Molten Salt Thermal Energy Storage Market to Rise at 24.7% CAGR from 2015 to 2023
Molten salt thermal energy storage is also expected to reduce peak energy demand, carbon dioxide emissions, and energy consumption by end-consumers.
The report on the molten salt thermal energy storage market discusses how the pressing need for effective energy storage will, in turn, shape the future of the global molten salt thermal energy storage market. The demand for energy storage and conversation is currently as essential as energy generation itself. In the wake of these emerging changes, the renewable energy sector will increasingly look toward molten salt thermal energy storage as a viable option. This also explains why the market is poised for a CAGR just shy of 25% from 2015-2023.
Forecasts are provided for the period ranging from 2015 to 2023, with 2014 being the base year. Market growth forecasts and projections have been expressed in both revenue (US$ mn) and volume (TWh) terms. The report conducts an assessment of the leading companies, their investments, and financial position in the global molten salt thermal energy storage market.
For the purpose of this study, the market for molten salt thermal energy storage has been segmented on the basis of geography into: North America, Asia Pacific, Europe, Central and South America, and Middle East and Africa. Key national markets within each of these regions have been studied in the report.
The Industry Analysis section of the report examines the industry value chain and opportunities that lie therein. It also studies the market drivers, restraints, and opportunities in the market for molten salt thermal energy storage in detail. The Porter’s Five Forces Analysis technique is applied at this stage to understand the bargaining power of buyers, suppliers, and new entrants. The report then goes on to offer a highly detailed analysis of the uptake of molten salt thermal energy storage in national markets. The report concludes with comprehensive profiles of leading players in this space.
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Overview of the Molten Salt Thermal Energy Storage Market
Molten salt as an energy storage medium doesn’t currently enjoy large-scale acceptance, but will progressively gain in popularity over the next few years. As a result of this, the demand for molten salt thermal energy storage will begin to see an uptick toward the end of the current decade. The expansion of the molten salt thermal energy storage market is also directly proportional to the growth of the solar energy industry.
It is projected that the global market for molten salt thermal energy storage will log an unprecedented 24.7% CAGR from 2015 through 2023. For the most part, growth in this market will result from fresh investments in renewable energy storage based on molten salt. Europe was, by far, the most lucrative region in the global molten salt thermal energy storage market, with Spain taking the lead. The country has at least 22 concentrated solar power projects with a collective capacity of 15 GW. Of these, projects that are currently under construction carry a combined capacity of 1,037 MW. The United Kingdom, too, has been at the forefront of investments and innovation in molten salt thermal energy storage, backed by a government that’s focused on meeting its green energy goals. European countries are currently governed by the EU Climate Action Plan and are strong target markets for companies offering thermal energy storage using molten salt.
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