A comprehensive overview of the global Molten Salt Thermal Energy Storage market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Molten Salt Thermal Energy Storage market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global Molten Salt Thermal Energy Storage market at regional and country levels. The Global Molten Salt Thermal Energy Storage market is likely to showcase a robust growth of around ~6% during the forecast period (2021-2027).

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Market Overview

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..

COVID-19 Impact

The outbreak of COVID-19 had adverse impact on the Molten Salt Thermal Energy Storage market. Severe health crisis across the world and several casualties that led to lockdown across the globe. Hence, disrupted the installation and deployment of new renewable energy projects across the globe. In addition, Investment in renewable and clean energy fell due to lower economic capacity & disruption in supply chain. However, market is expected to witness steady rise in overall installed capacity of molten salt thermal energy storage system.

Global Molten Salt Thermal Energy Storage market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Technology, the market is primarily bifurcated into:

·        Parabolic Troughs

·        Fresnel Reflector

·        Power Tower and Others

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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Global Molten Salt Thermal Energy Storage Market Geographical Segmentation Includes:

·        United States

·        Spain

·        China

·        India

·        Israel

·        Kuwait

·        Morocco

·        Chile

·        South Africa

·        Rest of World

Based on the estimation, 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.

The major players targeting the market includes:

·        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.

Competitive Landscape

The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Molten Salt Thermal Energy Storage market. The major players have been analyzed by using research methodologies for getting insight views on market competition.

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Key questions resolved through this analytical market research report include:

·        What are the latest trends, new patterns, and technological advancements in the global Molten Salt Thermal Energy Storage market?

·        Which factors are influencing global Molten Salt Thermal Energy Storage market over the forecast period?

·        What are the global challenges, threats, and risks in the global Molten Salt Thermal Energy Storage market?

·        Which factors are propelling and restraining the global Molten Salt Thermal Energy Storage market?

·        What are the demanding global regions of the global Molten Salt Thermal Energy Storage market?

·        What will be the market size in the upcoming years?

·        What are the crucial market acquisition strategies and policies applied by the companies?

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