.
In 2019, Spain dominated the molten salt trough parabolic trough market with its large numbers of concentrated solar power plants located all over the country, with companies like Acciona, SA, and Abengoa SA dominating the solar market in the country.
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 are expected to grow in the forecast period.

Asia-Pacific to be the Fastest Growing Market

The Asia-Pacific molten salt thermal energy storage market has grown the fastest, in 2019, and is expected to continue its high rate growth in the coming years as well. 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 2019, china contributed to more than 50% of the new CSP projects in the world, adding 200 MW of electricity generation capacity in the country.
Hence, the molten salt thermal energy storage is expected to grow the fastest in the Asia-Pacific region in the forecast period due to an increase in demand for electricity and government and private players investments into the sector.

Competitive Landscape

The molten salt thermal energy storage market is partially fragmented. Some of key players in this market are Yara International ASA, Acciona, S.A., Abengoa SA, BrightSource Energy, Inc., SENER Grupo de Ingenieria, S.A.

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