Molten Salt Solar Energy Thermal Storage and Concentrated Solar Power (CSP) Market
Molten Salt Solar Energy Thermal Storage and Concentrated Solar Power (CSP) Market Size, Share & Trends Analysis Report by Type (Parabolic Trough Systems, Power Tower Systems, Dish/ Engine Systems, and Others), and by Application (Generate Electricity, Industrial Heating, and Others) Forecast Period (2023-2029)
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.
Segmental Outlook
The global molten salt solar energy thermal storage and CSP market is segmented based on type and application. Based on the type, the market is sub-segmented into parabolic trough systems, power tower systems, dish/ engine systems, and others. Based on the application, the market is sub-segmented into generate electricity, industrial heating, and others. Among the type, the parabolic trough system is anticipated to hold a prominent share of the market owing to its enhanced ability to concentrate solar energy. Parabolic trough is a set of concave mirrors that concentrate solar rays on the receiver tube that is in the focus. These troughs can track the Sun around one axis, typically oriented north–south to ensure the highest possible efficiency.
Among the application, generate electricity sub-segment is expected to hold a prominent share in the global molten salt solar energy thermal storage and CSP market. The primary factor bolstering segmental growth includes the rising demand for such systems to fulfill the electricity demand during peak hours. Molten salt is a heat storage medium that retains thermal energy very effectively over time and operates at temperatures greater than 1000°F, which matches well with the most efficient steam turbines. Furthermore, CSP technologies involve mirrors to concentrate and reflect sunlight onto a receiver. The energy from the concentrated sunlight heats a high temperature fluid in the receiver. Thus, this heat is known as thermal energy, and can further be used to spin a turbine or power an engine to generate electricity.
Regional Outlooks
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.
Global Molten Salt Solar Energy Thermal Storage and CSP Market Growth, by Region 2023-2029
European Region is Expected to Hold a Prominent Share of the Global Molten Salt Solar Energy Thermal Storage and CSP Market
Among all regions, the European region is expected to grow at a considerable CAGR in the market. Factors attributing to the regional growth include the wide availability of grid-connected solar power at a substantial cost across the region. According to the European Commission, based on the current costs, the current CSP capacity installed is expected to increase from 2.3 GW in 2020 to 4 GW by 2030. Furthermore, the region is focusing on expanding its solar power capacities by adopting various strategic alliances. For instance, in December 2022, the European Commission in collaboration with industrial market players, research institutions, associations, and others launched the European solar PV industry alliance. The alliance will help mitigate supply risk by securing diversification of supplies through more diverse imports and scaled-up solar PV manufacturing of innovative and sustainable solar PVs in the EU. Through this, the EU aims to reach REPowerEU objectives of over 320 GW of newly installed solar PV capacity by the end of 2025.
Market Players Outlook
The major companies serving the global molten salt solar energy thermal storage and CSP market include Abengoa SA, Acciona SA, ACWA Power, Brightsource Energy Inc., Engie SA, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. Key players are investing in research and development to further grow the business. For instance, in February 2022, Seaborg Technologies, a Danish manufacturer of molten salt nuclear reactors developed a storage system that uses renewable energy to heat salt with electrical heaters, based on two-tank molten salt storage designs developed for concentrated solar power plants.
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.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
4. Market Segmentation
4.1. Global Molten Salt Solar Energy Thermal Storage and CSP Market by Type
4.1.1. Parabolic Trough Systems
4.1.2. Power Tower Systems
4.1.3. Dish/Engine Systems
4.1.4. Others
4.2. Global Molten Salt Solar Energy Thermal Storage and CSP Market by Application
4.2.1. Generate Electricity
4.2.2. Industrial Heating
4.2.3. Others
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Abengoa, S.A.
6.2. Acciona, S.A.
6.3. ACWA Power
6.4. Alsolen
6.5. ALTO Solution
6.6. BrightSource Energy, Inc.
6.7. Engie SA
6.8. eSolar
6.9. KVK Energy and Infrastructure Private Limited (KEIL)
6.10. Novatec, Inc.
6.11. Orano SA
6.12. Shams Power
6.13. SolarReserve
6.14. Wilson Solarpower Corp.
6.15. Yara International ASA
1. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2029 ($ MILLION)
2. GLOBAL PARABOLIC TROUGH SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
3. GLOBAL POWER TOWER SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
4. GLOBAL DIS/ ENGINE SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
5. GLOBAL OTHER TYPES OF MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
6. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2029 ($ MILLION)
7. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP FOR GENERATING ELECTRICITY MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
8. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP FOR INDUSTRIAL HEATING MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
9. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP FOR OTHER APPLICATIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
10. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
11. NORTH AMERICAN MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2029 ($ MILLION)
12. NORTH AMERICAN MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2029 ($ MILLION)
13. NORTH AMERICAN MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2029 ($ MILLION)
14. EUROPEAN MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2029 ($ MILLION)
15. EUROPEAN MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2029 ($ MILLION)
16. EUROPEAN MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2029 ($ MILLION)
17. ASIA-PACIFIC MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2029 ($ MILLION)
18. ASIA-PACIFIC MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2029 ($ MILLION)
19. ASIA-PACIFIC MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2029 ($ MILLION)
20. REST OF THE WORLD MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2029 ($ MILLION)
21. REST OF THE WORLD MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY TYPE, 2021-2029 ($ MILLION)
22. REST OF THE WORLD MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2029 ($ MILLION)
1. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SHARE BY TYPE, 2021 VS 2029 (%)
2. GLOBAL PARABOLIC TROUGH SYSTEMS MARKET SHARE BY REGION, 2021 VS 2029 (%)
3. GLOBAL POWER TOWER SYSTEMS MARKET SHARE BY REGION, 2021 VS 2029 (%)
4. GLOBAL DISH/ ENGINE SYSTEMS MARKET SHARE BY REGION, 2021 VS 2029 (%)
5. GLOBAL OTHER TYPES IN MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SHARE BY REGION, 2021 VS 2029 (%)
6. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SHARE BY APPLICATION, 2021 VS 2029 (%)
7. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP FOR GENERATING ELECTRICITY MARKET SHARE BY REGION, 2021 VS 2029 (%)
8. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP FOR INDUSTRIAL HEATING MARKET SHARE BY REGION, 2021 VS 2029 (%)
9. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP FOR OTHER APPLICATIONS MARKET SHARE BY REGION, 2021 VS 2029 (%)
10. GLOBAL MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SHARE BY REGION, 2021 VS 2029 (%)
11. US MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
12. CANADA MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
13. UK MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
14. FRANCE MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
15. GERMANY MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
16. ITALY MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
17. SPAIN MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
18. REST OF EUROPE MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
19. INDIA MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
20. CHINA MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
21. JAPAN MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
22. SOUTH KOREA MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
23. REST OF ASIA-PACIFIC MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
24. REST OF THE WORLD MOLTEN SALT SOLAR ENERGY THERMAL STORAGE AND CSP MARKET SIZE, 2021-2029 ($ MILLION)
