Molten Salt Thermal Energy Storage (TES) Market - Global Industry Analysis Forecast 2015 - 2023
As per the research study by TMR, the global market for molten salt thermal storage is estimated to reach a value of US$480.5 mn by the end of 2023. The market is likely to register a remarkable 24.70% CAGR between 2015 and 2023.
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Middle East and Africa to Lead in Global Molten Salt Thermal Storage Market
From a geographical perspective, Europe led the global market in the last few years; however, this region is expected to lose its share throughout the forecast period. The Middle East and Africa is projected to lead the global molten salt thermal energy storage market throughout the forecast period. This region is estimated to account for a share of 30.7% of the overall market by the end of 2023. The rising desire to access reliable, efficient, and price competitive electricity is one of the primary factors anticipated to encourage the growth of this region in the next few years.
Asia Pacific is expected to witness substantial growth in the near future, thanks to the growing focus of key players on research and development activities and innovations. Moreover, the rising demand for molten salt thermal energy storage is likely to increase in the next few years, thanks to the large-scale projects for planned concentrated solar power plant in this region. The expansion of application base is another factor anticipated to encourage the growth of the overall market in the coming years.
Technological Developments and Innovations to Bolster Global Market
A significant growth in variable renewable energy is accepted to drive the demand for innovative molten salt thermal energy storage technologies is one of the key factors anticipated to fuel the growth of the overall market in the next few years. In addition, the deferral of transmission and frequent distribution upgrades through the deployment of these technologies are expected to accelerate the growth of the global molten salt thermal energy storage market in the coming years.
Furthermore, the de-carbonization of the power sector in the center of a rising power consumption is projected to help in accomplishing the VRE combined with advanced molten salt thermal energy storage. This factor is likely to supplement the growth of the market in the coming years.
Requirement of High Upfront Investment to Curtail Market Growth
The global market for molten salt thermal energy storage, on the other hand, is expected to witness several advantages throughout the forecast period. The high upfront investment required to set up an energy storage systems is one of the primary factors estimated to restrict the growth of the global molten salt thermal energy storage market in the next few years. Nevertheless, the increasing adoption of VREs, such as wind and solar is estimated to generate promising opportunities throughout the forecast period.
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This information is based on the findings of a report published by Transparency Market Research (TMR), titled “Molten Salt Thermal Energy Storage (TES) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
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