Molten Salt Solar Energy Thermal Storage Market Size, Trends, Shares, and Forecast - 2031

MARKET OVERVIEW

The long-term renewable energy storage and low carbon power generation trends are contributing to the growth of the molten salt thermal storage market. Factors such as an increase in electricity consumption, a reduction in the cost per kilowatt of energy storage and regulations for cleaner fuels by governments will drive market growth over the forecast period. The demand for molten salt thermal energy storage is expected to increase in the near future due to large-scale projects for planned concentrating solar power plants worldwide.

MARKET SCOPE

The "Global Molten Salt Solar Energy Thermal Storage Market Analysis to 2031" is a specialized and in-depth study of the molten salt solar energy thermal storage industry with a focus on the global market trend. The report aims to provide an overview of global molten salt solar energy thermal storage market with detailed market segmentation by technology, storage material, and end user. The global molten salt solar energy thermal storage market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

The global molten salt solar energy thermal storage market is segmented on the basis of technology, storage material, and end user.

•   On the basis of technology, the market is segmented into Parabolic Troughs, Fresnel Reflector, Power Tower.
•   On the basis of storage material, the market is segmented into Water, Phase Change Material and Others
•   On the basis of end user, the market is segmented into Commercial and Industrial, Public Services and Residential.

MARKET DYNAMICS

Drivers:

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•   The increasing demand for energy from green energy sources would boost the molten salt thermal energy storage market growth in the forecast period.

Restraints:

•   Battery storage and pumped storage are one of the closest substitutes for thermal energy storage in molten salt. These are the major restraints to the growth of the molten salt thermal energy storage market.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive connector's market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.

IMPACT OF COVID-19

The outbreak of COVID-19 negatively impacted the Molten Salt Thermal Energy Storage market. Serious health crises around the world and several casualties led to the blockade around the world. Therefore, it stopped installing and implementing new renewable energy projects worldwide. In addition, renewable and clean energy investments have decreased due to lower economic capacity and supply chain disruptions. The deployment of renewable energy technologies in many markets was already threatened in early 2021 by funding, political uncertainty and grid integration, which had further exacerbated COVID-19. According to IEA forecasts, the number of new renewable energy installations decreased worldwide in 2021 due to the unprecedented global COVID-19 crisis. The decline is due to lockdown restrictions in various countries due to the pandemic, severely affecting the supply chain worldwide. Increasing government initiatives and investments in renewable energy technologies will drive the market's growth. However, the market is expected to see a steady increase in the total installed capacity of the molten salt thermal energy storage system.

MARKET PLAYERS

The report covers key developments in the molten salt solar energy thermal storage market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the molten salt solar energy thermal storage market are anticipated to provide lucrative growth opportunities in the future owing favourable government regulations for mitigating carbon emissions.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the molten salt solar energy thermal storage market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   Torresol Energy Group
•   BrightSource Energy, Inc.
•   Acciona AS
•   Abengoa SA
•   Yara International ASA
•   ENGIE Group
•   ACWA Power
•   Lanco Group
•   KVK Energy Ventures Ltd.
•   Ice Energy

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Molten Salt Solar Energy Thermal Storage Report Scope