Africa has some of the largest solar plants in the world, and the region is gradually making a shift towards molten salt thermal energy storage (TES). This factor has given an impetus to the growth of the global molten salt thermal energy storage market. The Ilanga-1 CSP plant in South Africa stores thermal energy for 5 hours to later supply it in the absence of sunlight. The greenfield project of the Kathua Solar Park in South Africa also stores molten salt thermal energy. All of these projects are suggestive of a promising growth trajectory within the molten salt thermal energy storage market.
It is expected that the global molten salt thermal energy storage market would become a stellar industry in the years to follow. The growth of this 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.
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 get fresh investments from national authorities.
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Favourable Strides by Solar Industry underpin Growth Prospects
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 has also generated increased market demand.
Transparency Market Research (TMR) predicts that the global molten salt thermal energy storage market would grow at a tremendous CAGR of 24.70% over the period between 2015 and 2023. The global value of the molten salt thermal energy storage market stood at US$2.5 bn by 2023-end, rising up from a value of US$480.5 mn in 2015.
Growing 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. The commendable annual growth rate of this market can be attributed to the shift from non-renewable to renewable sources for energy generation.
Furthermore, 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 humongous investments from regional and global bodies. Moreover, growing need for electricity across the industrial sector shall also subsist market growth.
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Development of Improved 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. The rapid pace of industrialization is another key dynamic of growth within the global market.
The review is based on TMR’s report titled, “Molten Salt Thermal Energy Storage (TES) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”.
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