Key Trends Driving Global Salt Thermal Energy Storage (TES) Market


Published Date : Feb 24, 2016

The global molten salt thermal energy storage market is projected to expand massively in the coming few years. Molten salt can be utilized as a thermal energy storage method in order to retain thermal energy collected by a solar trough or a solar tower, which is part of a concentrated solar power plant. This can be used to generate electricity during bad weather or during night in absence of the sun. This technology is projected to gain a significant amount of momentum in the coming few years. Let us look at the key drivers of the global molten salt thermal energy storage market.

Key Drivers of Global Salt TES Market
The global molten salt thermal energy storage market will be driven by the growth observed in variable renewable energy (VRE) drives, which is pushing the adoption of molten salt thermal storage technologies. In addition to this, the global molten salt thermal energy storage market will also benefit from the growing desire of consumers for access to reliable and affordable electricity.

The global molten salt thermal energy storage market will also benefit from the trend of deferral of distribution and transmission upgrades via deploying molten salt thermal energy storage technologies. Players in the global molten salt thermal energy storage market will benefit from the trend of latent heat storage, which is advancing as an emerging application area of molten salt thermal energy storage systems.

Global Salt Thermal Energy Storage (TES) Market Dominated by Europe
On the basis of region, the global molten salt thermal energy storage market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and Central and South America. Europe, led by Spain was noted as the largest market for molten salt TES systems. This region is projected to continue its dominance in the coming few years. This regional market is propelled by the growing share of renewable energy sources in this region. Another trend driving this regional market is the high emphasis on energy efficiency.

The key players operating in the global molten salt thermal energy storage market are AREVA, Abengoa Solar, BrightSource Energy, SCHOTT, and Acciona.