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Molten Salt Thermal Energy Storage (TES) Market : Renewables Sector Creates Strong Prospects for Molten Salt Thermal Energy Storage Market Globally
Browse the full Molten Salt Thermal Energy Storage (TES) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023 report http://www.transparencymarketresearch.com/molten-salt-thermal-energy-storage-market.html
The report has pegged the overall value of the global molten salt thermal energy storage (TES) market at US$266.2 mn in 2014. The market is projected to reach US$2.5 bn by the end of 2023. If the figures mentioned in the report hold true, the global molten salt thermal energy market will surge at a CAGR of 24.7% between 2015 and 2023.
The market is expected to gain impetus from the rising demand for sustainable energy solutions. Molten salt TES systems have been designed to manage the increasing energy demand effectively. These systems can be easily installed in buildings, districts, and towns. Molten salt TES systems hold promise of replacing almost half of the conventionally sourced energy used across industries. The demand for these systems is mainly rising due to the demand for optimizing the overall efficiency of energy systems.
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The proliferation of molten salt TES systems is expected to reduce carbon dioxide emissions, energy consumption by end users, and peak energy demand. Furthermore, these systems are expected to boost the share of renewable energy in the global energy mix in the forthcoming years. The market is therefore likely to significantly gain from the adoption of renewable energy.
Regionally, Asia Pacific, Europe, North America, Central and South America, and the Middle East and Africa make the most lucrative markets for molten salt TES. Among these regions, Europe dominates the global molten salt thermal energy storage market in 2014. Growth witnessed by the market in Europe is catapulted by prospects in Spain. Moreover, in the recent years Spain has become the hub for technology developers as it is slated to be the home for 22 CSP projects of about 15GW, out of which 1,037 MW are already under construction.
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Additionally, institutional support given by the U.K. government for achieving green energy initiatives has also supported the expansion of the molten salt thermal energy storage market in the region.
The report studies in detail the opportunities for the vendors across the regional markets. To present insights into the prevailing competitive landscape, it also profiles some of the leading enterprises operating in the market. These include Abengoa Solar S.A., AREVA, Siemens AG, Acciona S.A., Inc., SCHOTT AG, and Pratt & Whitney Rocketdyne Inc.
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