As per the findings in the TechSci Research report titled "Global Molten Salt Thermal Energy Storage Market - Regional Analysis, Competitive Landscape, and Forecast till 2028," the global market for Molten Salt Thermal Energy Storage is poised to experience a Compound Annual Growth Rate (CAGR) of 12.07% during the forecast period of 2024-2028. This growth is attributed to various factors such as the escalating demand for electricity, declining cost per kilowatt for energy storage, and governmental initiatives promoting cleaner fuel alternatives.

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In terms of technology segmentation, the market is categorized into Parabolic Trough, Fresnel Reflector, and Power Tower, with the Parabolic Trough segment expected to dominate. This dominance is attributed to the efficient concentration of solar energy achieved by parabolic troughs, making them the preferred method for molten salt energy storage. Numerous projects, currently under construction as of 2021, indicate a rising trend. The decrease in kilowatt costs for molten salt-stored electricity positions the parabolic trough as a market leader, presenting strong competition against solar power tower technology. Globally, various countries have established parabolic trough molten solar energy storage systems, with Spain leading in concentrated solar power installation as of 2021.

In October 2022, Abengoa secured the 2022 Solar Project of the Year at the Renewable Energy Awards for the Noor 1 project, consisting of three solar fields in the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. The increasing demand for electricity, coupled with advancements in molten salt and reflective material efficiency, is expected to drive the growth of molten salt thermal energy storage using parabolic troughs.

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Geographically, the Asia Pacific region is anticipated to be the dominant force in the Molten Salt Thermal Energy Storage market throughout the forecast period. Asia-Pacific, a prominent user of molten solar energy plants, is poised for rapid growth, with India and China leading the market expansion. In 2021, the Asia-Pacific molten salt thermal energy storage market experienced significant growth and is expected to maintain this momentum. Large countries below the Tropic of Capricorn in the region efficiently leverage solar energy projects. India's Gujarat Solar One, equipped with a 9-hour molten salt capacity, represents a noteworthy development. The Asia-Pacific region, fueled by increased electricity demand and significant investments from government and private entities, is projected to witness the fastest growth in molten salt thermal energy storage.

Major companies operating in the Global Molten Salt Thermal Energy Storage market are:

• Yara International ASA

• Acciona, S.A.

• Abengoa SA

• BrightSource Energy, Inc.

• SENER Grupo de Ingenieria, S.A.

• SolarReserve, LLC

• Engie SA

• SCHOTT AG

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Mr. Karan Chechi, Research Director at TechSci Research, emphasized that the global molten salt thermal energy storage market's growth is driven by several factors, including the increasing adoption of renewable energy sources, the need for efficient energy storage solutions, and government incentives promoting renewable energy and energy storage technologies. Molten salt thermal energy storage systems contribute to grid stability, reliability, and energy efficiency, making them a crucial element in the transition to cleaner energy sources and addressing climate change. Ongoing technological advancements further enhance the competitiveness, cost-effectiveness, reliability, and efficiency of these systems.

The report titled "Molten Salt Thermal Energy Storage Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Technology (Parabolic Trough, Fresnel Reflector, and Power Tower), By Region, Competition, 2018-2028" aims to provide forward-looking market intelligence, enabling decision-makers to make informed investment decisions. The report identifies and analyzes emerging trends, drivers, challenges, and opportunities in the global Molten Salt Thermal Energy Storage market.

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