# Molten Salt Thermal Energy Storage (TES) Market Projected to Witness Vigorous Expansion by 2015-2023
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-12
Category: Research Reports
Category URL: https://financedigest.com/category/research-reports
Meta Title: Africa's Shift to Molten Salt Thermal Energy Storage
Meta Description: Discover how Africa's solar plants and shift towards molten salt TES are driving growth. Join key players like BrightSource Energy in this promising
URL: https://financedigest.com/molten-salt-thermal-energy-storage-tes-market-projected-to-witness-vigorous-expansion-by-2015-2023html

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Africa has some of the largest solar plants in the world, and the region is gradually making a shift towards molten salt thermal energy storage (TES). This factor has given an impetus to the growth of the [global molten salt thermal energy storage market](https://www.transparencymarketresearch.com/pressrelease/molten-salt-thermal-energy-storage-market.htm). The Ilanga-1 CSP plant in South Africa stores thermal energy for 5 hours to later supply it in the absence of sunlight. The greenfield project of the Kathua Solar Park in South Africa also stores molten salt thermal energy. All of these projects are suggestive of a promising growth trajectory within the molten salt thermal [energy storage](https://www.financedigest.com/german-gas-storage-levy-adds-to-energy-consumers-woes.html "German gas storage levy adds to energy consumers’ woes") market.

It is [expected that the global molten salt thermal energy](https://www.financedigest.com/ecb-survey-shows-rising-inflation-expectations-despite-energy-price-falls.html "ECB survey shows rising inflation expectations despite energy price falls") storage market would become a stellar industry in the years to follow. The growth of this market largely hinges on advancements in the [solar energy](https://www.financedigest.com/ahold-turns-to-solar-panels-lowers-thermostats-to-save-energy.html "Ahold turns to solar panels, lowers thermostats to save energy") sector. As the [energy industry](https://www.financedigest.com/britain-considers-energy-bill-subsidy-for-industrial-firms.html "Britain considers energy bill subsidy for industrial firms") embraces versatility of use, new avenues for renewable energy generation have come to the fore. The energy sector is making [efforts](https://www.financedigest.com/factbox-europes-efforts-to-shield-households-from-soaring-energy-costs.html "Factbox-Europe’s efforts to shield households from soaring energy costs") to develop subsidiary platforms for generating renewable energy. These subsidiary platforms can complement the energy produced by large [solar plants](https://www.financedigest.com/botswana-awards-norways-scatec-first-large-scale-solar-plant-contract.html "Botswana awards Norway’s Scatec first large-scale solar plant contract"), offshore wind farms, and biofuel stations.

Some of the leading players in the [global molten salt thermal energy storage market](https://www.financedigest.com/global-low-sodium-sea-salt-market-valuation-of-over-us-200-mn-in-2031.html "Global Low Sodium Sea Salt Market valuation of over US$ 200 Mn in 2031") are Acconia S.A., AREVA, BrightSource Energy, Inc., Abengoa Solar S.A., SCHOTT AG, Siemens AG, and Pratt and Whitney Rocketdyne, Inc. These vendors are expected to make efforts to get fresh investments from national authorities.

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**Favourable Strides by Solar Industry underpin Growth Prospects**

Molten salt exhibits commendable thermal properties for [storage of energy](https://www.financedigest.com/eu-will-consider-making-countries-fill-gas-storage-energy-chief.html "EU will consider making countries fill gas storage – energy chief"). This is a key consideration from the perspective of [market growth](https://www.financedigest.com/cap-liner-market-to-witness-stunning-growth-by-2027.html "Cap Liner Market to Witness Stunning Growth by 2027"). Furthermore, the need for ensuring a seamless [supply of energy](https://www.financedigest.com/factbox-europe-ramps-up-coal-imports-as-energy-supply-fears-grow.html "Factbox-Europe ramps up coal imports as energy supply fears grow") to solar-rich regions has also generated increased market demand.

Transparency [Market Research (TMR) predicts that the global molten salt thermal energy storage market would grow at a tremendous CAGR](https://www.financedigest.com/inkjet-printers-market-is-expanding-at-a-healthy-6-7-cagr-and-projected-to-reach-us-74-1-bn-by-2028-fmi.html "Inkjet Printers Market is expanding at a healthy 6.7% CAGR, and projected to reach US$ 74.1 Bn by 2028: FMI") of 24.70% over the period between 2015 and 2023. The global [value of the molten salt thermal energy storage market](https://www.financedigest.com/automotive-gudgeon-pin-market-is-projected-to-observe-a-significant-cagr-of-5-0-by-value-during-the-period-of-2022-and-2027.html "Automotive Gudgeon Pin Market is projected to observe a significant CAGR of 5.0% by value during the period of 2022 and 2027") stood at US$2.5 bn by 2023-end, rising up from a value of US$480.5 mn in 2015.

**Growing Demand for Fresh Avenues for Renewable Energy Generation**

The entire world is hit by a severe [energy crisis](https://www.financedigest.com/europes-spend-on-energy-crisis-nears-800-billion-euros.html "Europe’s spend on energy crisis nears 800 billion euros") as fossil fuel reserves continue to diminish. This factor has led environmentalists and energy scientists to develop robust systems for renewable energy generation. Hence, the global molten salt thermal energy storage [market is projected to expand](https://www.financedigest.com/dust-extractors-market-is-expanding-at-a-healthy-8-5-cagr-and-is-projected-to-total-us-3-6-bn-by-2028-fmi.html "Dust Extractors Market is expanding at a healthy 8.5% CAGR, and is projected to total US$ 3.6 Bn by 2028: FMI") at a respectable pace. The commendable annual [growth rate of this market](https://www.financedigest.com/bowel-stimulators-market-is-set-to-witness-a-6-3-growth-during-the-year-2021-2031.html "Bowel Stimulators Market is set to witness a 6.3% growth during the year 2021-2031") can be attributed to the shift from non-renewable to renewable sources for energy generation.

Furthermore, the need for complementing large solar power [plants](https://www.financedigest.com/edpr-brings-iberias-first-wind-solar-power-plant-on-stream.html "EDPR brings Iberia’s first wind-solar power plant on-stream") has brought molten salt thermal power stations under the spotlight of attention. It is expected that the energy [sector would invite humongous investments from regional and global](https://www.financedigest.com/the-importance-of-global-collaboration-in-the-edtech-sector.html "The importance of global collaboration in the EdTech sector") bodies. Moreover, growing [need for electricity](https://www.financedigest.com/swedish-energy-minister-need-to-decouple-gas-from-electricity-price.html "Swedish energy minister: need to decouple gas from electricity price") across the industrial sector shall also subsist market growth.

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**Development of Improved Power Transmission Systems**

The growth of the global molten salt thermal energy storage market majorly relies on advancements in the field of [power supply](https://www.financedigest.com/germanys-uniper-to-restart-coal-fired-power-plant-as-gazprom-halts-supply-to-europe.html "Germany’s Uniper to restart coal-fired power plant as Gazprom halts supply to Europe"). The availability of a robust system for electricity transmission could aid the growth of the global molten salt thermal energy storage market. Furthermore, seamless transmission lines and distribution networks generate confidence in [investors to put their money into the renewable energy](https://www.financedigest.com/ges-investors-seek-solutions-to-renewable-energy-supply-chain-challenges.html "GE’s investors seek solutions to renewable energy, supply chain challenges") sector. The [rapid pace of industrialization is another key dynamic of growth within the global market](https://www.financedigest.com/rapid-expansion-projected-for-ghs-labels-market-during-2022-2030-at-a-cagr-of-4-8.html "Rapid Expansion Projected for GHS Labels Market during (2022- 2030) at a CAGR of 4.8%").

The review is based on TMR’s report titled, “ **Molten** **Salt Thermal Energy Storage (TES) [Market – Global Industry Analysis](https://www.financedigest.com/fly-ash-bricks-market-2018-outlook-current-and-future-industry-landscape-analysis-2026.html "Fly Ash Bricks Market 2018 Outlook, Current and Future Industry Landscape Analysis 2026"), Size, Share, Growth, Trends and Forecast 2015 – 2023”.**

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