Molten Salt Thermal Energy Storage Market: Introduction
The global molten salt thermal energy storage market is expected to expand significantly over the next few years. The growth of the molten salt thermal energy storage market largely hinges on advancements in the solar energy sector. As the energy industry embraces versatility of use, new avenues for renewable energy generation have come to the fore. The energy sector is making efforts to develop subsidiary platforms for generating renewable energy. These subsidiary platforms can complement the energy produced by large solar plants, offshore wind farms, and biofuel stations.
Transparency Market Research (TMR) predicts that the global molten salt thermal energy storage market to expand at a significant CAGR of 25.10% between 2021 and 2031. The global value of the molten salt thermal energy storage market is likely to reach US$ 17 Bn by the end of 2031 from US$ 1.4 Bn in 2020.
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Favorable Strides by Solar Industry Underpin Growth Prospects of Molten Salt Thermal Energy Storage Market
Molten salt exhibits commendable thermal properties for storage of energy. This is a key consideration from the perspective of market growth. Furthermore, the need for ensuring a seamless supply of energy to solar-rich regions is boosting the demand for molten salt thermal energy storage.
Rise in Demand for Fresh Avenues for Renewable Energy Generation
The entire world is hit by a severe energy crisis as fossil fuel reserves continue to diminish. This factor has led environmentalists and energy scientists to develop robust systems for renewable energy generation. Hence, the global molten salt thermal energy storage market is projected to expand at a respectable pace in the near future. The commendable annual growth rate of the molten salt thermal energy storage market can be ascribed to the shift from non-renewable to renewable sources for energy generation.
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The need for complementing large solar power plants has brought molten salt thermal power stations under the spotlight of attention. It is expected that the energy sector would invite large-scale investments from regional and global bodies. Furthermore, rise in need for electricity across the industrial sector is estimated to drive the molten salt thermal energy storage market in the near future.
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Development of Power Transmission Systems
The growth of the global molten salt thermal energy storage market majorly relies on advancements in the field of power supply. The availability of a robust system for electricity transmission could aid the growth of the global molten salt thermal energy storage market. Furthermore, seamless transmission lines and distribution networks generate confidence in investors to put their money into the renewable energy sector. Rapid pace of industrialization is another key dynamic of growth of the global molten salt thermal energy storage market.
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Key Players in Molten Salt Thermal Energy Storage Market
Some of the leading players in the global molten salt thermal energy storage market are Acconia S.A., AREVA, BrightSource Energy, Inc., Abengoa Solar S.A., SCHOTT AG, Siemens AG, and Pratt and Whitney Rocketdyne, Inc. These vendors are expected to make efforts to obtain fresh investments from national authorities.
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