(MENAFN- P&S Intelligence) The molten salt batteries market is projected to witness significant growth, with an estimated size of USD 2,461.1 million in 2023. Anticipated to experience a remarkable Compound Annual Growth Rate (CAGR) of 24.9% from 2024 to 2030, the market is forecasted to reach a substantial value of USD 11,543.2 million by the end of 2030.
The industry is basically booming due to the increasing emphasis on dependable and sustainable energy sources. For large-scale applications, batteries that consist of liquid components are utilized as they own an advanced current density and lengthier life. Thus, grid storage and electric cars are some potential uses for the molten salt battery.
Liquid-metal batteries dominate the market with a 30% share, primarily due to their suitability for grid-level energy storage and high scalability. These batteries can be expanded in size without compromising efficiency, and their safety profile is enhanced, minimizing the risk of thermal explosions resulting from internal chemical reactions.
This can be credited to the increasing demand for EVs. In North America, the U.S. grips the leading position, and it will advance with a CAGR of 25.0%. This is ascribed to the surging emphasis on renewable sources of power and the growing demand for such systems from the power and energy industry.
The primary beneficiaries of molten salt thermal energy storage are power plants, constituting a significant 40% of end users. This dominance can be attributed to the escalating number of solar power plant initiatives, supported by increased funding in the energy sector.
Projections from the International Energy Agency (IEA) indicate a substantial surge of over 60% in global renewable electricity capacity, surpassing 4,800 GW by 2026 compared to 2020 levels. As the production of renewable energy continues to climb, there is a corresponding upswing in demand for molten salt thermal energy storage across various applications such as concentrating solar power (CSP) plants and heat transfer fluid systems.
Hence, the market for molten salt batteries is driven by their numerous advantages and widening application area.
MENAFN15012024005304011875ID1107720468
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.