The global molten salt thermal energy storage market is poised to grow by 660MW during 2019-2023 at a CAGR of over 4% during the forecast period. Request Free Sample Pages
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Technavio has announced its latest market research report titled global molten salt thermal energy storage market 2019-2023. (Graphic: Business Wire)
Read the 110-page research report with TOC on "Molten Salt Thermal Energy Storage Market Analysis Report by technology (parabolic trough and others), by geography (EMEA, Americas, and APAC), and segment forecasts, 2019 2023".
The market is driven by the cost savings from energy storage systems (ESS). Also, the emergence of solar thermal enhanced oil recovery is anticipated to further boost the growth of the molten salt thermal energy storage market.
The increasing adoption of renewable energy sources propels the popularity of energy storage systems. ESS are used in a range of market segments, including residential houses, utilities, and commercial and industrial companies. They are used in utilities to balance the unexpected power demands. However, commercial and industrial building operators are the major users of ESS, as they are cost-effective. Building owners pay heavily every month for the use of electricity during peak power demand. Thus, the molten salt thermal ESS are increasingly being adopted as they use stored heat to generate electricity instead of the power grid, thereby driving the market growth.
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Major Five Molten Salt Thermal Energy Storage Market Companies:
Abengoa owns and operates businesses under various segments, such as engineering and construction and concession-type infrastructure. The thermal energy storage system employed in the company's Solana plant in the US uses molten salt thermal energy storage.
Acciona, S.A, operates its businesses under three segments that include energy, infrastructure, and other businesses. The company uses molten salt thermal energy storage technologies at its solar power plants.
ENGIE has business operations in North America, Latin America, Africa/Asia, Belgium, the Netherlands, Luxembourg, France, the UK, North, Eastern, and Southern Europe, and Germany. The company uses mixtures of molten salt solution as heat transfer media for its CSP plant.
SENER group operates its businesses under four segments, which include aerospace, infrastructure transport, renewable, power, oil gas, and marine. The company's key offering includes molten salt solar receiver.
SolarReserve, LLC offers molten salt energy storage solutions to store large-scale solar energy. These solutions are reliable, efficient, and cost-effective.
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Molten Salt Thermal Energy Storage Technology Outlook (Revenue, USD Million, 2019 2023)
- Parabolic trough
Molten Salt Thermal Energy Storage Regional Outlook (Revenue, USD Million, 2019 2023)
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