LONDON--(BUSINESS WIRE)--The global molten salt thermal energy storage market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio. However, the market is expected to decelerate as the year-over-year growth is projected to decrease over the forecast period.
A key factor driving the growth of the global molten salt thermal energy storage market is cost savings by ESSs. The popularity of energy storage systems has been increasing over the past decade owing to the increasing adoption of renewable energy sources. ESS are used in a range of market segments including residential houses, utilities, and commercial and industrial companies. They are used in utilities to balance the unexpected power demands. However, commercial and industrial building operators are the major users of ESS as they are cost-effective. Building owners pay heavily every month for the use of electricity during peak power demand. Thus, the molten salt thermal ESS are increasingly being adopted as they use stored heat to generate electricity instead of the power grid, thereby eliminating peak demand charges.
As per Technavio, the emergence of solar thermal enhanced oil recovery will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global molten salt thermal energy storage market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global molten salt thermal energy storage market: Emergence of solar thermal enhanced oil recovery
The use of alternative oil recovery methods has become essential to ensure adequate production of oil from oil wells. This is mainly because oil production has reduced significantly in matured oil wells. The thermal EOR technique is extensively being used as it helps in increasing the amount of oil that can eventually be recovered along with an enhanced rate of production. In this technique, natural gas is burned to produce steam that is injected into the reservoir to reduce the viscosity of heavy oil by heating it. Steam-assisted gravity drainage (SAGD), continuous steam injection, and cyclic steam stimulation (CSS) are the three common steam injection methods used to enhance oil production from matured oil wells by using CSP technology. The molten salt thermal energy storage can be used to store the heat generated by CSP systems for EOR, which can be used to produce steam when required.
“Downtime caused by power outages leads to huge losses for companies in the commercial and industrial (C&I) sectors. Similarly, shutting down of a large manufacturing plant due to a power outage can also lead to a huge revenue loss and affect the timely delivery of products. Molten salt thermal energy storage solutions help reduce utility costs and improve power reliability and quality. Many companies are investing in energy storage to overcome the challenges with power outages. This is driving the demand for molten salt thermal energy storage in the commercial and industrial sectors,” says a senior research analyst at Technavio.
Global molten salt thermal energy storage market: Segmentation analysis
This market research report segments the global molten salt thermal energy storage market by technology (parabolic trough and others) and geography (the Americas, APAC, and EMEA).
The parabolic trough segment held the largest molten salt thermal energy storage market share in 2018. The growth of the parabolic trough segment can be attributed to the numerous parabolic trough CSP projects being initiated across the world.
The EMEA region led the market in 2018, followed by the Americas, and APAC respectively. In 2018, Spain, Morocco, and South Africa were the key contributors to the molten salt thermal energy storage market in EMEA. The market is EMEA is driven by the European countries as these countries extensively use renewable sources of energy to meet the rising demand for energy.
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Five Forces Analysis
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