Molten Salt Thermal Energy Storage Market To Reach USD 35.29 Billion By 2033; Growing Infrastructure To Produce Renewable Energy

Newark, Sept. 09, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 8 billion in 2023 global molten salt thermal energy storage market will reach USD 35.29 billion in 2033. A thermal energy storage technique called molten salt thermal energy storage makes use of molten salts like potassium and sodium nitrate. It is well known that these salts have low freezing points and a high heat capacity. Systems for heat storage using molten salt are thought to be very economical and efficient. They guarantee a steady supply of energy since they can hold the stored energy for days without experiencing any noticeable degradation. The stored energy can meet numerous requests from diverse sectors.

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Scope of Solderless Breadboards Market

Key Insight of the Global Molten salt thermal energy storage Market

Europe will dominate the market during the forecast period.

With access to the most cutting-edge green technologies, European nations are leaders in the green energy industry. They also adopted green technologies early on facilitated by supportive legislative environment. The region's environmental laws support the use of renewable energy sources, which boosts the local economy. Following Russia's invasion of Ukraine, there has been a growing need to achieve energy security and reduce reliance on fossil fuels, which has resulted in major policy reforms that support the renewable energy sector. The expansion of the regional market is also facilitated by the presence of major industry players who are driving innovation and improvements.

In 2023, the parabolic trough systems segment dominated the market with the largest market share of 44% and revenue of 3.52 billion.

The type segment is divided into parabolic trough systems, power tower systems, dish/engine systems, and others. In 2023, the parabolic trough systems segment dominated the market with the largest market share of 44% and revenue of 3.52 billion.

In 2023, the power generation segment dominated the market with the largest market share of 42% and revenue of 3.36 billion.

The application segment is divided into power generation, district heating and cooling, and process heating and cooling. In 2023, the power generation segment dominated the market with the largest market share of 42% and revenue of 3.36 billion.

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Advancement in market

For a 560 MW project in Chile that uses molten salt technology to convert an old coal plant to renewable energy and energy storage, AES Andes has been granted approval for the environmental study. The Environmental Evaluation Service of the regional government of Antofagasta, where the plant is located, approved the project's environmental impact assessment (EIA).

Market Dynamics

Driver: The growing need for renewable energy.

The quick industrialisation, urbanisation, and population growth have all contributed to the rise in energy consumption. Demand growth must be counterbalanced by a decrease in the energy reliance on fossil fuels, which is what's causing climate change. Renewable energy sources are thought to be the best substitute, enabling the world to fulfil its energy needs while also addressing climate change. The need for technology, procedures, and systems supporting the renewable energy sector will develop in tandem with the growing demand for renewable energy. Thermal energy storage using molten salt is essential for thermal energy storage. Thus, the need for molten salt thermal energy storage will rise in response to the growing demand for renewable energy, propelling the growth of the global market. The market's expansion will also be aided by greater investments and government support in the form of capital funding and policy improvements. Favourable environmental laws will also encourage more people to use renewable energy, which is good news for the industry.

Restraints: large-scale capital expenditures.

The construction of the required infrastructure, such as heat exchangers, storage tanks, and solar collectors, makes molten salt thermal energy storage a capital-intensive project. The project's expenses will rise much more because the materials must be manufactured, calibrated, and assembled precisely in a controlled environment using cutting-edge engineering techniques. The cost of control systems to effectively run, maintain, and manage these systems is also increased. Consequently, the market's expansion will be hampered by the large capital investments. Another factor impeding the market's expansion is a lack of knowledge regarding thermal energy storage using molten salt.

Opportunities: Developments in technology.

Globally, the green economy is expanding quickly as a result of the necessity to switch from fossil fuels to more environmentally friendly energy sources. In order to improve technologies, methods, and procedures that make renewable energy sources more economical and efficient, this has also led to an increase in research and development spending. Technological developments resulting from comparable expenditures in the thermal energy sector have improved the materials used in solar collectors and storage tank components. The efficiency of molten salt thermal energy storage devices has also increased due to developments in heat transfer technology. During the course of the projected period, such developments will strengthen the thermal energy storage capabilities of molten salt and support the expansion and growth of the market.

Challenges: Competition from alternative technologies.

The growing advancements and innovations in the green energy sector has led to the development of multiple technologies, each with their own distinctive advantages. For instance, lithium-ion batteries have a high energy density with rapid charging rate which makes them versatile and cost effective. Similarly, pumped hydro storage is ideal for large scale applications. other technologies include Compressed Air Energy Storage, Phase Change Materials, and cryogenic energy storage, each with their own advantages and disadvantages. These technologies will offer stiff competition to molten salt thermal energy storage and thereby will challenge the market's growth.

Some of the major players operating in the global molten salt thermal energy storage market are:

. Abengoa
. Acciona
. ACWA
. BrightSource Energy
. eSolar
. Novatec Inc.
. Orano
. Shams Power
. SolarReserve
. Yara International ASA

Key Segments covered in the market:

By Type

. Parabolic Trough Systems
. Power Tower Systems
. Dish/Engine Systems
. Others

By Application

. Power Generation
. District Heating and Cooling
. Process Heating and Cooling

By Region

. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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