MOLTEN SALT THERMAL ENERGY STORAGE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Growing thermal energy storage applications

While integrating renewable energy on the grid was the initial driving mission, molten salt thermal storage is now finding wider applications beyond that in other areas. With continual improvements being made to enhance cycle efficiency and reduce costs, the usage has expanded into diverse domains like process heating for industrial operations, space heating/cooling for buildings, and waste heat recovery from manufacturing and other industrial processes. Stored thermal energy can be utilized on-demand to meet process heating needs of various industries like food & beverages, chemicals, mining, etc. without reliance on fossil fuel boilers.

Some major process heating applications that benefit significantly are desalination plants, dairy product pasteurization, textile dying, rubber, and plastics manufacturing. By using molten salt to store excess heat or cold generated from their own operations, these industries can store energy when demand is low for use in off-peak hours, thereby optimizing energy consumption. Advancements are also being made to explore Molten Salt Thermal Energy Storage (TES) potential for district heating/cooling applications where a centralized storage system provides thermal demands for multiple buildings.

Additionally, there is increasing focus on research using molten salt storage to efficiently recover and utilize low grade waste heat from diverse industrial processes that currently goes unharnessed. Countries with stringent carbon emission norms are actively supporting such innovative applications of thermal storage to further decarbonize their industrial manufacturing activities. Rising energy costs along with the need to operate processes without disruption while balancing electric grid demands have also propelled market adoption. As commercialization takes off across various niche application areas, overall growth momentum of the molten salt thermal energy storage market is likely to strengthen in the coming years on a global scale.