Long-term renewable energy storage and decarbonized power generating trends are driving the molten salt thermal energy storage market forward. Molten salts aid in the storage of thermal energy for usage at night or during periods of reduced sunlight. Molten salt long-term storage systems are appropriate for traditional power plant retrofits, such as adding electric heaters or heat pumps, storage tanks, and salt heat exchangers for steam generation to coal-fired power plants. Like configurations allow existing power plant infrastructure, such as turbines, to be reused, lowering the overall system investment cost.
Overview of the Global Molten Salt Thermal Energy Storage Market
Variable renewable energy (VRE) is currently in high demand as an energy-producing strategy. Depleting nonrenewable energy sources, combined with vast volumes of pollutants and emissions caused by them, have fueled demand for renewable – specifically, variable renewable – energy sources such as molten salt thermal energy storage.
Government investments and high-priority research and development initiatives, particularly for molten salt thermal energy storage, are also driving the rising demand for VRE.
Molten salt thermal energy storage adds a distinct value to the power sector. It can be used to supplement or magnify current energy transmission and distribution systems.
This is a sought-after factor in many regions as there is a high demand for improving power transmission and distribution infrastructure. This is applicable, especially to developing economies, where the rapid rate of industrialization needs to be sustained by an equally fast developing power transmission and distribution network.
Strong Growth of Molten Salt Thermal Energy Storage in Europe Driven by Push for Renewables
In 2020, Europe accounted for 78.2% of the total value of molten salt thermal energy storage units. This was owing to the region’s early entry into the molten salt thermal energy storage sector, which was prompted by rigorous government rules governing emission standards and the usage of renewables. At the time, North America also had a significant share of the molten salt thermal energy storage business, whereas the other regions hardly had a foothold.
Most European countries regard molten salt thermal energy storage as a viable technique for supplementing electricity supply and distribution.
The region’s emphasis on technology has given it an advantage in terms of breakthroughs and significant player presence. Molten salt thermal energy storage’s near future in Europe is projected to be in big capacity energy storage facilities for latent heat and thermonuclear energy.
The situation is fast shifting. Over the next few years, the Asia Pacific and the Middle East, and Africa are projected to play pivotal roles in molten salt thermal energy storage consumption and technology development. By the end of 2031, demand for molten salt thermal energy storage is estimated to account for 39% of market volume across the Middle East and Africa.
Moderate to High Scope for Molten Salt Thermal Energy Storage in North America
Because of a mature market and flexible frameworks governing the use of thermal energy storage technologies, the scope of adopting thermal energy storage technologies in North America is comparatively medium.
Large-scale projects for planned concentrated solar power plants across the United States are likely to enhance the demand for molten salt thermal energy storage shortly. Furthermore, concentrated solar plants offer a more competitive system in terms of net grid system costs, contributing to the region’s preference for solar power and molten salt thermal energy storage. The latter can be a far more efficient energy storage facility than most conventional analogues.
Major Firms in Molten Salt Thermal Energy Storage Market
- Abengoa Solar S.A.
- Acconia S.A.
- BrightSource Energy, Inc.
- SCHOTT AG
- Siemens AG
- Pratt and Whitney Rocketdyne, Inc.
Recent Trends in the Molten Salt Thermal Energy Storage Market
Malta Inc. stated in December 2021 that it had formed a deal with Bechtel to build numerous electro-thermal energy storage systems capable of supplying 150+ hours of backup.
Seaborg Technologies claimed in December 2021 that it has created a more effective molten salt storage solution using sodium hydroxide. The compound can hold more heat per salt unit, making it more efficient at storing energy while also requiring less salt. It is also around 90% less expensive than the cost of other salts used in industry.