Molten salt solar energy thermal storage and CSP market is anticipated to grow at a considerable CAGR of 18.7% during the forecast period. Molten salts are typically made up of 60% sodium nitrate and 40% potassium nitrate, and the salts melt at approximately 220°C. Molten salts are often used with concentrating solar power (CSP) plants to store thermal energy for electricity generation. The market growth is attributed due to the growing demand and consumption of electricity across the globe. As per the International Energy Agency (IEA), global electricity consumption increased by 5.5% in 2021 and reached 22 848 TWh. These storage and power systems possess large-scale storage capacity, thus widely being used across the globe. Thermal energy storage technology allows the storage of energy temporarily for later utilization from heat, ice, cold air, salts, and water. These systems are primarily used to fulfill the energy requirements coupled with the demand for efficient heating and cooling systems. Furthermore, the system provides energy storage by cooling, vaporizing, heating, melting, or solidifying a material by making the energy available when the process is reversed.
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The global molten salt solar energy thermal storage and CSP market is further segmented based on geography including North America (the US and Canada), Europe (UK, Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the Middle East and African region is expected to provide opportunities for the market due to the planned investment focused on mobilizing concessional financing and grants to support CSP scale up in the region, coupled with abundant solar resources.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Molten Salt Solar Energy Thermal Storage and CSP Market by Type
- Parabolic Trough Systems
- Power Tower Systems
- Dish/Engine Systems
- Others
Global Molten Salt Solar Energy Thermal Storage and CSP Market by Application
- Generate Electricity
- Industrial Heating
- Others
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Abengoa, S.A.
- Acciona, S.A.
- ACWA Power
- Alsolen
- ALTO Solution
- BrightSource Energy, Inc.
- Engie SA
- eSolar
- KVK Energy and Infrastructure Private Limited (KEIL)
- Novatec, Inc.
- Orano SA
- Shams Power
- SolarReserve
- Wilson Solarpower Corp.
- Yara International ASA
The Report Covers
- Market value data analysis of 2023 and forecast to 2029.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global molten salt solar energy thermal storage and CSP market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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