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

One of the major challenges hindering the growth of the global molten salt thermal energy storage market is the high costs associated with the initial investment required for setting up a molten salt thermal energy storage system. These systems involve extensive infrastructure for the storage tanks, piping networks, heat exchangers, and other auxiliary equipment. The high energy density achieved through molten salt storage also necessitates robust and corrosion resistant materials like Hastelloy alloys which further escalates costs. Additionally, maintenance and operational costs over the lifetime of the project also remain significant. The specialized nature of technology and components also limits mass production capabilities further driving up costs. Financing such large capital outlays remains a major hurdle especially for developing countries and niche applications with uncertain return on investment timelines.

Market Opportunity - Development of advanced molten salt mixtures with low freezing points for market

One of the key opportunities for the global molten salt thermal energy storage market is the development of advanced molten salt mixtures that have lower freezing points compared to the state-of-the-art nitrate salt combinations currently used dominantly. Such mixtures that remain liquid at sub-zero temperatures can significantly expand the applications of molten salt storage to include seasonal storage schemes, concentrating solar power plants in cold climates and other industrial process heating needs where winter operation is essential. Ongoing research efforts are experimenting with salt formulations incorporating additives like lithium, potassium, and magnesium to develop eutectic mixtures with freezing points well below zero degree Celsius. Successful commercialization of such advanced salt mixtures can unlock new revenue streams and drive faster adoption of molten salt technology across diverse geographic regions and applications. Wide availability of low freeze point salts will also encourage second life applications of retired salts from CSP plants.