molten salt market trends, energy storage solutions growth, molten salt market scope, renewable energy storage market insights, thermal energy market drivers, molten salt storage market research
What is the present valuation and projected CAGR of the molten salt thermal energy storage market?
The molten salt thermal energy storage market size has grown rapidly in recent years. It will grow from $4.8 billion in 2024 to $5.5 billion in 2025 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to increasing stability and efficiency, an increasing need for dependable and effective energy storage solutions, demand for more economical and effective energy storage solutions, growing in popularity as a useful thermal energy storage alternative, high demand for improving power transmission and distribution infrastructure.
The molten salt thermal energy storage market size is expected to see rapid growth in the next few years. It will grow to $9.38 billion in 2029 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to the growing demand for renewable energy, flourishing demand for molten salt thermal energy storage in the solar energy generation sector, growing concentrating solar power (CSP) plants utilizing molten salt thermal energy storage, rising growth of the energy generation sector. Major trends in the forecast period include larger adoption of this technology, development of power transmission systems, extensively used technology in the molten salt thermal energy storage sector, technological innovations, and next-gen molten salt reactor systems.
Get Your Free Sample of The Global Molten Salt Thermal Energy Storage Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=20887&type=smp
What key drivers have fueled the molten salt thermal energy storage market’s development over the years?
Growing demand for renewable energy is expected to propel the growth of the molten salt thermal energy storage market going forward. Renewable energy is energy derived from natural sources that are continuously replenished. The demand for renewable energy is driven by the need to reduce greenhouse gas emissions, combat climate change, and transition to sustainable energy sources that are cleaner, more efficient, and less harmful to the environment than fossil fuels. Renewable energy uses molten salt thermal energy storage to store excess thermal energy generated from sources such as concentrated solar power, enabling continuous energy supply even when the sun isn’t shining, thus enhancing efficiency and reliability. For instance, in September 2024, according to the Energy Information Administration (EIA)), a US-based government agency, renewable energy accounted for approximately 9% (8.2 quadrillion BTUs) of total U.S. energy consumption in 2023. The electric power sector consumed about 39% of this renewable energy, with renewables contributing around 21% to the nation’s electricity generation. Therefore, the growing demand for renewable energy is driving growth in the molten salt thermal energy storage market.
What is the segmentation for the molten salt thermal energy storage market?
The molten salt thermal energy storage market covered in this report is segmented –
1) By Type: Sensible Heat Storage; Latent Heat Storage; Thermochemical Heat Storage
2) By Technology: Parabolic Trough; Power Tower; Fresnel Reflector
3) By Application: Heating, Ventilation And Air Conditioning (HVAC) Systems; Heat Transfer Fluid Systems; Combined Heat And Power Generators; Other Applications
4) By End-Use Industry: Energy Generation; Residential; Commercial; Industrial
Subsegments:
1) By Sensible Heat Storage: Direct Sensible Heat Storage; Indirect Sensible Heat Storage
2) By Latent Heat Storage: Phase Change Materials (PCMs); Salt Hydrates; Organic PCMs
3) By Thermochemical Heat Storage: Reversible Chemical Reactions; Solid-Gas Reactions; Solid-Solid Reactions
Order your report now for swift delivery
Who are the most influential companies in the molten salt thermal energy storage market?
Major companies operating in the molten salt thermal energy storage market are Engie SA, Siemens AG, Mitsubishi Hitachi Power Systems, Yara International ASA, Acciona S.A., Orano, Sulzer Ltd., Abengoa SA, SENER Grupo de Ingenieria S.A., Kraftanlagen München GmbH, Ferrostaal AG, Torresol Energy Group, BrightSource Energy Inc., CSP Services, Aalborg CSP, TSK Group, HeliosCSP, SolarReserve LLC, ACWA Power, Caldwell Energy Company
What are the top industry trends projected to impact the molten salt thermal energy storage market?
Major companies operating in the molten salt thermal energy storage market are focusing on technological innovations, such as molten hydroxide salt energy storage, to advance renewable energy technologies and reduce greenhouse gas emissions, particularly in industrial heat applications. Molten hydroxide salt energy storage refers to a thermal energy storage technology that utilizes molten hydroxide salts as a medium to store thermal energy. This method allows for the efficient storage of heat generated from renewable energy sources, which can later be discharged as heat or steam for various applications, including electricity generation or industrial processes. For instance, in April 2024, Hyme Energy, a Denmark-based sustainable energy company, launched the world’s first molten salt energy storage facility. It is designed to store excess renewable energy generated during peak production times and release it when energy generation dips, functioning similarly to a highly efficient battery. The facility utilizes molten hydroxide salt, which can store energy at high temperatures, providing a reliable and sustainable energy reserve for low renewable energy production periods.
What are the major regional insights for the molten salt thermal energy storage market, and which region holds the top position?
Europe was the largest region in the molten salt thermal energy storage market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the molten salt thermal energy storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Molten Salt Thermal Energy Storage Market Report 2025 Offer?
The molten salt thermal energy storage market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Molten salt thermal energy storage (TES) is a system that uses molten salts to store thermal energy at high temperatures, typically for use in concentrated solar power (CSP) plants. Molten salts are heated by solar energy and can retain heat for long periods, allowing the stored energy to be converted into electricity even when sunlight is not available. This technology improves the efficiency and reliability of renewable energy systems by enabling energy supply during peak demand periods or after sunset.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=20887
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
