Molten Salt Solar Energy Thermal Storage and Concentrated Solar Power (CSP) Market Size, Share, Growth, and Industry Analysis, By Type (Parabolic Trough Systems, Power Tower Systems, Dish/Engine Systems and Others), By Application (Generate Electricity, Industrial Heating and Others) Regional Forecast to 2026

Updated On: 22 April 2024

REPORT OVERVIEW

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The global molten salt solar energy thermal storage and concentrated solar power (CSP) market size was USD 5083.7 million in 2019. As per our research, the market is projected to touch USD 23940 million by 2026, exhibiting a CAGR of 24.5% during the forecast period.  The global COVID-19 pandemic has been unprecedented and staggering, with the molten salt solar energy thermal storage and concentrated solar power (CSP) market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Molten Salt Solar Energy Thermal Storage and Concentrated Solar Power (CSP) are two technologies that are closely related and play important roles in the renewable energy landscape. Concentrated Solar Power (CSP) systems rely heavily on molten salt thermal energy storage. It entails storing and transferring thermal energy generated by concentrating solar collectors using molten salt as a medium. CSP facilities may store this thermal energy for use during low-light periods, maintaining a steady power supply.

The global molten salt thermal storage market was expanding at a moderate pace, owing to the increasing deployment of CSP technology and the demand for reliable, dis-patchable renewable energy. CSP projects were being funded by governments and utilities as part of their renewable energy portfolios and attempts to minimise greenhouse gas emissions.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The renewable energy business, like many others, experienced supply chain disruptions as a result of worldwide factory lockdowns, restrictions, and interruptions. This had an impact on the manufacturing and deployment of CSP and molten salt storage components. Due to labour shortages, travel limitations, and logistical obstacles, many CSP projects encountered construction and commissioning delays. Project time-frames and expenses were impacted by delays. The pandemic's economic instability generated some concern in renewable energy projects. Some project finance and investments were temporarily halted or subjected to increased scrutiny.

LATEST TRENDS

"Hybridization and Energy Storage Integration to Grow Market Potentially"

Molten salt solar energy thermal storage and concentrated solar power (CSP) facilities were rapidly being hybridised with other energy sources, such as natural gas or biomass. This enabled continuous electricity generation even when solar resources were lacking. The concept of mixing CSP with other renewable energy sources such as photovoltaics (PV) and wind to produce hybrid renewable energy plants was gaining traction. These hybrid solutions improved grid stability and flexibility. A notable trend was the use of thermal energy storage utilising molten salt. It enabled CSP plants to generate dis-patchable power, minimising the intermittency difficulties associated with solar energy. Thermal storage technology advancements sought to boost energy density, prolong storage periods, and improve overall system reliability.

SEGMENTATION

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By Type

Based on type the molten salt solar energy thermal storage and concentrated solar power (CSP) market is classified as parabolic trough systems, power tower systems, dish/engine systems and others.

By Application

Based on application the molten salt solar energy thermal storage and concentrated solar power (CSP) market is classified as generate electricity, industrial heating and others.

DRIVING FACTORS

"Clean and Renewable Energy Transitions to Boost the Market Growth "

The global shift towards cleaner, more sustainable energy sources is a primary driver of CSP and molten salt thermal storage. These technologies provide a dependable supply of renewable energy, assisting in the reduction of greenhouse gas emissions and combating climate change. Many governments and regions have established high renewable energy objectives and pledged to cut carbon emissions. CSP helps to reach these aims by supplying dependable and dis-patchable renewable energy.

"Improved Energy Storage and Energy Security to Multiply the Market Share"

There was ongoing research to produce new materials for molten salt storage that could work at greater temperatures, improving overall efficiency and lowering costs. The ability to store and dispatch energy is becoming increasingly crucial as renewable energy sources such as solar and wind are integrated into the system. CSP with molten salt storage is a valuable solution for grid stability and dependability. CSP provides energy security by supplying power even when the sun is not shining. This is especially useful in areas with unreliable energy supplies or those looking to lessen their reliance on fossil fuels.

RESTRAINING FACTORS

"High Initial Cost, Land and Space Requirements to Restrain the Market Growth"

CSP systems, particularly those with thermal storage, can have substantial initial capital expenditures. Large-scale CSP plant construction and the installation of specialised equipment, like as parabolic troughs or heliostat fields, necessitate substantial investments. CSP facilities necessitate a significant quantity of land or space to house the solar collectors and accompanying infrastructure. This can be a problem in locations where land is limited or expensive. Therefore, the high cost, land and space requirements thus restraining the molten salt solar energy thermal storage and concentrated solar power (CSP) market growth.

REGIONAL INSIGHTS

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"North America Region to Dominate the Market with High Solar Potential"

Areas like as California, Arizona, and Nevada, has long been a leader in CSP development. Molten salt thermal storage is gaining popularity, particularly in areas with strong solar potential, like as the Southwest United States. The combination of ample sunlight and favorable legislation, such as renewable portfolio standards and government incentives, has resulted in the development of multiple CSP units in this region. All these factors combined are significantly contributing in the regions molten salt solar energy thermal storage and concentrated solar power (CSP) market growth.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The molten salt solar energy thermal storage and concentrated solar power (CSP) market share is highly competitive and has both international and local participants. The majority of businesses engaged in the proton exchange membrane fuel cell market are heavily investing in R&D and capacity expansion. Some of the others are concluding fresh contracts with neighborhood businesses to jointly develop innovative goods or look for new business prospects in the proton exchange membrane fuel cell industry.

List of Market Players Profiled

• BrightSource Energy (U.S.)
• Abengoa (U.S.)
• Orano (France)
• Acciona (Spain)
• ESolar (U.S.)
• SolarReserve (U.S.)
• Wilson Solarpower (U.S.)
• Novatec (Spain)
• Shams Power (U.A.E)
• ACWA (U.A.E)
• SUPCON (China)
• Thai Solar Energy (Thailand)
• Sunhome (China)
• SENER (Spain).

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.