Molten Salt Battery Market
Molten Salt Battery Market Forecasts to 2030 - Global Analysis By Battery Type (Liquid Metal Batteries, Sodium-Sulphur Battery, Sodium-Nickel Chloride Batteries, Thermal (Non-Rechargeable) Batteries and Other Battery Types), Application (Grid Energy Storage, Electric Vehicles, Concentrated Solar Power and Other Applications), End User and By Geography
According to Stratistics MRC, the Global Molten Salt Battery Market is accounted for $2.4 billion in 2023 and is expected to reach $12.8 billion by 2030 growing at a CAGR of 26.9% during the forecast period. With a high power and energy density, molten salt batteries are a type of battery system that uses molten salts as electrolytes. Melted salt batteries store the energy generated by solar and wind power plants and feed it into the networks. The battery self-heats during charging and discharging, maintaining the high temperature at which the molten salt battery system operates.
According to the EIA, China led the world in new electric car sales in the Asia Pacific area in 2018. According to the reports of the International Energy Agency, countries like Norway, Germany, and France reported a significant growth in the new sales of electric vehicles.
Market Dynamics:
Driver:
Increasing demand for energy storage solutions
With the global transition towards renewable energy sources like solar and wind power, there is a growing need to effectively store and utilize the energy generated during peak production periods. Molten salt batteries offer a promising solution due to their high energy density, long cycle life, and ability to store large amounts of energy efficiently. Furthermore, these batteries can store excess energy when renewable sources are generating power and discharge it when demand is high or during periods of low renewable energy production.
Restraint:
High initial investment costs
The complex design, specialized materials, and high-temperature operation required by molten salt battery systems contribute to elevated upfront expenses. Unlike established energy storage technologies, such as lithium-ion batteries, which have undergone significant cost reductions over the years, molten salt batteries still require substantial capital investment. These high costs can deter potential buyers, particularly in industries or regions with budget constraints or competing priorities for capital expenditure. Additionally, investors and project developers may be hesitant to commit to molten salt battery projects due to uncertainties surrounding the return on investment and the longer payback periods associated with these high initial costs.
Opportunity:
Technological advancements
As research and development efforts progress, innovations aimed at enhancing the efficiency, performance, and cost-effectiveness of molten salt battery technology are continually emerging. Breakthroughs in materials science, battery chemistry, and manufacturing processes contribute to improving the overall competitiveness of molten salt batteries compared to other energy storage solutions. These advancements lead to increased energy density, longer cycle life, faster charging and discharging rates, and improved safety features, making molten salt batteries more attractive for various applications.
Threat:
Competition from established technologies
Lithium-ion batteries, in particular, have dominated the energy storage landscape due to their widespread adoption, proven performance, and declining costs over time. Molten salt batteries face the challenge of competing with these well-established technologies, which have already secured significant market share and investor confidence. However, the familiarity and established supply chains associated with lithium-ion batteries make them a preferred choice for many energy storage applications.
Covid-19 Impact:
Initially, disruptions in supply chains and manufacturing operations due to lockdowns and restrictions led to a slowdown in production and distribution. This resulted in delayed project timelines and installations, affecting the adoption rate of molten salt batteries in various applications such as energy storage systems and grid stabilization. However, the pandemic also highlighted the importance of reliable energy storage solutions, particularly in ensuring uninterrupted power supply for critical infrastructure and healthcare facilities.
The liquid metal batteries segment is expected to be the largest during the forecast period
Liquid Metal Batteries segment commanded the largest market share over the projection period. These batteries, characterized by their use of liquid metal electrodes and molten salt electrolytes, offer exceptional energy density, long cycle life, and high efficiency, making them ideal for large-scale energy storage applications. Their ability to store and release large amounts of energy quickly makes them particularly suitable for grid-level energy storage, renewable energy integration, and stabilizing intermittent energy sources like wind and solar power.
The concentrated solar power segment is expected to have the highest CAGR during the forecast period
Concentrated Solar Power segment is expected to hold lucrative growth throughout the estimation period. CSP plants use mirrors or lenses to concentrate sunlight onto a small area, generating high-temperature heat that can be stored in molten salt as thermal energy. This stored energy can then be used to generate electricity on-demand, even when the sun is not shining. Additionally, molten salt batteries complement CSP technology by providing efficient and cost-effective energy storage solutions, enabling CSP plants to deliver consistent power output regardless of weather conditions or time of day.
Region with largest share:
North America region dominated the largest share during the extrapolated period. The region is witnessing a rapid transition towards renewable energy sources, spurred by environmental concerns and government incentives. Molten salt batteries play a crucial role in this transition by providing efficient energy storage solutions that enable the integration of renewable energy into the grid, thereby enhancing grid stability and reliability. Moreover, this conducive ecosystem fosters the development and deployment of molten salt battery technologies, attracting both domestic and international players to invest in the market.
Region with highest CAGR:
Due to increased energy demand and a greater focus on sustainable energy solutions, Asia Pacific region is estimated to witness substantial growth throughout the overcast period. Molten salt batteries offer a viable option for energy storage, particularly in regions with high solar potential, such as Australia, India, and China, where there is a growing emphasis on solar energy integration. Moreover, government initiatives and policies aimed at promoting renewable energy and reducing carbon emissions are driving investments in energy storage infrastructure, creating a favorable market environment for molten salt batteries.
Key players in the market
Some of the key players in Molten Salt Battery market include EnSync Energy Systems Inc, Fluence Energy LLC, General Electric Company, NGK Insulators Ltd, Primus Power Corporation, Robert Bosch GmbH, SolarReserve LLC, Sumitomo Electric Industries Ltd, Tesla, Inc, UniEnergy Technologies LLC and ZBB Energy Corporation.
Key Developments:
In April 2023, Robert Bosch GmbH announced plans to buy TSI Semiconductors, a major maker of silicon carbide chips. However, Bosch did divulge that it plans to spend $1.5 billion on upgrading TSI’s production lines. The company said that the investment will depend on federal funding opportunities and state-level economic development initiatives.
In December 2022, NGK Insulators, Ltd. (hereinafter “NGK”) hereby announces that NGK has invested in Japan Green Investment Corp. for Carbon Neutrality (JICN), a public-private fund newly established by the Ministry of the Environment.
Battery Types Covered:
• Liquid Metal Batteries
• Sodium-Sulphur Battery
• Sodium-Nickel Chloride Batteries
• Thermal (Non-Rechargeable) Batteries
• Other Battery Types
Applications Covered:
• Grid Energy Storage
• Electric Vehicles
• Concentrated Solar Power
• Other Applications
End Users Covered:
• Military
• Power Plants
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Molten Salt Battery Market, By Battery Type
5.1 Introduction
5.2 Liquid Metal Batteries
5.3 Sodium-Sulphur Battery
5.4 Sodium-Nickel Chloride Batteries
5.5 Thermal (Non-Rechargeable) Batteries
5.6 Other Battery Types
6 Global Molten Salt Battery Market, By Application
6.1 Introduction
6.2 Grid Energy Storage
6.3 Electric Vehicles
6.4 Concentrated Solar Power
6.5 Other Applications
7 Global Molten Salt Battery Market, By End User
7.1 Introduction
7.2 Military
7.3 Power Plants
7.4 Other End Users
8 Global Molten Salt Battery Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 EnSync Energy Systems Inc
10.2 Fluence Energy LLC
10.3 General Electric Company
10.4 NGK Insulators Ltd
10.5 Primus Power Corporation
10.6 Robert Bosch GmbH
10.7 SolarReserve LLC
10.8 Sumitomo Electric Industries Ltd
10.9 Tesla, Inc
10.10 UniEnergy Technologies LLC
10.11 ZBB Energy Corporation
List of Tables
1 Global Molten Salt Battery Market Outlook, By Region (2021-2030) ($MN)
2 Global Molten Salt Battery Market Outlook, By Battery Type (2021-2030) ($MN)
3 Global Molten Salt Battery Market Outlook, By Liquid Metal Batteries (2021-2030) ($MN)
4 Global Molten Salt Battery Market Outlook, By Sodium-Sulphur Battery (2021-2030) ($MN)
5 Global Molten Salt Battery Market Outlook, By Sodium-Nickel Chloride Batteries (2021-2030) ($MN)
6 Global Molten Salt Battery Market Outlook, By Thermal (Non-Rechargeable) Batteries (2021-2030) ($MN)
7 Global Molten Salt Battery Market Outlook, By Other Battery Types (2021-2030) ($MN)
8 Global Molten Salt Battery Market Outlook, By Application (2021-2030) ($MN)
9 Global Molten Salt Battery Market Outlook, By Grid Energy Storage (2021-2030) ($MN)
10 Global Molten Salt Battery Market Outlook, By Electric Vehicles (2021-2030) ($MN)
11 Global Molten Salt Battery Market Outlook, By Concentrated Solar Power (2021-2030) ($MN)
12 Global Molten Salt Battery Market Outlook, By Other Applications (2021-2030) ($MN)
13 Global Molten Salt Battery Market Outlook, By End User (2021-2030) ($MN)
14 Global Molten Salt Battery Market Outlook, By Military (2021-2030) ($MN)
15 Global Molten Salt Battery Market Outlook, By Power Plants (2021-2030) ($MN)
16 Global Molten Salt Battery Market Outlook, By Other End Users (2021-2030) ($MN)
17 North America Molten Salt Battery Market Outlook, By Country (2021-2030) ($MN)
18 North America Molten Salt Battery Market Outlook, By Battery Type (2021-2030) ($MN)
19 North America Molten Salt Battery Market Outlook, By Liquid Metal Batteries (2021-2030) ($MN)
20 North America Molten Salt Battery Market Outlook, By Sodium-Sulphur Battery (2021-2030) ($MN)
21 North America Molten Salt Battery Market Outlook, By Sodium-Nickel Chloride Batteries (2021-2030) ($MN)
22 North America Molten Salt Battery Market Outlook, By Thermal (Non-Rechargeable) Batteries (2021-2030) ($MN)
23 North America Molten Salt Battery Market Outlook, By Other Battery Types (2021-2030) ($MN)
24 North America Molten Salt Battery Market Outlook, By Application (2021-2030) ($MN)
25 North America Molten Salt Battery Market Outlook, By Grid Energy Storage (2021-2030) ($MN)
26 North America Molten Salt Battery Market Outlook, By Electric Vehicles (2021-2030) ($MN)
27 North America Molten Salt Battery Market Outlook, By Concentrated Solar Power (2021-2030) ($MN)
28 North America Molten Salt Battery Market Outlook, By Other Applications (2021-2030) ($MN)
29 North America Molten Salt Battery Market Outlook, By End User (2021-2030) ($MN)
30 North America Molten Salt Battery Market Outlook, By Military (2021-2030) ($MN)
31 North America Molten Salt Battery Market Outlook, By Power Plants (2021-2030) ($MN)
32 North America Molten Salt Battery Market Outlook, By Other End Users (2021-2030) ($MN)
33 Europe Molten Salt Battery Market Outlook, By Country (2021-2030) ($MN)
34 Europe Molten Salt Battery Market Outlook, By Battery Type (2021-2030) ($MN)
35 Europe Molten Salt Battery Market Outlook, By Liquid Metal Batteries (2021-2030) ($MN)
36 Europe Molten Salt Battery Market Outlook, By Sodium-Sulphur Battery (2021-2030) ($MN)
37 Europe Molten Salt Battery Market Outlook, By Sodium-Nickel Chloride Batteries (2021-2030) ($MN)
38 Europe Molten Salt Battery Market Outlook, By Thermal (Non-Rechargeable) Batteries (2021-2030) ($MN)
39 Europe Molten Salt Battery Market Outlook, By Other Battery Types (2021-2030) ($MN)
40 Europe Molten Salt Battery Market Outlook, By Application (2021-2030) ($MN)
41 Europe Molten Salt Battery Market Outlook, By Grid Energy Storage (2021-2030) ($MN)
42 Europe Molten Salt Battery Market Outlook, By Electric Vehicles (2021-2030) ($MN)
43 Europe Molten Salt Battery Market Outlook, By Concentrated Solar Power (2021-2030) ($MN)
44 Europe Molten Salt Battery Market Outlook, By Other Applications (2021-2030) ($MN)
45 Europe Molten Salt Battery Market Outlook, By End User (2021-2030) ($MN)
46 Europe Molten Salt Battery Market Outlook, By Military (2021-2030) ($MN)
47 Europe Molten Salt Battery Market Outlook, By Power Plants (2021-2030) ($MN)
48 Europe Molten Salt Battery Market Outlook, By Other End Users (2021-2030) ($MN)
49 Asia Pacific Molten Salt Battery Market Outlook, By Country (2021-2030) ($MN)
50 Asia Pacific Molten Salt Battery Market Outlook, By Battery Type (2021-2030) ($MN)
51 Asia Pacific Molten Salt Battery Market Outlook, By Liquid Metal Batteries (2021-2030) ($MN)
52 Asia Pacific Molten Salt Battery Market Outlook, By Sodium-Sulphur Battery (2021-2030) ($MN)
53 Asia Pacific Molten Salt Battery Market Outlook, By Sodium-Nickel Chloride Batteries (2021-2030) ($MN)
54 Asia Pacific Molten Salt Battery Market Outlook, By Thermal (Non-Rechargeable) Batteries (2021-2030) ($MN)
55 Asia Pacific Molten Salt Battery Market Outlook, By Other Battery Types (2021-2030) ($MN)
56 Asia Pacific Molten Salt Battery Market Outlook, By Application (2021-2030) ($MN)
57 Asia Pacific Molten Salt Battery Market Outlook, By Grid Energy Storage (2021-2030) ($MN)
58 Asia Pacific Molten Salt Battery Market Outlook, By Electric Vehicles (2021-2030) ($MN)
59 Asia Pacific Molten Salt Battery Market Outlook, By Concentrated Solar Power (2021-2030) ($MN)
60 Asia Pacific Molten Salt Battery Market Outlook, By Other Applications (2021-2030) ($MN)
61 Asia Pacific Molten Salt Battery Market Outlook, By End User (2021-2030) ($MN)
62 Asia Pacific Molten Salt Battery Market Outlook, By Military (2021-2030) ($MN)
63 Asia Pacific Molten Salt Battery Market Outlook, By Power Plants (2021-2030) ($MN)
64 Asia Pacific Molten Salt Battery Market Outlook, By Other End Users (2021-2030) ($MN)
65 South America Molten Salt Battery Market Outlook, By Country (2021-2030) ($MN)
66 South America Molten Salt Battery Market Outlook, By Battery Type (2021-2030) ($MN)
67 South America Molten Salt Battery Market Outlook, By Liquid Metal Batteries (2021-2030) ($MN)
68 South America Molten Salt Battery Market Outlook, By Sodium-Sulphur Battery (2021-2030) ($MN)
69 South America Molten Salt Battery Market Outlook, By Sodium-Nickel Chloride Batteries (2021-2030) ($MN)
70 South America Molten Salt Battery Market Outlook, By Thermal (Non-Rechargeable) Batteries (2021-2030) ($MN)
71 South America Molten Salt Battery Market Outlook, By Other Battery Types (2021-2030) ($MN)
72 South America Molten Salt Battery Market Outlook, By Application (2021-2030) ($MN)
73 South America Molten Salt Battery Market Outlook, By Grid Energy Storage (2021-2030) ($MN)
74 South America Molten Salt Battery Market Outlook, By Electric Vehicles (2021-2030) ($MN)
75 South America Molten Salt Battery Market Outlook, By Concentrated Solar Power (2021-2030) ($MN)
76 South America Molten Salt Battery Market Outlook, By Other Applications (2021-2030) ($MN)
77 South America Molten Salt Battery Market Outlook, By End User (2021-2030) ($MN)
78 South America Molten Salt Battery Market Outlook, By Military (2021-2030) ($MN)
79 South America Molten Salt Battery Market Outlook, By Power Plants (2021-2030) ($MN)
80 South America Molten Salt Battery Market Outlook, By Other End Users (2021-2030) ($MN)
81 Middle East & Africa Molten Salt Battery Market Outlook, By Country (2021-2030) ($MN)
82 Middle East & Africa Molten Salt Battery Market Outlook, By Battery Type (2021-2030) ($MN)
83 Middle East & Africa Molten Salt Battery Market Outlook, By Liquid Metal Batteries (2021-2030) ($MN)
84 Middle East & Africa Molten Salt Battery Market Outlook, By Sodium-Sulphur Battery (2021-2030) ($MN)
85 Middle East & Africa Molten Salt Battery Market Outlook, By Sodium-Nickel Chloride Batteries (2021-2030) ($MN)
86 Middle East & Africa Molten Salt Battery Market Outlook, By Thermal (Non-Rechargeable) Batteries (2021-2030) ($MN)
87 Middle East & Africa Molten Salt Battery Market Outlook, By Other Battery Types (2021-2030) ($MN)
88 Middle East & Africa Molten Salt Battery Market Outlook, By Application (2021-2030) ($MN)
89 Middle East & Africa Molten Salt Battery Market Outlook, By Grid Energy Storage (2021-2030) ($MN)
90 Middle East & Africa Molten Salt Battery Market Outlook, By Electric Vehicles (2021-2030) ($MN)
91 Middle East & Africa Molten Salt Battery Market Outlook, By Concentrated Solar Power (2021-2030) ($MN)
92 Middle East & Africa Molten Salt Battery Market Outlook, By Other Applications (2021-2030) ($MN)
93 Middle East & Africa Molten Salt Battery Market Outlook, By End User (2021-2030) ($MN)
94 Middle East & Africa Molten Salt Battery Market Outlook, By Military (2021-2030) ($MN)
95 Middle East & Africa Molten Salt Battery Market Outlook, By Power Plants (2021-2030) ($MN)
96 Middle East & Africa Molten Salt Battery Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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