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Dominated by Europe, Global Molten Salt Thermal Energy Storage Market to Register CAGR of 24.7% from 2015 - 2023: Transparency Market Research

Albany - New York, Sept. 21, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market research report titled Molten Salt Thermal Energy Storage (TES) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023. According to the report, the global molten salt thermal energy storage market was valued at US$266.2 mn in 2014 and is anticipated to reach US$2.5 bn by 2023, expanding at a CAGR of 24.7% between 2015 and 2023.

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Increasing need for a sustainable energy solutions such as thermal energy storage technologies and renewable energy has boosted the demand for molten salt thermal energy storage (TES) systems globally. Energy demand can be managed effectively through the utilization of molten salt TES systems. These systems can be employed in buildings, towns, and districts. Molten salt thermal energy storage systems are capable of replacing half of the conventionally sourced energy consumption of any industry such as coal or oil based resources. Molten salt thermal energy storage systems also optimize the overall efficiency of energy systems, thus balancing fluctuating demand in the power generation.

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Molten salt thermal energy storage is also expected to reduce peak energy demand, carbon dioxide emissions, and energy consumption by end-users. In the future, utilization of molten salt TES systems is expected to increase the share of renewable energy, especially solar and wind. For instance, concentrating solar power (CSP) plants are now employing thermal energy storage technologies such as molten salt for electricity generation in the absence of sunlight. The molten salt thermal energy storage market is currently highly profitable given the high reliability, optimized cost, and high performance of these systems. Molten salt thermal energy storage technology can reduce energy demand at peak times. This technology is used as centralized systems in industries, in district heating, in cooling systems, and in power plants and as distributed systems in residential and commercial buildings to store solar energy for space/water heating or cooling applications.

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The performance of a thermal energy storage system, such as molten salt, depends on the number of users, operational needs, applicability, and number and frequency of the storage cycle. Economies across the globe are exhibiting inclination towards the adoption of molten salt thermal energy storage technology in order to balance energy demand and to provide electricity to off-grid areas. This would result in high investments in molten salt thermal energy storage market. Apart from the mature economic regions (North America and Europe), developing economies in Asia Pacific, the Middle East, and Africa also have high potential for the deployment of these technologies. Developing economies have low costs of construction and high real estate potential which are likely to act as catalysts of growth for the molten salt thermal energy storage market. Furthermore, growing demand for energy coupled with increasing industrialization would boost the demand for molten salt TES systems in the near future.

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Europe, led by Spain, was the largest market for molten salt thermal energy storage in 2014 and this trend is anticipated to continue during the forecast period. Increasing share of renewable energy sources in the overall power generation and high emphasis on energy efficiency are driving the demand for molten salt thermal energy storage technologies in Europe. The European Union's strong emphasis on energy efficiency and increasing the share of renewable energy generation has resulted in significant growth in the total thermal storage installed capacity in the region.

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North America was the second-largest market for molten salt thermal energy storage in 2014. North America comprises the U.S., which has commissioned a large number of molten salt thermal energy storage projects. Recent and ongoing improvements in the solar thermal generation technologies along with the increasing demand for renewable energy sources in North America are expected to create additional interest in thermal energy storage technologies in the near future. Growing environmental and climate concerns are expected to boost the development of molten salt thermal energy storage plants in North America. Furthermore, regions such as Asia Pacific and Middle East & Africa are expected to hold large market shares in the near future, owing to the commissioning of numerous molten salt TES projects in these regions.

Key participants in the global molten salt thermal energy storage market include Abengoa Solar S.A., Acciona S.A., AREVA, BrightSource Energy, Inc., SCHOTT AG, Siemens AG, and Pratt & Whitney Rocketdyne Inc. The report provides an overview of these companies, followed by their financial revenues, business strategies, and recent developments. The global molten salt thermal energy storage market has been segmented as follows:

Global Molten Salt Thermal Energy Storage Market: Regional Segment Analysis

North America

  • U.S.
  • Rest of North America

Europe

  • Spain
  • Rest of Europe

Asia Pacific

  • India
  • China
  • Japan
  • Rest of Asia Pacific

Middle East and Africa (MEA)

  • South Africa
  • Israel
  • Morocco
  • Rest of MEA

Central and South America (CSA)

  • Chile
  • Brazil

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Source:Transparency Market Research