NOIDA, India, July 11, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights the Molten Salt Thermal Energy Storage Market is expected to grow at a CAGR of around 6% from 2021-2027. The analysis has been segmented into Technology (Parabolic Troughs, Fresnel Reflector, and Power Tower and others); Region/Country.
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The Molten Salt Thermal Energy Storage market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyzes to get a closer outlook on the Molten Salt Thermal Energy Storage market. The Molten Salt Thermal Energy Storage market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Molten Salt Thermal Energy Storage market at the global and regional levels.
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Molten salt is used as a heat transfer fluid (HTF) and thermal energy storage (TES) in solar power plants. Molten salts can be employed as a thermal energy storage method to retain thermal energy. Presently, this is a commercially used technology to store the heat collected by concentrated solar power (CSP) (eg, from a solar tower or solar trough). Concentrated solar power systems generate solar power by using mirrors or lenses to concentrate a large area of sunlight onto a receiver. Electricity is generated when the concentrated light is converted to heat (solar thermal energy), which drives a heat engine (usually a steam turbine) connected to an electrical power generator or powers a thermochemical reaction.
Furthermore, trends are shifting towards producing energy form renewable power sources to reduce carbon emissions and new technologies are being invented to store energy in any alternate form and use it when required. Therefore, to make renewable energy more viable energy storage systems are installed in order to store energy during low demand and consume during peak time. Thus, surging demand of energy from green energy sources would boost the market..
The outbreak of COVID-19 had an adverse impact on the Molten Salt Thermal Energy Storage market. Severe health crisis across the world and several consequences that led to lockdown across the globe. Hence, disrupted the installation and deployment of new renewable energy projects across the globe. In addition, Investment in renewable and clean energy fell due to lower economic capacity & disruption in the supply chain. However, market is expected to witness steady rise in overall installed capacity of molten salt thermal energy storage system.
The global Molten Salt Thermal Energy Storage market report is thoroughly studied with several aspects that would help stakeholders in making their decisions more curated.
Based on technology, the market is segmented into Parabolic Troughs, Fresnel Reflector, and Power Tower. Among all, the power tower category held significant market share by 2027. This mainly due to the factors such as an increase in electricity consumption, push by governments for cleaner fuel, and decreasing the cost per kilowatt for energy storage. For instance, In 2021, the US National Renewable Energy Laboratory (NREL) estimated cost of electricity from concentrated solar with 10 hours of storage at storage $0.076/kWh in 2021, $0.056/kWh in 2030, and $0.052/kWh in 2050.
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Molten Salt Thermal Energy Storage Market Geographical Segmentation Includes:
North America (United States, Canadaand Rest of North America)
Europe (Germany, United Kingdom, Italy, France, Spainand the Rest of Europe)
Asia-Pacific (China, India, Australia, Japanand the Rest of Asia-Pacific)
Rest of the World
For a better understanding of the market adoption of Molten Salt Thermal Energy Storage , the market is analyzed based on its worldwide presence in the countries such as North America (United States, CanadaRest of North America), Europe (Germany, France, Spain, United Kingdomand Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Based on the estimation, China is likely to witness high growth due to stringent government regulations leading to surge in demand for renewable source of energy which need Molten Salt Thermal Energy Storage (TES) system to store energy in low consumption hours and use it later in peak consumption hours.
The major players targeting the market include
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Molten Salt Thermal Energy Storage market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements in the Molten Salt Thermal Energy Storage market?
Which factors are influencing the Molten Salt Thermal Energy Storage market over the forecast period?
What are the global challenges, threats, and risks in the Molten Salt Thermal Energy Storage market?
Which factors are propelling and restraining the Molten Salt Thermal Energy Storage market?
What are the demanding global regions of the Molten Salt Thermal Energy Storage market?
What will be the global market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by global companies?
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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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