Molten Salt Thermal Energy Storage Market to Reach US$2.5 Billion by 2023, Focus on Renewable Energy and Effective Energy Storage to Drive Global Demand – Transparency Market Research
In current times, tapping into renewable energy sources and aiming for maximum utilization of the energy produced will be sustainable in the long-run, says a recent market study by Transparency Market Research (TMR). In this endeavor, to conserve energy for future use, the trend to store energy in specialty units has come to the fore, which has enabled the global molten salt thermal energy storage (TES) market’s estimated rise at a phenomenal 24.70% CAGR from 2015 to 2023. The market had a valuation of US$266.2 million in 2014 and will be valued at US$2.5 billion by 2023, says the report. The report is titled “Molten Salt Thermal Energy Storage (TES) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023“.
The report says that worldwide, the need for sustainable energy solutions, wherein renewable energy and thermal energy storage technologies are important elements, is boosting the demand for thermal energy storage systems. Molten salt TES systems can be installed in buildings, districts, and towns, wherein energy generated can be conserved for future use. With the utilization of molten salt TES systems, the dependency on conventional energy sources reduces substantially and optimum efficiency of energy systems is attained, which in turn helps fill the demand-supply gap in the energy sector.
Molten salt thermal energy storage will also curb energy demand and energy consumption by end users, thereby curbing carbon dioxide emissions. In the future, it is expected that the utilization of molten salt TES systems will increase the share of renewable energy in the overall power generation scenario, especially benefiting the wind and solar energy markets. For example, concentrating solar power (CSP) units are now installing thermal energy storage technologies such as molten salt, wherein stored energy is stored to provide electricity in the absence of sunlight.
Currently, the molten salt TES market is on a fast growth trajectory due to the high reliability, high performance, and optimized cost of these systems. The use of the technology for the purpose of storing energy is suitable for a myriad end uses, which ranges from centralized energy distribution units in industries to district heating and cooling systems to power plants to energy distribution systems in residential and commercial buildings, and more.
The output of a thermal energy storage system, such as the molten salt one, is dependent on the number of users, applicability, operational needs, and the nature of the storage cycle. In order to bridge the energy supply and demand gap and to ensure electricity supply in off-grid areas, economies around the world are displaying an inclination towards the adoption of thermal energy storage technology, such as molten salt.
Apart from North America and Europe, which already have TES systems in place in large numbers, the developing economies of Asia Pacific, the Middle East, and Africa also have high potential for the adoption of these technologies. In developing economies, the low construction cost of these units and high potential of the real estate sector will accentuate the growth of the molten salt TES market.Europe, led by Spain, was the largest market for molten salt TES market in 2014, with this hierarchy expected to continue in the next few years.