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

Regional Analysis

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North America has dominated the molten salt thermal energy storage market for a long time. The region is expected to hold 38.7% of the market share in 2024. The presence of major established players in countries like the U.S. has given the region an edge. Companies have undertaken substantial research and development which has allowed them to commercially deploy projects ahead of other regions. This has contributed to North America’s dominance as utilities and large industrial players look for innovative storage solutions to balance the grid with higher integration of renewable energy sources. The favorable policy environment promoting renewable energy adoption along with incentives for research have favored scaling up of molten salt technology in the region over others.

The Asia Pacific region has emerged as the fastest growing market for molten salt storage globally in recent years. Rapid industrialization and rising energy demand from countries like China and India have increased the focus on developing alternative energy sources to meet the needs of a growing population. Given the presence of huge solar and wind potential, these nations are exploring large scale energy storage as a key enabler to leverage renewables for baseload power requirements. This makes molten salt storage an attractive technology choice. Additionally, low cost of manufacturing and regional availability of raw materials provides a competitive edge for system integrators and suppliers in Asia Pacific to tap new project opportunities. The growing exports particularly to Middle Eastern and European markets also reinforce the region’s prominence as a strategic market for long term growth in the molten salt thermal energy storage domain.