The
global molten salt thermal energy storage market was valued at
US$266.2 million in 2014 and is anticipated to reach US$2.5 bn by
2023, expanding at a CAGR of 24.7% between 2015 and 2023.
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Molten Salt Thermal Energy Storage Market the full report at
http://www.transparencymarketresearch.com/molten-salt-thermal-energy-storage-market.html
Molten
salt is a mixture of 60% sodium nitrate and 40% potassium nitrate; it
stores energy at 566oC in a hot molten salt storage tank for use any
time until electricity is needed, i.e. day or night, in the presence
or absence of sunlight, during off-peak/normal operation hours or
peak hours. Storage of energy in molten salt increases the overall
reliability of solar plants and enables them to operate 24/7,
providing base load power for both on-grid and off-grid applications.
Molten salt increases the net annual output of a solar energy plant,
helps avoid high fuel costs, and facilitates continuous power
generation.
Increased
adoption of renewable energy sources for power generation and growing
demand for efficient, reliable, and price-competitive electricity are
some of the factors boosting the growth of the market. Molten salt
thermal energy storage allows solar plants to be designed in such a
way that they optimize the electricity load profile according to the
market fluctuations in terms of electricity demand. Some of the
characteristics of molten salt are high energy density, low melting
point, and low power generation costs as compared to those of oils,
rocks, and concrete.
Molten
salt has low vapor pressure and acts as a storage medium with large
storage temperatures of up to 500oC. Molten salts are
environment-friendly and cheaper than the synthetic oils that are
currently used in power generation applications. However, heat
sources such as electric heating or fossil fuels are required to
maintain the high temperature of molten salt when solar power is
unavailable due to poor weather conditions.
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Increasing
adoption of variable renewable energy in the power generation
portfolio worldwide is the primary driver for the growth of the
molten salt thermal energy storage market. The rapid adoption rate of
molten salt technologies, coupled with the goals regarding
de-carbonization and energy security set by governments across the
world, would propel the demand for molten salt thermal energy storage
technology globally. The economical application of molten salt
thermal energy storage technology would allow flexibility in the use
of variable renewable energy (VRE) such as solar and wind when
required, and increase the reliability of power supply by VRE. Molten
salt thermal energy storage technology can help nations across the
globe promote energy independence and reduce carbon emissions.
Key
participants in the global molten salt thermal energy storage market
include Abengoa Solar S.A., Acciona S.A., AREVA, BrightSource Energy,
Inc., SCHOTT AG, Siemens AG, and Pratt & Whitney Rocketdyne Inc.
The report provides an overview of these companies, followed by their
financial revenues, business strategies, and recent developments. The
global molten salt thermal energy storage market has been segmented
as follows:
Browse
Press Release
http://www.transparencymarketresearch.com/pressrelease/molten-salt-thermal-energy-storage-market.htm
Global
Molten Salt Thermal Energy Storage Market: Regional Segment Analysis
North
America
- U.S.
- Rest of North America
Europe
- Spain
- Rest of Europe
Asia
Pacific
- India
- China
- Japan
- Rest of Asia Pacific
Middle
East and Africa (MEA)
- South Africa
- Israel
- Morocco
- Rest of MEA
Central
and South America (CSA)
- Chile
- Brazil
Browse
TMR Blog Energy Reports :
http://www.tmrblog.com/search/label/Energy
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