Molten Salt Thermal Energy Storage Market By Storage Material (Sodium Nitrate, Potassium Nitrate, Calcium Nitrate, Others); By Application (Concentrated Solar Power [CSP], Industrial Heating, Desalination, District Heating & Cooling, Others); By End User (Utility-Scale Power Generation, Industrial Sector, Commercial Sector); By Geography, Segment Revenue Estimation, Forecast, 2024–2032.

The molten salt thermal energy storage market was worth USD 4.2 billion and is estimated to reach USD 9.8 billion with a CAGR of 12.5% by 2030. As the focus of the global energy system shifts towards decarbonization and energy security, molten salt TES systems bridge the gap between grid supply, reduction of energy wastage, and integration of large-scale solar energy.

 

Thermal energy storage is a significant element in the renewables industry, specifically for CSP facilities, to hold thermal energy. The use of molten salts as a heat transfer and storage material makes these systems very effective in storing solar energy when it is not available, hence improving the reliability and efficiency of solar power plants.

 

Storage Solutions of the Future: Enhancing CSP Efficiency with TES

Increase Usage of Renewable Energy Sources

Governments globally have placed firm goals regarding the usage of renewable forms of energy. For instance, the EU has set the target of attaining 40% renewable energy consumption by the year 2030, which has encouraged investment in CSP plants with Met salt TES systems. These storage systems remove the problems of intermittency in solar power thus enabling it to act as a power source.

 

Cost reduction in energy storage

In recent decades, various technologies have made it less expensive to produce molten salts like nitrate mixtures. For example, changes in material protection such as heat hazard has reduced overall system costs thus improving financial feasibility of TES systems.

 

Environment Rules and Low Carbonization Targets

Governments are increasingly focusing on phasing out the use of fossil fuels with policies like the IRA in the United States. TES technologies are crucial instruments to achieve these objectives, especially in regions endowed with abundant solar heat, be it California or the Middle East.

 

Increased efficiency of molten salt TES systems

When compared to other energy storage technologies, molten salt TES presents capabilities of thermal efficiencies ranging from 90% to 99%. This high performance has made it the go to option for CSP installations like the Noor Energy 1 Plant located in Dubai which uses molten salt to storage energy for up to 15 hours.

 

Emerging Markets and TES: A New Frontier in Sustainable Energy

Integration with Hybrid Systems: Integrating MSC TES with wind or PV power systems offers possibilities for constant renewable power generation. Such plants are hybrids, as exemplified by the Noor Ouarzazate Solar Complex in Morocco.

 

Emerging Markets: Asian Pacific and African developing countries are embracing CSP projects since their energy demand is rising. The TES system is expected to be integrated into the Bhadla Solar Park facility in India to improve the efficiency of operations.

 

Addressing TES Adoption Barriers in Cost-Sensitive Markets

High Initial Capital Costs

Molten salt TES systems, therefore, face the challenge of high capital costs, with installation costs ranging between $60 to $80/kWh, which is relatively high compared to lithium-ion batteries. Maintenance costs can also be higher due to the corrosive properties of molten salts at high temperatures on the materials in the HTF.

 

Storage Innovations: Exploring Material Frontiers in Molten Salt TES

By Storage Material

• Sodium Nitrate

• Potassium Nitrate

• Calcium Nitrate

• Others

 

By Application

• Concentrated Solar Power (CSP)

• Industrial Heating

• Desalination

• District Heating & Cooling

• Others

 

By End User

• Utility-Scale Power Generation

• Industrial Sector

• Commercial Sector

 

By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

 

The Sodium Nitrate Surge: Dominating TES Storage Materials

By Storage Material: Sodium Nitrate and Potassium Nitrate

TES with Nitrate Salt Systems have higher thermal stability and operate at a wider temperature range (300oC - 565 C) and thus are most prevalent in the market. Abengoa is a Spanish multinational company that has Solana Generating Station in Arizona which uses nitrate salts in energy storage with a capacity of six hours.

 

Leading Segment by Application: Concentrated Solar Power (CSP)

The CSP segment accounted for approximately 70% of the molten salt TES market in 2023, with an expected CAGR of 9.5% by 2030. Concentrated Solar Power (CSP) Plants dominate the industry with a market share of over 60% due to the increasing popularity of CSP systems in regions with high solar radiation, such as Spain and North Africa. This segment is driven by the reliability of molten salt storage systems in delivering dispatchable power.

 

Asia-Pacific’s Solar Boom: TES Expansion in Emerging Economies

North America is the largest region for revenue accounting for one-third of the total market revenue in 2023. The United States is the largest CSP installer due to government incentives and laboratories, such as Sandia National Laboratories. Ivanpah Solar Power Project, located in California, uses molten salt storage in order to deliver electricity more efficiently.

 

Europe is the second largest market, with considerable revenue share in 2023. Due to the EU legislative objectives with respect to renewable energy, CSP and TES investments have been stimulated more specifically in Spain and France. Spain’s technologically advanced Gemasolar Plant employs molten salt for 15 hours energy storage.

 

Asia-Pacific is the Fastest-Growing Region and is expected to expand at a rapid rate. China and India, in particular, have revealed impressive interest in the deployment of CSP technology. China uses molten salt TES at the Delingha Solar Thermal Power Plant to boost capacity.

 

Shaping Energy Futures: Leading TES Innovators

• BrightSource Energy, Inc.

• Abengoa Solar, S.A.

• Siemens Energy

• GE Renewable Energy

• SolarReserve

• TSK Flagsol Engineering

• ACWA Power

• Aalborg CSP

• EnergyNest

• Schott AG

• Linde Group

 

TES and Hybrid Renewables: Shaping the Next Energy Frontier

There are great opportunities for the Molten Salt Thermal Energy Storage market growth due to the constant improvement of CSP technology and the global trend towards renewable energy implementation. New developments in molten salt composition and the reinforcement of hybrid energy storage systems should reduce costs while enhancing efficiency. Asia and African markets will have a bigger influence, while Europe and North America will be leading in technology development.

 

The importance of molten salt TES is expected to grow as governments around the globe continue to seek ways to meet decarbonization targets. New entrants and more sustainable approaches will also increase market prospects and place molten salt TES as an important pillar of RES by 2030.