noida, India, July 11, 2022 /PRNewswire/ — The molten salt thermal energy storage market is expected to grow at a CAGR of around 6% from 2021 to 2027, according to a new report published by UnivDatos Markets Insights. Analysis is broken down into technologies (parabolic troughs, Fresnel reflectors, power towers, etc.); regions/countries.
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The Molten Salt Thermal Energy Storage Market report has been aggregated by gathering informative data on various dynamics such as market drivers, restraints, and opportunities. This innovation report utilizes multiple analyses to gain a deeper understanding of the molten salt thermal energy storage market. The Molten Salt Thermal Energy Storage Market report provides a detailed analysis of the latest industry developments and market trend factors impacting the market growth. Furthermore, this statistical market research database examines and estimates the molten salt thermal energy storage market at global and regional levels.
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Molten salts are used as heat transfer fluid (HTF) and thermal energy storage (TES) in solar power plants. Molten salt can be used as a thermal energy storage method to retain thermal energy. Currently, this is a commercially used technology for storing heat collected by concentrated solar power (CSP) (eg, from solar towers or solar troughs). Concentrated solar power systems generate solar energy by using mirrors or lenses to focus large areas of sunlight onto receivers. Electricity is produced when concentrated light is converted into heat (solar thermal energy), which either drives a heat engine (usually a steam turbine) connected to a generator or powers a thermochemical reaction.
Also, the trend is shifting towards producing energy from renewable sources to reduce carbon emissions, and new technologies are being invented to store energy in any alternative form and use it when needed. Therefore, to make renewable energy more feasible, energy storage systems are installed to store energy during low demand and consume it during peak periods. Hence, the surge in energy demand for green energy will boost the market.
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The outbreak of COVID-19 has adversely affected the molten salt thermal energy storage market. Severe health crisis worldwide and several casualties leading to global lockdowns. As a result, the installation and deployment of new renewable energy projects worldwide has been disrupted. In addition, investment in renewable and clean energy declined due to declining economic capacity and supply chain disruptions. However, the market is expected to witness a steady increase in the overall installed capacity of molten salt heat storage systems.
The global Molten Salt Thermal Energy Storage Market report has been thoroughly studied from several aspects that will help stakeholders make more structured decisions.
Based on technology, the market is segmented into parabolic troughs, Fresnel reflectors, and power towers. Among them, by 2027, tower towers will occupy a larger market share. This is largely driven by factors such as increased electricity usage, government push for cleaner fuels, and lower costs per kilowatt of energy storage.For example, in 2021, the National Renewable Energy Laboratory (NREL) estimated the cost of electricity for concentrated solar power with a 10-hour storage time $0.076/kWh in 2021, $0.056/kWh in 2030, and $0.052/kWh in 2050.
Geographical segmentation of molten salt thermal energy storage market includes:
North America (U.S., Canadaand the rest North America)
Europe (Germany, U.K., Italy, France, Spain,The rest of the Europe)
Asia Pacific (China, India, Australia, Japan,The rest of the Asia Pacific)
Rest of the world
To better understand the market adoption of molten salt thermal energy storage, we analyze the market based on its global presence such as North America (U.S., Canadathe remaining North America), Europe (Germany, France, Spain, U.K.and the rest Europe), Asia Pacific (China, Japan, India, Australiaand Rest of Asia Pacific) and Rest of World. According to estimates, China High growth is likely due to a surge in demand for renewable energy due to stringent government regulations, requiring molten salt thermal energy storage (TES) systems to store energy during low consumption times and use it later at peak consumption times.
Key players targeting the market include
The level of competition among well-known companies is elaborated by analyzing several leading key players operating globally. The expert team of research analysts elucidates various characteristics such as global market competition, market share, latest industry advancements, innovative product launches, partnerships, mergers or acquisitions of leading companies in the global Molten Salt Thermal Energy Storage market. The key players are analyzed to gain insight on market competition by using research methodology.
Key questions addressed through this analytical market research report include:
What are the latest trends, new models and technological advancements in the molten salt thermal energy storage market?
What factors will impact the molten salt thermal energy storage market during the forecast period?
What are the global challenges, threats and risks of the Molten Salt Thermal Energy Storage Market?
What factors are driving and restraining the molten salt thermal energy storage market?
What are the global demands of the molten salt thermal energy storage market?
What will the global market size be in the next few years?
What are the key market acquisition strategies and policies employed by global companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research company and a subsidiary of Universal Data Solutions. We believe in providing insight through market intelligence reports, custom business research and primary research. Our research covers topics around the world and we cover markets in over 100 countries using smart research techniques and agile methodologies. We provide in-depth research, detailed analysis and bespoke reports to help us develop successful business strategies for our clients.
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