Global Molten Salt Thermal Energy Storage Market 2019-2023
About this market
In the commercial and industrial (C&I) sectors, downtime caused by power outages leads to huge losses for the companies. For commercial and industrial sectors, such as the manufacturing, engineering and construction, pharmaceutical and healthcare, oil and gas, industrial farming, mining, energy, aerospace, petrochemical, warehousing, and distribution sectors, power backup is crucial for smooth operations. Many mission-critical businesses, from data centers to financial institutions, can incur losses by even a short power outage. Morten salt thermal energy storage solutions help reduce utility costs and improve power reliability and quality. Many companies have started investing in energy storage to overcome the challenges with power outages. Therefore, the increased need for power backup across industries will drive the global molten salt thermal energy storage market during the forecast period. Technavio’s analysts have predicted that the molten salt thermal energy storage market will register a CAGR of over 4% by 2023.
Cost savings by ESSs
The rise in demand for power has led to power outages and heavy loads during peak hours in many countries. Power loss during transmission and distribution can cause power outages. Therefore, this ESS helps reduce power bills. The addition of renewables, such as concentrated solar power, into the energy mix drives the demand for molten salt ESSs to store heat that can be converted into electricity.
One of the main procedural issues is the administrative delay in the implementation of new regulations in favor of energy storage, which acts as a barrier to ESSs' deployment. Reasons for this delay include the slow adoption of pay-for-performance and slow progress in considering ESSs as an alternative in planning and procurement process by state public utility commissions. Considering such factors, administrative delay still remains a challenge for ESSs development.
For the detailed list of factors that will drive and challenge the growth of the molten salt thermal energy storage market during the 2019-2023, view our report.
The market appears to be fairly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Molten Salt Thermal Energy Storage Market 2019-2023
Technavio recognizes the following companies as the key players in the global molten salt thermal energy storage market: Abengoa, Acciona, S.A., ENGIE, SENER group, SolarReserve, LLC.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increased adoption of microgrids will enhance the use of thermal energy storage technologies, such as molten salt thermal energy storage during the forecast period.”
According to the report, one of the major drivers for this market is the increased need for power backup across industries will drive the market during our forecast period.
Further, the report states that one of the major factors hindering the growth of this market is the alternative energy storage technologies will severely hamper the market during the forecast period.
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