Global Molten Salt Thermal Energy Storage Market Insights Forecasts to 2033

• The Global Molten Salt Thermal Energy Storage Market Size was Valued at USD 7.07 Billion in 2023
• The Market Size is Growing at a CAGR of 15.20% from 2023 to 2033
• The Worldwide Molten Salt Thermal Energy Storage Market Size is Expected to Reach USD 29.1 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Molten Salt Thermal Energy Storage Market Size is Anticipated to Exceed USD 29.1 Billion by 2033, Growing at a CAGR of 15.20% from 2023 to 2033.

Market Overview

A phase-changing substance that is commonly used for thermal energy storage is called molten salt. At normal temperature and atmospheric pressure, molten salts are solid; but, when thermal energy is transmitted to the storage medium, molten salt becomes liquid. The majority of molten salt energy storage systems keep the molten salt liquid throughout the duration of the energy storage procedure. Typically, molten salts consist of 40% potassium nitrate and 60% sodium nitrate, and melt at a temperature of about 220°C. When concentrating solar power (CSP) plants are utilized, molten salts are frequently used as a thermal energy storage device to produce electricity.

According to the National Aeronautics and Space Administration (NASA), for more than 30 inorganic salts and salt combinations, the viability of storing thermal energy in the form of latent heat of fusion at temperatures between 450 and 535 degrees Celsius was investigated. Because of their reasonable cost, strong chemical stability, low corrosivity, limited volumetric expansion upon melting, and relatively high thermal conductivity, alkali carbonate mixtures were selected as phase-change (molten salt) storage materials in this temperature range.

According to the U.S. Department of Energy Solar Energy Technologies Office (SETO), molten salts are a suitable thermal energy storage system for solar energy due to their low melting point and high upper limit, increasing stability and efficiency. They have high heat capacity, excellent thermal stability, and low viscosity, making them ideal for solar power generation. The liquid temperature range of molten salts ranges from 150oC to 600oC, and the combination of various salts can further increase the working temperature range. These properties make molten salts an excellent thermal storage fluid.

Report Coverage

This research report categorizes the market for molten salt thermal energy storage based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the molten salt thermal energy storage market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the molten salt thermal energy storage market.

Driving Factors

Primarily because there is an increasing need for dependable and effective energy storage solutions due to the growing need for renewable energy sources like solar and concentrated solar power (CSP) plants. Systems for storing and releasing thermal energy produced by solar radiation, such as molten salt thermal energy storage systems, are ideal for these kinds of uses because molten salt thermal energy storage systems enable continuous power generation. Second, because molten salt thermal energy storage technology provides a clean and sustainable energy storage solution, there has been a larger adoption of this technology as the energy sector works to reduce its carbon footprint and greenhouse gas emissions. Furthermore, there is a demand for more economical and effective energy storage solutions, which molten salt thermal energy storage, can offer due to the growing costs of conventional energy sources like fossil fuels. Lastly, the industry has grown as a result of developments in molten salt thermal energy storage technology, which includes better materials, system designs, and interaction with other energy systems. These developments have also made the technology more appealing and viable for a variety of applications.

Restraining Factors

The substantial initial capital expenditure needed to establish molten salt thermal energy storage devices is one of the main obstacles. For some end users, especially those in developing countries, the initial investment can be financially difficult because of the high cost of molten salt, specialized storage tanks, and related infrastructure. Furthermore, since it raises total operating costs, the intricate maintenance and specialized knowledge needed to run and maintain molten salt thermal energy storage systems may serve as a barrier.

Market Segmentation

The molten salt thermal energy storage market share is classified into type and application.

• The parabolic trough systems segment is estimated to hold the highest market revenue share through the projected period.

Based on the type, the molten salt thermal energy storage market is classified into power tower systems, parabolic trough systems, dish/engine systems, and others. Among these, the parabolic trough systems segment is estimated to hold the highest market revenue share through the projected period. The most established and extensively used technology in the molten salt thermal energy storage sector is the parabolic trough system. There is a long history of using molten salt thermal energy storage technologies in large-scale commercial operations worldwide, especially in concentrated solar power (CSP) plants. When compared to other molten salt thermal energy storage arrangements, parabolic trough technology has higher efficiency, dependability, and affordability, which makes it a desirable choice for large-scale energy storage applications. Additionally, parabolic trough systems' performance has been enhanced and their costs have decreased due to ongoing improvements in materials, designs, and production techniques. The substantial expenditures and continuous R&D in the CSP industry, make extensive use of parabolic trough molten salt thermal energy storage.

• The power generation segment is anticipated to hold the largest market share through the forecast period.

Based on the application, the molten salt thermal energy storage market is divided into power generation, district heating and cooling, and process heating and cooling. Among these, the power generation segment is anticipated to hold the largest market share through the forecast period. Due to there is an increasing need for dependable and effective energy storage options to facilitate the integration of renewable energy sources, especially concentrated solar power (CSP) facilities, systems that store and release thermal energy from solar radiation on demand make up molten salt thermal energy storage systems, which are ideal for large-scale power generation applications.

Regional Segment Analysis of the Molten Salt Thermal Energy Storage Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Europe is anticipated to hold the largest share of the molten salt thermal energy storage market over the predicted timeframe.

Europe is anticipated to hold the largest share of the molten salt thermal energy storage market over the predicted timeframe. The deployment of renewable energy technologies, such as concentrated solar power (CSP) plants, which frequently use molten salt thermal energy storage systems, has received significant investment and policy support from the European Union due to its ambitious climate and renewable energy targets. One such target is to achieve net-zero emissions by 2050. Molten salt thermal energy storage is in high demand to facilitate the grid integration of solar electricity because countries like Germany, Spain, and Italy have been at the forefront of CSP development in Europe. The region's dominance in this sector has also been aided by Europe's well-established ecosystem for research and development, which includes a large number of technical institutes and pilot projects aimed at developing solutions for thermal energy storage using molten salt. The availability of financial initiatives that aid in the creation and testing of molten salt thermal energy storage technologies, such as Horizon Europe.

North America is expected to grow the fastest during the forecast period. The molten salt thermal energy storage market in North America is growing primarily because of the growing use of renewable energy sources, especially solar and concentrated solar power (CSP) facilities in the United States and Canada. In order to assure consistent and dependable power output, both nations have set aggressive clean energy targets and are aggressively investing in the development of large-scale solar power projects. These projects frequently incorporate thermal energy storage devices made of molten salt. The need for molten salt thermal energy storage technology in the area is also being driven by the increased interest in energy storage solutions to facilitate the integration of intermittent renewable energy sources into the grid. The rapid development and commercialization of molten salt thermal energy storage systems are also being aided by the well-established research and development infrastructure in North America, as well as the availability of government funding programs and incentives.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the molten salt thermal energy storage market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• SENER Grupo de Ingenieria S.A.
• KVK Energy Ventures Ltd.
• ACWA Power
• Yara International ASA
• Acciona S.A.
• Abengoa SA
• Bright Source Energy Inc.
• SolarReserve LLC
• Engie SA
• ACWA Power
• Sulzer
• Pratt and Whitney Rocketdyne, Inc. 
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In July 2024, Sulzer was selected to supply both hot and cold molten salt pumps for a big concentrated solar power (CSP) tower project in China, marking a significant step towards sustainable energy. Sulzer receives a contract for a major concentrated solar power project in China.

• In July 2024, a USD 1.2 million government grant was given by SwRI to a thermal solar energy storage project that uses molten salt. The Southwest Research Institute (SwRI) has been awarded a USD 1.2 million grant by the U.S. Department of Energy for research that could improve the way thermal energy is stored.

• In April 2024, Molten Salt Storage (MOSS), an energy storage device that uses molten hydroxide salt to store excess clean energy, is being introduced by Hyme Energy, a Danish energy company. This project is the first of its type.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the molten salt thermal energy storage market based on the below-mentioned segments: 

Global Molten Salt Thermal Energy Storage Market, By Type

• Parabolic Trough Systems
• Power Tower Systems
• Dish/Engine Systems
• Others

Global Molten Salt Thermal Energy Storage Market, By Application

• Power Generation
• District Heating and Cooling
• Process Heating and Cooling

Global Molten Salt Thermal Energy Storage Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa