The Molten Salt Thermal Energy Storage Market is anticipated to climb from USD 1.554 billion in 2025 to USD 3.128 billion by 2030, with a 15.02% CAGR.
The molten salt thermal energy market is estimated to increase in the forecast period. The factors responsible for the growth of the market are an increase in the population which has led to an increase in the consumption of energy and initiatives taken by the government for the use of renewable sources of energy will boost the market growth in the coming years. Another reason for the use of molten salt thermal energy is the decrease in the cost per kilowatt for the storage of energy.
Concentrating solar power (CSP) technologies are considered to have a key advantage over photovoltaic systems. In this, the solar radiations are captured and then transferred to thermal storage to enable the generation of electricity when the sun is not shining or during the late nights or early evenings.
The market of molten salt thermal energy storage is estimated to be dominated by the Asia Pacific region, wherein China and India will be the leaders driving the market. China has invested heavily in renewable resources. According to the vice-chairman of the China Photovoltaic Industry Association (CPIA) the solar capacity of China has increased by more than fivefold since 2015 and it is estimated to double in the coming five years. On the other hand, India has set a target of generating 175 GW of clean energy capacity by 2022.
The major players in the market are Torresol Energy Group, BrightSource Energy, Inc., Acciona AS[1], Abengoa SA, Yara International ASA, ENGIE Group, ACWA Power, Lanco Group, KVK Energy Ventures Ltd, and others. The companies compete with each other by entering into a joint venture, merger, and acquisition to expand their reach and global presence.
Segmentation