Molten Salt Thermal Energy Storage Market Size, Share, and Industry Analysis, By Technology (Parabolic Troughs, Fresnel Reflector, and Power Tower), By Application (Power Generation, Residential, Commercial, and Industrial) and Regional Forecast, 2024-2032

Molten salt thermal energy storage is one of the essential components of the power supply. These products are used for an extensive variety of applications, such as heat treating and annealing of steel, high-temperature process heating, and thermal storage in solar thermal power plants. The rising electricity consumption and declining cost per kilowatt for energy storage are the driving factors for the market.

In addition, the focus by governments on cleaner fuel is expected to boost the market. Again, the higher cost of solar energy storage compared to fossil fuels is predicted to restrain the market.

• In November 2023, Insights from research and development teams and molecular dynamics simulations showed that Nanoadditives encouraged the enhancement of thermal energy storage properties of molten salt.

The COVID-19 pandemic played a very crucial role in the global market. During the pandemic, many industries faced issues considering multiple factors, such as manufacturing facilities being paused during the period and hence market fell. This also impacted the global trading of imports and exports of products. In addition, plans for the deployment of plants in many countries were delayed. It also had a negative impact on the molten salt thermal energy storage market.

KEY INSIGHTS

The report covers the following key insights:

• Recent Advancements in the Molten Salt Thermal Energy Storage Market


• Key Industry Trends


• Regulatory Landscape for the Molten Salt Thermal Energy Storage Market


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

SEGMENTATION

ANALYSIS BY TECHNOLOGY

By technology, the market is segmented into parabolic troughs, fresnel reflector, and power tower. The parabolic troughs segment is expected as the dominating segment as it is the most effective method for molten salt storage. In addition, parabolic troughs would enlarge during the projected period due to the growth in power demand. Power tower technology is considered one of the fastest-growing segments driven by the rise in the renewable energy sector. It is expected to increase as many businesses and government bodies are focusing on a reliable source of energy The fresnel reflector segment also holds an ample amount of share in the market growth. Due to its application in power storage, it can gain focus in the forecast years.

ANALYSIS BY APPLICATION

Based on the application, the market covers power generation, residential, commercial, and industrial. Power generation is expected to be the dominating segment driven by several factors, such as significant contribution to renewable energy, thermal and solar power plants and others. The energy generation sector is meaningfully rising owing to growth factors such as rising solar power plant projects. Industrial is considered as one of the fastest-growing segments driven by the application of the storage energy. In forecast years, residential and commercial end users are also focusing on the utilization of the power in an efficient way.

REGIONAL ANALYSIS

The global market is geographically segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The global market is continuously growing due to the rising development in the power sector. Asia Pacific is expected to be the dominating region globally, driven by India and China. The rising focus on energy-efficient products is backing the market growth in growing Asia countries. North America is one of the fastest-growing regions in the global market. The availability of the market players in the U.S. is boosting the market growth in North America.

The European government is also focusing on the energy energy-efficient products due to the rising requirement for energy. Countries, such as Germany and the U.K., are contributing more to the European market.

Latin America and the Middle East & Africa have also started investing in the energy sectors, where developed countries are playing a crucial role. Countries are setting new goals, considering energy efficiency, and a shift toward renewable energy is one of the major factors driving the market growth.

KEY PLAYERS COVERED

Some critical businesses in the global Molten Salt Thermal Energy Storage market are 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.

KEY INDUSTRY DEVELOPMENTS

• In May 2024, TES Technologies (Thermal Energy Storage) was extensively organized in various applications, including pairing with focused solar power (CSP) plants, cold chain, district heating, and space heating for buildings.


• In April 2024, Hyme Energy deployed a molten hydroxide salt energy storage project in Denmark, the first such installation in the world, the company claimed.