Molten Salt Thermal Energy Storage Market to Witness a Pronounce Growth During 2015 to 2023

Pratt and Whitney Rocktdyne, Inc., Siemens AG, SCHOTT AG, BrightSource Energy, Inc., AREVA, Acciona S.A., and Abengoa Solar S.A. – the key players in the global molten salt thermal energy storage (TES) market, have established a market presence significant enough to make their products highly valued among end users globally. Besides the above key players, the remainder of the global market for molten salt thermal energy storage comprises of a large number local players. These players form a largely fragmented supply and distribution chain for molten salt TES across the world and therefore have to compete with the key players in most regions.

According to a new research report published by Transparency Market Research, the market for molten salt thermal energy storage is extremely appealing to new entrants owing to its rapid increase in demand and its relatively nascent stage of development. However, key barriers for new entrants include very strict regulations pertaining to chemicals and materials used. They need to be in compliance with the constantly strengthening EPA emission standards and other applicable regulatory frameworks. The threat of new players is therefore expected to remain medium till 2023.

The global market for molten salt thermal energy storage is expected to progress at a CAGR of 24.7% in terms of revenue. Global revenue is expected to reach US$480.5 mn by the end of 2023 and is expected to reach US$2.5 bn by the end of 2023. In terms of installation capacity, the global market for molten salt TES is expected to expand at a CAGR of 20.8% from 2015 to 2023..

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VRE Demand Increases Rapidly, Supplementing Adoption of Molten Salt TES

“There is a high demand for variable renewable energy (VRE) across the world today, and it is only going to increase in the future,” states a TMR analyst. “The use of VRE not only allows for a more consistent power supply, but also helps reduce the overall emissions of a region’s power industry.”

De-carbonization of the power sector in the midst of an escalating power consumption is no mean task, but it can be easier to accomplish with the help of VRE combined with especially molten salt thermal energy storage. This technology falls right into the type that governments are looking for in order to conform to preset emission cuts and nonrenewable fuel dependence reduction.

In fact, the requirement of molten salt thermal energy storage is expected to increase at an accelerated rate owing to the rapid adoption of VREs such as solar and wind, as a growth in these power generation techniques cannot be feasibly implemented as a complete substitute to nonrenewable energy without efficient power storage facilities.

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Challenges in Grid Interconnection Slow Down Developments in Molten Salt TES

The key barrier for most organizations adopting molten salt thermal energy storage is the high upfront investment required to set up such an energy storage system. In fact, out of the total system expenditure, nearly 30% to 40% will usually go towards installing a molten salt thermal energy storage.

This creates a major barrier for small and medium companies looking to adopt VRE as a mainstay power generation technique.

Massive Swing in Regional Demand for Molten Salt TES from APAC and MEA

The Middle East and Africa region is expected to take up a sizeable share of 30.7% in molten salt TES market revenue by the end of 2023. This is a major upshot from the nearly non-existent market space in 2014, a time when Europe held a massive revenue share in this market. A similar growth in market share is expected of Asia Pacific by 2023.

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This release was published on openPR.