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Rising Demand For Renewable Energy Fuels Growth In The Molten Salt Thermal Energy Storage Market: A Significant Driver Propelling The Molten Salt Thermal Energy Storage Market In 2025
Molten Salt Thermal Energy Storage
What Is the Molten Salt Thermal Energy Storage Market Size and Projected Growth Rate?
The scale of the molten salt thermal energy storage market has seen rapid expansion in the past few years. The market is set to rise from $4.8 billion in 2024 to a substantial $5.5 billion in 2025, indicating a compound annual growth rate (CAGR) of 14.6%. Key factors driving this growth during the historical period include enhanced stability and efficiency, a rising requirement for reliable and proficient energy storage solutions, the need for more cost-effective energy storage solutions, increasing recognition as a valuable alternative for thermal energy storage, and a high level of demand for the improvement of power transmission and distribution infrastructure.
In the coming years, the market size of molten salt thermal energy storage is anticipated to experience a swift expansion. It is projected to rise to $9.38 billion in 2029, boasting a compound annual growth rate (CAGR) of 14.3%.Factors contributing to this growth during the forecast period include increased demand for renewable energy, booming requirements for molten salt thermal energy storage in the solar energy generation industry, expansion of concentrating solar power (CSP) plants employing molten salt thermal energy storage, and the upsurge in the energy generation sector. Key trends projected during this period embrace a wider acceptance of this technology, enhancement of power transmission systems, prevalent use of technology in the molten salt thermal energy storage domain, groundbreaking technological advancements, and futuristic molten salt reactor systems.
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What Are the Major Segments in the Molten Salt Thermal Energy Storage Market?
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 Are The Driving Molten Salt Thermal Energy Storage Market Evolution?
The boom in renewable energy is anticipated to fuel the advancement of the molten salt thermal energy storage market. Renewable energy, harnessed from perpetually renewable natural resources, has seen increased demand due to the pressing necessity to cut down on greenhouse gas emissions, mitigate climate change, and move towards more sustainable, cleaner, efficient, and environmentally-friendly energy options as compared to fossil fuels. Renewable energy optimizes the usage of molten salt thermal energy storage for holding the surplus thermal energy that is generated from sources like concentrated solar power, facilitating continuous energy supply even in the absence of sunlight, thereby improving efficiency and reliability. For example, in September 2024, the Energy Information Administration (EIA), a governmental organization based in the US, reported that renewable energy comprised almost 9% (8.2 quadrillion BTUs) of the total U.S. energy consumption in 2023. Approximately 39% of this renewable energy was consumed by the electric power sector, which saw renewables contributing nearly 21% to national electricity production. Hence, the molten salt thermal energy storage market is witnessing growth due to the escalating demand for renewable energy.
Which Firms Dominate The Molten Salt Thermal Energy Storage Market Segments?
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
What Trends Are Expected to Dominate the Acquired Autoimmune Hemolytic Anemia Market in the Next 5 Years?
Leading firms in the molten salt thermal energy storage market are concentrating on technological advancements like molten hydroxide salt energy storage to promote the use of renewable energy and cut down greenhouse gas emissions, especially in the sector of industrial heat applications. Molten hydroxide salt energy storage is a means of storing thermal energy where molten hydroxide salts are the main medium. This technique allows for the efficient storage of heat derived from renewable energy sources, which can later be utilised as heat or steam for multiple applications, electricity generation or industrial processing being among them. For instance, Hyme Energy, a sustainable energy firm based in Denmark, rolled out the first global molten salt energy storage facility in April 2024. The facility, similar to an efficient battery, is crafted to store renewable energy oversupply produced during peak times and discharge it when energy production falls. It leverages molten hydroxide salt capable of storing energy at high temperatures, ensuring a dependable and eco-friendly energy reserve during phases of low renewable energy production.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Molten Salt Thermal Energy Storage Market?
2. What is the CAGR expected in the Molten Salt Thermal Energy Storage Market?
3. What Are the Key Innovations Transforming the Molten Salt Thermal Energy Storage Industry?
4. Which Region Is Leading the Molten Salt Thermal Energy Storage Market?
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