Molten Salt Thermal Energy Storage (TES) Market: Current Analysis and Forecast (2021-2027)

Molten Salt Thermal Energy Storage (TES) Market: Current Analysis and Forecast (2021-2027)

The demand for Molten Salt Thermal Energy Storage (TES) systems is driven by the increasing need to reduce the dependence on oil, gas, and coal for electricity generation in order to reduce the carbon emission. As a result, nations across the globe are shifting towards renewable energy sources and investing for advance renewable energy technologies. For instance, The European Union looked into developing a USD 774 billion (EUR 400 billion) network of solar power plants based in the Sahara region using CSP technology to be known as Desertec, to create a new carbon-free network linking Europe, the Middle East and North Africa. In addition, Asia-Pacific is among the largest user of the molten solar energy plants and is expected to grow fastest in the forecast period, with India and China expected to play a leading role in the growth of the market. For instance, Gujarat Solar One is India’s largest Parabolic Trough with a molten salt capacity of 9 hours. The thermal storage system used is a 2-tank indirect. More molten salt storage is expected to be expanded and built in the forecast period.

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.

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. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Technology, Parabolic Troughs category to witness significant growth during the forecast period”

Based on technology, the market is divided into Parabolic Troughs, Fresnel Reflector, and Power Tower. Among all, Parabolic Troughs to witness significant growth during the forecast period. This mainly due to the high penetration of the design, along with easy installation and convention. Additionally, the need to produce continuous renewable power energy to support rising fiscal activities is boosting the market growth in countries like China, India, among others. The parabolic trough Solana power plant in Arizona (U.S.) with an electric capacity of 250 MW is one of the largest CSP facility with integrated storage capacity using an indirect two-tank molten salt concept.

Furthermore, the market is slightly concentrated owing to the presence of few major market players. The market players are thoroughly following the developments in the renewable sources of energy businesses to articulate strategies that would support increasing their market share.

“China represents one of the largest markets of Global Molten Salt Thermal Energy Storage Market”

China grabbed a significant market share as the economy, health and safety of citizens along with national security all of it depends on the reliable delivery of electricity. Moreover, China is expected to witness fastest growth mainly due to rising number of molten salt thermal energy storage projects coupled with the acceleration in deployment of technologies that help in improving the reliability and efficiency of utility operations, including the deployment of systems and practices to better engage utility customers in the management of energy. In addition, Chinese government is focusing on developing and deployment more number of renewable energy projects to support its growing energy demand as well as reducing carbon emissions. For instance, a parabolic trough molten salt solar plant is under construction in Gansu Province, China, with estimated energy generated of around 100 megawatts (MW). It has molten salt as the storage mechanism and can provide for 7 hours of electricity without source. Therefore, with the increase in demand for electricity and increasing efficiency of the molten salts and reflective material, it is expected that the molten salt thermal energy storage with the parabolic troughs are expected to grow in the forecast period.

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