Global Molten Salt Thermal Energy Storage (TES) Market is expected to foresee significant growth. China to lead the growth!
- Himanshu Patni
- April 1, 2022
- ENERGY & POWER, NEWS
- Molten Salt Thermal Energy Storage Market, Molten Salt Thermal Energy Storage Market growth, Molten Salt Thermal Energy Storage Market share, Molten Salt Thermal Energy Storage Market size, Molten Salt Thermal Energy Storage Market trends
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Global Molten Salt TES Market is expected to grow at a CAGR of ~6% between 2021-2027. Molten salt is used as a heat transfer fluid (HTF) and thermal energy storage (TES) in solar power plants. Molten salts can be employed as a thermal energy storage method to retain thermal energy. Presently, this is a commercially used technology to store the heat collected by concentrated solar power (CSP) (e.g., from a solar tower or solar trough). Concentrated solar power systems generate solar power by using mirrors or lenses to concentrate a large area of sunlight onto a receiver. Electricity is generated when the concentrated light is converted to heat (solar thermal energy), which drives a heat engine (usually a steam turbine) connected to an electrical power generator or powers a thermochemical reaction.
Furthermore, trends are shifting towards producing energy form renewable power sources to reduce carbon emissions and new technologies are being invented to store energy in any alternate form and use it when required. Therefore, to make renewable energy more viable energy storage systems are installed in order to store energy during low demand and consume during peak time. Thus, surging demand of energy from green energy sources would boost the market. For a detailed For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/molten-salt-thermal-energy-storage-market/
Unconventional sources of energy like solar energy produces energy during daytime and in case of wind turbine energy is produced when high pressure winds blow. If the energy produced is not consumed at the time of production, then it gets exhausted. As a thermal energy generating power station, CSP has more in common with thermal power stations such as coal, gas, or geothermal. A CSP plant can incorporate thermal energy storage, which stores energy either in the form of sensible heat or as latent heat (for example, using molten salt), which enables these plants to continue to generate electricity whenever it is needed, day or night. This makes CSP a dispatchable form of solar.
Based on technology, the market is segmented into Parabolic Troughs, Fresnel Reflector, and Power Tower. Among all, power tower category held significant market share by 2027. This mainly due to the factors such as an increase in electricity consumption, push by governments for cleaner fuel, and decreasing the cost per kilowatt for energy storage. For instance, In 2021, the US National Renewable Energy Laboratory (NREL) estimated cost of electricity from concentrated solar with 10 hours of storage at $0.076/kWh in 2021, $0.056/kWh in 2030, and $0.052/kWh in 2050.
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For a better understanding of the market adoption of Molten Salt Thermal Energy Storage (TES), the market is analyzed based on its worldwide presence in the countries such as United States, Spain, China, India, Israel, Kuwait, Morocco, Chile, South Africa, and Rest of World. China is likely to witness high growth due to stringent government regulations leading to surge in demand for renewable source of energy which need Molten Salt Thermal Energy Storage (TES) system to store energy in low consumption hours and use it later in peak consumption hours.
Some of the major players operating in the market include Yara International ASA, Acciona S.A., Abengoa SA, BrightSource Energy Inc., SENER Grupo de Ingenieria S.A., SolarReserve LLC, Engie SA, ACWA Power, and KVK Energy Ventures Ltd.
Global Molten Salt Thermal Energy Storage (TES) Market Segmentation
Market Insight, by Technology
- Parabolic Troughs
- Fresnel Reflector
- Power Tower and Others
Market Insight, by Country
- United States
- South Africa
- Rest of World
Top Company Profiles
- Yara International ASA
- Acciona S.A.
- Abengoa SA
- BrightSource Energy Inc.
- SENER Grupo de Ingenieria S.A.
- SolarReserve LLC
- Engie SA
- ACWA Power
- KVK Energy Ventures Ltd.