Molten Salt Thermal Energy Storage (TES) Market: Current Analysis and Forecast (2021-2027)

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The demand for Molten Salt Thermal Energy Storage (TES) systems is driven by the increasing need to reduce the dependence on oil, gas, and coal for electricity generation in order to reduce the carbon emission. As a result, nations across the globe are shifting towards renewable energy sources and investing for advance renewable energy technologies. For instance, The European Union looked into developing a USD 774 billion (EUR 400 billion) network of solar power plants based in the Sahara region using CSP technology to be known as Desertec, to create “a new carbon-free network linking Europe, the Middle East and North Africa. In addition, Asia-Pacific is among the largest user of the molten solar energy plants and is expected to grow fastest in the forecast period, with India and China expected to play a leading role in the growth of the market. For instance, Gujarat Solar One is India’s largest Parabolic Trough with a molten salt capacity of 9 hours. The thermal storage system used is a 2-tank indirect. More molten salt storage is expected to be expanded and built in the forecast period.

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.

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. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

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Insights Presented in the Report

“Amongst Technology, Parabolic Troughs category to witness significant growth during the forecast period”

Based on technology, the market is divided into Parabolic Troughs, Fresnel Reflector, and Power Tower. Among all, Parabolic Troughs to witness significant growth during the forecast period. This mainly due to the high penetration of the design, along with easy installation and convention. Additionally, the need to produce continuous renewable power energy to support rising fiscal activities is boosting the market growth in countries like China, India, among others. The parabolic trough Solana power plant in Arizona (U.S.) with an electric capacity of 250 MW is one of the largest CSP facility with integrated storage capacity using an indirect two-tank molten salt concept.

Furthermore, the market is slightly concentrated owing to the presence of few major market players. The market players are thoroughly following the developments in the renewable sources of energy businesses to articulate strategies that would support increasing their market share.

“China represents one of the largest markets of Global Molten Salt Thermal Energy Storage Market”

China grabbed a significant market share as the economy, health and safety of citizens along with national security all of it depends on the reliable delivery of electricity. Moreover, China is expected to witness fastest growth mainly due to rising number of molten salt thermal energy storage projects coupled with the acceleration in deployment of technologies that help in improving the reliability and efficiency of utility operations, including the deployment of systems and practices to better engage utility customers in the management of energy.  In addition, Chinese government is focusing on developing and deployment more number of renewable energy projects to support its growing energy demand as well as reducing carbon emissions. For instance, a parabolic trough molten salt solar plant is under construction in Gansu Province, China, with estimated energy generated of around 100 megawatts (MW). It has molten salt as the storage mechanism and can provide for 7 hours of electricity without source. Therefore, with the increase in demand for electricity and increasing efficiency of the molten salts and reflective material, it is expected that the molten salt thermal energy storage with the parabolic troughs are expected to grow in the forecast period.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global Molten Salt Thermal Energy Storage market were the three major steps undertaken to create and analyze the adoption of Molten Salt Thermal Energy Storage in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Molten Salt Thermal Energy Storage market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of Molten Salt Thermal Energy Storage market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Molten Salt Thermal Energy Storage market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as service type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Molten Salt Thermal Energy Storage market. Further, we conducted factor analysis using dependent and independent variables such as various material of Molten Salt Thermal Energy Storage and end-user of Molten Salt Thermal Energy Storage. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Molten Salt Thermal Energy Storage market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Molten Salt Thermal Energy Storage market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of volume (KW) and the adoption rate of Molten Salt Thermal Energy Storage market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Molten Salt Thermal Energy Storage market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Molten Salt Thermal Energy Storage market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of service type and end-user in the global Molten Salt Thermal Energy Storage market.

The main objective of the Global Molten Salt Thermal Energy Storage Market Study

The current & future market trends of global Molten Salt Thermal Energy Storage market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Molten Salt Thermal Energy Storage market in terms of Volume (KW). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of service type and end-user
• Define and analysis of the regulatory framework for the Molten Salt Thermal Energy Storage market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Molten Salt Thermal Energy Storage market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the Molten Salt Thermal Energy Storage market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry