Molten Salt Thermal Energy Storage (TES) Market Forecast 2015 – 2023
The global molten salt thermal energy storage market was valued at US$266.2 million 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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Molten salt is a mixture of 60% sodium nitrate and 40% potassium nitrate; it stores energy at 566oC in a hot molten salt storage tank for use any time until electricity is needed, i.e. day or night, in the presence or absence of sunlight, during off-peak/normal operation hours or peak hours. Storage of energy in molten salt increases the overall reliability of solar plants and enables them to operate 24/7, providing base load power for both on-grid and off-grid applications. Molten salt increases the net annual output of a solar energy plant, helps avoid high fuel costs, and facilitates continuous power generation.
Increased adoption of renewable energy sources for power generation and growing demand for efficient, reliable, and price-competitive electricity are some of the factors boosting the growth of the market. Molten salt thermal energy storage allows solar plants to be designed in such a way that they optimize the electricity load profile according to the market fluctuations in terms of electricity demand. Some of the characteristics of molten salt are high energy density, low melting point, and low power generation costs as compared to those of oils, rocks, and concrete.
Molten salt has low vapor pressure and acts as a storage medium with large storage temperatures of up to 500oC. Molten salts are environment-friendly and cheaper than the synthetic oils that are currently used in power generation applications. However, heat sources such as electric heating or fossil fuels are required to maintain the high temperature of molten salt when solar power is unavailable due to poor weather conditions.
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Increasing adoption of variable renewable energy in the power generation portfolio worldwide is the primary driver for the growth of the molten salt thermal energy storage market. The rapid adoption rate of molten salt technologies, coupled with the goals regarding de-carbonization and energy security set by governments across the world, would propel the demand for molten salt thermal energy storage technology globally. The economical application of molten salt thermal energy storage technology would allow flexibility in the use of variable renewable energy (VRE) such as solar and wind when required, and increase the reliability of power supply by VRE. Molten salt thermal energy storage technology can help nations across the globe promote energy independence and reduce carbon emissions.
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
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
Middle East and Africa (MEA)
- South Africa
- Rest of MEA
Central and South America (CSA)
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