Molten Salt Thermal Energy Storage Market Analysis And Forecast-2023
Owing to the negative effects of the use of fossil fuels on the environment, the need for renewable energies has gained higher acceptance in the power generation sector in the last few years. Many research and development programs for alternative modes of power generation have been promoted through incentive schemes and supportive programs. These factors have given rise to the need for sustainable energy solutions such as thermal energy storage technologies.
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Thermal energy storage projects enable storage of renewable energy, especially solar energy. They are widely regarded as the future of the renewable energy scenario because of their various benefits. A thermal storage system allows a solar power plant to optimize the electricity load profile and meet specific market needs even after the sun goes down. Nowadays, energy demands are effectively managed through the utilization of global molten salt thermal energy storage market.
TES Systems May Provide Half-Price Grid Energy Storage in Coming Years
Molten salt thermal energy storage systems are capable of replacing coal or oil-based resources with cheaper and cost-effective storage systems that could enable power grids to accommodate large amounts of renewable energy. These systems have the ability to optimize the overall efficiency of energy systems and balance the fluctuating demand from the power generation industry. Due to these characteristics, molten salt energy storage systems could cut the price of grid electricity by up to 50% in the coming years.
Unlike the operating parabolic troughs plants, which utilize synthetic aromatic fluid to attain temperatures higher than 400ºC and become inoperable at that temperature, molten salt, which is used as a heat storage medium, can be used as a working fluid with more allowance for high temperatures. Using molten salt as a medium of heat transfer fluid enables a new plant configuration, which can lead to greater savings at different levels of industrial operation.
Diverse Applicability of Molten Salt TES Systems Benefits Global Market
The performance of molten salt thermal energy storage systems depends on the operational needs, applicability, number of users, and number and frequency of the storage cycle. TES systems are becoming an integral part of electricity storage in concentrated solar power (CSP) plants. They are used particularly in buildings and industrial processes, and can help reduce CO2 emissions and energy consumption and costs, while increasing the overall efficiency of the energy systems. Molten salt thermal energy storage (TES) systems are suitable for a variety of applications in the renewable energy industry. Solar power plants using parabolic trough or power tower technology, back-up heating systems for HTF (hot oil or molten salt), and initial nitrate systems responsible for supply and handling of the nitrates are some of the key applications of TES systems market.
Leading Market Players Continue their Research on Solar Power with Molten Salt Storage
Key players such as AREVA, Siemens AG, Abengoa Solar S.A., and Pratt & Whitney Rocketdyne Inc. are continuously making efforts to build pilot electricity storage systems that use molten salt. Halotechnics, a startup in California, has built a pilot-scale energy storage system that provides a cost-effective and practical way of storing large amounts of electricity. Halotechnics TES systems cost half as much as battery storage and offer the cheapest way of storing large amounts of electricity.
Similarly, a team of Sandia National Laboratories, in collaboration with AREVA, designed a 100-foot-tall structure and compact linear Fresnel reflectors to collect and store thermal energy in molten salt.
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