Global Molten Salt Thermal Energy Storage Market 2019-2023 | Emergence of Solar Thermal Enhanced Oil Recovery to Boost Demand | Technavio

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.

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The global molten salt thermal energy storage market will post a CAGR of more than 4% during the period 2019-2023 (Graphic: Business Wire)

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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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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View source version on businesswire.com: https://www.businesswire.com/news/home/20190415005085/en/