Molten Salt Thermal Energy Storage (TES) Demand for Variable Renewable Energy.
Despite increasing demand for alternative power sources, limitations on renewable technologies and unpredictable operating profiles inhibit the proliferation of thermal storage technologies around the world. However, it is possible to mitigate such limitations by capitalizing on the highly efficient capacity of molten salt for heat transfer. This technology efficiently insulates electricity generation from volatile weather conditions and other impacting factors and enables the dispatch of electricity as and when needed, without having to use natural gas. With thermal storage touted as the future of renewable energy initiatives, the global market for molten salt thermal energy storage (TES) is expected to exhibit an incredible growth curve in the forecast period.
The global molten salt TES market is segmented on the basis of geography. The regional segments of the market include Asia Pacific, Central and South America (CSA), Europe, the Middle East and Africa, and North America. These regional segments are further classified into country-wise sub-segments.
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The report presents a holistic overview of the global molten salt TES market with insights into the factors that will fuel or inhibit the market. It compiles key elemental information and relevant data obtained from industrial sources as well as proprietary databases. Using industry-leading analytical tools such as SWOT analysis, the strengths, weaknesses, opportunities, and threats of the leading market players are studied in the report. The effect of Porter’s five forces is also evaluated in detail in the report.
Molten salt TES is likely to reduce peak energy demand, bring down the overall energy consumption by end users, and curb carbon dioxide emission. In the forthcoming years, the use of molten salt TES is anticipated to increase, subsequently increasing the share of renewable power, especially solar and wind energy, in the global energy scenario. For instance, CSP or concentrated solar power plants are already deploying molten salt thermal energy storage technologies to be able to generate electricity even in the absence of sunlight.
The molten salt TES market has emerged as a highly profitable market due to the optimized costs, high performance, and high reliability of the systems deployed. The most crucial advantage of molten salt TES energy storage is that it helps in reducing the energy demand during peak hours. This technology is already used in centralized systems across several industries, in district heating, power plants, and in cooling systems. Molten salt TES storage systems are also used as distributed systems in commercial and residential buildings that store solar power for the space.
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The global molten salt TES market was dominated by Europe in 2014, with Spain at the forefront. Spain has recently emerged as the hub of technology developers, with about 22 CSP projects in the country expected to generate approximately 15 GW. Out of this, 1,037 MW is already under construction. Furthermore, significant support from governments in Europe propel the molten salt TES market in the region.
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