Press release
Comprehensive Molten Salt Thermal Energy Storage Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Molten Salt Thermal Energy Storage
The push for renewable energy, a source of energy from replenishing natural resources, is set to fuel the expansion of the molten salt thermal energy storage market. The urgency to minimize greenhouse gas emissions, tackle climate change, and shift towards sustainable and environmentally-friendly energy sources more efficient and less damaging than fossil fuels, are the driving forces behind the demand for renewable energy. Renewable energy employs molten salt thermal energy storage to hold surplus thermal energy produced from sources like concentrated solar power, thereby providing a steady supply of energy even during periods without sunlight and boosting efficiency and reliability. For example, the Energy Information Administration (EIA), a US government body, reported in September 2024 that renewable energy made up about 9% (8.2 quadrillion BTUs) of total U.S. energy consumption in 2023. The electric power sector used approximately 39% of this renewable energy, while renewables contributed about 21% to total electricity generation in the country. Consequently, the escalating demand for renewable energy is a strong growth driver for the molten salt thermal energy storage market.
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What growth opportunities are expected to drive the molten salt thermal energy storage market's CAGR through 2034?
In the past few years, the size of the molten salt thermal energy storage market has experienced rapid expansion. The market, which was valued at $4.8 billion in 2024, is predicted to achieve a value of $5.5 billion in 2025 with a compound annual growth rate (CAGR) of 14.6%. Factors contributing to this growth during the historic period include increased stability and efficiency, a rising need for reliable and effective energy storage solutions, the demand for more cost-effective energy storage options, its increasing reputation as a practical thermal energy storage alternative, and the high demand for enhanced power transmission and distribution infrastructure.
Expectations indicate a swift expansion of the molten salt thermal energy storage market in the ensuing years, with projections showing a size of $9.38 billion by 2029 and a compound annual growth rate (CAGR) of 14.3%. This anticipated growth within the forecast period can be linked to the burgeoning demand for renewable energy, increased necessity for molten salt thermal energy storage in solar power generation, the rise of concentrating solar power (CSP) plants that utilize molten salt thermal energy storage and the expanding energy production sector. The forecast period is also likely to witness increased integration of this technology, development of advanced power transmission systems, more substantial use of this technology in the molten salt thermal energy storage realm, technological advancements and the advent of next-generation molten salt reactor systems.
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What are the emerging trends shaping the future of the molten salt thermal energy storage market?
Leading firms in the molten salt thermal energy storage market are zeroing in on technological advancements like molten hydroxide salt energy storage. The goal of these innovations is to further progress renewable energy technologies and lower greenhouse gas emissions, specifically in industrial heat applications. This kind of energy storage involves using molten hydroxide salts as the foundational element to store thermal energy. This approach allows for effective storage of heat derived from renewable energy sources, which can subsequently be released as heat or steam for a variety of uses, including power generation or industrial procedures. For example, in April 2024, Hyme Energy, a sustainable energy firm based in Denmark, unveiled the first ever molten salt energy storage facility globally. This facility is designed to store surplus renewable energy created during peak production hours and discharge it during times of reduced energy generation, serving a function similar to a highly efficient battery. The facility leverages molten hydroxide salt that has the capacity to store energy at high temperatures, thereby providing a dependable and sustainable energy backup during times of low renewable energy production.
Which growth-oriented segments of the molten salt thermal energy storage market are leading the industry's development?
The molten salt thermal energy storage market covered in this report is segmented -
1) By Type: Sensible Heat Storage; Latent Heat Storage; Thermochemical Heat Storage
2) By Technology: Parabolic Trough; Power Tower; Fresnel Reflector
3) By Application: Heating, Ventilation And Air Conditioning (HVAC) Systems; Heat Transfer Fluid Systems; Combined Heat And Power Generators; Other Applications
4) By End-Use Industry: Energy Generation; Residential; Commercial; Industrial
Subsegments:
1) By Sensible Heat Storage: Direct Sensible Heat Storage; Indirect Sensible Heat Storage
2) By Latent Heat Storage: Phase Change Materials (PCMs); Salt Hydrates; Organic PCMs
3) By Thermochemical Heat Storage: Reversible Chemical Reactions; Solid-Gas Reactions; Solid-Solid Reactions
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What regions are leading the charge in the molten salt thermal energy storage market?
Europe was the largest region in the molten salt thermal energy storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the molten salt thermal energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the molten salt thermal energy storage market?
Major companies operating in the molten salt thermal energy storage market are Engie SA, Siemens AG, Mitsubishi Hitachi Power Systems, Yara International ASA, Acciona S.A., Orano, Sulzer Ltd., Abengoa SA, SENER Grupo de Ingenieria S.A., Kraftanlagen München GmbH, Ferrostaal AG, Torresol Energy Group, BrightSource Energy Inc., CSP Services, Aalborg CSP, TSK Group, HeliosCSP, SolarReserve LLC, ACWA Power, Caldwell Energy Company
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What Is Covered In The Molten Salt Thermal Energy Storage Global Market Report?
•Market Size Forecast: Examine the molten salt thermal energy storage market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the molten salt thermal energy storage market for a structured understanding.
•Key Players Overview: Analyze major players in the molten salt thermal energy storage market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the molten salt thermal energy storage market.
•Segment Contributions: Evaluate how different segments drive overall growth in the molten salt thermal energy storage market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the molten salt thermal energy storage market.
•Industry Challenges: Identify potential risks and obstacles affecting the molten salt thermal energy storage market.
•Competitive Landscape: Review strategic developments in the molten salt thermal energy storage market, including expansions, agreements, and new product launches.
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