Molten Salt Thermal Energy Storage (TES) Market Plying for Significant Growth During 2023
Pratt
and Whitney Rocktdyne, Inc., Siemens AG, SCHOTT AG, BrightSource
Energy, Inc., AREVA, Acciona S.A., and Abengoa Solar S.A. – the key
players in the global molten salt thermal energy storage (TES)
market, have established a market presence significant enough to make
their products highly valued among end users globally. Besides the
above key players, the remainder of the global market for molten salt
thermal energy storage comprises of a large number local players.
These players form a largely fragmented supply and distribution chain
for molten salt TES across the world and therefore have to compete
with the key players in most regions.
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Report Overview @
According
to a new research report published by Transparency Market Research,
the market for molten salt thermal energy storage is extremely
appealing to new entrants owing to its rapid increase in demand and
its relatively nascent stage of development. However, key barriers
for new entrants include very strict regulations pertaining to
chemicals and materials used. They need to be in compliance with the
constantly strengthening EPA emission standards and other applicable
regulatory frameworks. The threat of new players is therefore
expected to remain medium till 2023.
The
global market for molten salt thermal energy storage is expected to
progress at a CAGR of 24.7% in terms of revenue. Global revenue is
expected to reach US$480.5 mn by the end of 2023 and is expected to
reach US$2.5 bn by the end of 2023. In terms of installation
capacity, the global market for molten salt TES is expected to expand
at a CAGR of 20.8% from 2015 to 2023.
VRE
Demand Increases Rapidly, Supplementing Adoption of Molten Salt TES
“There
is a high demand for variable renewable energy (VRE) across the world
today, and it is only going to increase in the future,” states a
TMR analyst. “The use of VRE not only allows for a more consistent
power supply, but also helps reduce the overall emissions of a
region’s power industry.”
De-carbonization
of the power sector in the midst of an escalating power consumption
is no mean task, but it can be easier to accomplish with the help of
VRE combined with especially molten salt thermal energy storage. This
technology falls right into the type that governments are looking for
in order to conform to preset emission cuts and nonrenewable fuel
dependence reduction.
In
fact, the requirement of molten salt thermal energy storage is
expected to increase at an accelerated rate owing to the rapid
adoption of VREs such as solar and wind, as a growth in these power
generation techniques cannot be feasibly implemented as a complete
substitute to nonrenewable energy without efficient power storage
facilities.
Challenges
in Grid Interconnection Slow Down Developments in Molten Salt TES
The
key barrier for most organizations adopting molten salt thermal
energy storage is the high upfront investment required to set up such
an energy storage system. In fact, out of the total system
expenditure, nearly 30% to 40% will usually go towards installing a
molten salt thermal energy storage.
This
creates a major barrier for small and medium companies looking to
adopt VRE as a mainstay power generation technique.
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Massive
Swing in Regional Demand for Molten Salt TES from APAC and MEA
The
Middle East and Africa region is expected to take up a sizeable share
of 30.7% in molten salt TES market revenue by the end of 2023. This
is a major upshot from the nearly non-existent market space in 2014,
a time when Europe held a massive revenue share in this market. A
similar growth in market share is expected of Asia Pacific by 2023.
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