Market Size of Molten Salt Thermal Energy Storage Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 1.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Molten Salt Thermal Energy Storage Market Analysis
The Molten Salt Thermal Energy Storage Market is expected to grow at a CAGR of more than 1.50% over the forecast period.
The market was slightly affected by the outbreak of COVID-19 in terms of project delays. However, the market rebounded in 2021.
- Over the long term, factors such as an increase in electricity consumption, decreasing the cost per kilowatt for energy storage, and a push by governments for cleaner fuel are expected to boost the market.
- On the other hand, the higher price of solar energy storage relative to fossil fuels is expected to restrain the market.
- However, new types of molten salt are under the research and development stage, like an increase in the stabilization of molten salts with the use of metal chloride. Innovations in the sector can spell an opportunity for market players.
