Need to Complement Existing Solar Plants to Propel Demand within Global Molten Salt Thermal Energy Storage Market
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. 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 market. It is expected that the global molten salt thermal energy 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 sector. As the energy industry embraces versatility of use, new avenues for renewable energy generation have come to the fore. The energy sector is making efforts to develop subsidiary platforms for generating renewable energy. These subsidiary platforms can complement the energy produced by large solar plants, offshore wind farms, and biofuel stations. Some of the leading players in the global molten salt thermal energy storage market 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.