Global Molten Salt Thermal Energy Storage market projected to grow significantly by 2033.

From GlobeNewswire: 2024-08-26 20:00:00

The Global Molten Salt Thermal Energy Storage Market is projected to grow from USD 7.07 billion in 2023 to USD 29.1 billion by 2033, with a 15.20% CAGR. Molten salt is a phase-changing substance used for thermal energy storage. It is liquid when thermal energy is added, offering reliable solutions for renewable energy generation. Parabolic trough systems lead in market share and are favored for their efficiency, reliability, and affordability. The power generation segment is expected to have the highest market share due to the increasing need for effective energy storage solutions, especially for concentrated solar power facilities. Europe is estimated to dominate the market, with significant investments in renewable energy technologies and molten salt thermal energy storage systems. North America is expected to grow rapidly, driven by the adoption of renewable energy sources like solar and concentrated solar power facilities. Key players in the market include SENER Grupo de Ingenieria S.A., ACWA Power, Yara International ASA, and others. China plans to build the first nuclear power plant using molten salt thorium, showcasing innovative uses for molten salt in energy production. Market segments include type (parabolic trough systems, power tower systems, dish/engine systems, others) and application (power generation, district heating and cooling, process heating and cooling) across global regions.



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