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Renewable Technology- Molten Salt Thermal Energy Storage Market

The global Molten Salt Thermal Energy Storage (TES) Market size is projected to reach USD 1854. million by 2026, from USD 844.6million in 2020, at a CAGR of 14.5% during the forecast period.

Major Players in the market emphases BrightSource Energy, Abengoa, Areva, Acciona, Esolar, SolarReserve, Wilson Solarpower, Novatec, Shams and ACWA.

     Thermal energy storage systems and their role in the development of a more sustainable energy ecosystem. Fossil fuel consumption and global warming are among the most pressing issues in present times. These issues have become a focal point for scientific engineering research efforts. In light of this, various studies are being undertaken to develop solutions to reduce conventional energy consumption and establish renewable sources as the key to sustainable energy production. Renewable energy is set to become a lucrative means for energy generation in the years ahead, with sources such as wind and solar at the helm. Concentrated solar power or CSP is a prominent renewable technology that shows the potential to offer more economical energy generation solutions with enhanced efficiency.

   According to the IEA estimates, the number of new renewable power installations worldwide is set to fall in 2020 as a result of the unprecedented global COVID-19 crisis. This marks the first annual decline in 20 years since 2000 for renewable energy capacity addition. The net additions of renewable electricity capacity in 2020 are projected to decline by 13% compared with 2019.

   September 24, 2020 - Abengoa, the international company that applies innovative technology solutions for sustainability in the infrastructure, energy and water sectors, has just celebrated the completion of the first solar field of the three which is building in the largest solar complex in the world: the Mohammed bin Rashid Al Maktoum Solar Park. Phase IV of MBR Solar Park is currently under development by Noor Energy 1 PSC, a company owned by DEWA (Dubai Electricity and Water Authority), ACWA Power, and Silk Road Fund. These collectors, with a 1,430 m2 mirrored surface each in the shape of a parabola, are responsible for concentrating solar radiation, heating a transfer fluid, which will produce steam that feeds a turbine to generate electricity. In addition to this, the collectors installed in this plant are part of the new generation of big aperture parabolic trough collectors, also manufactured by Abengoa, the Spacetube 8.2++, which is the parabolic through with biggest aperture in current commercialized applications. Its innovative design resulted in important improvements regarding its optical accuracy, optimization of assembly and a reduction in manufacturing and installation costs.

     SolarReserve-The Company has commercialized solar thermal energy storage technology that enables solar power tower CSP plants to deliver electricity day and night. In this technology, a molten salt is used to capture the energy from the sun and store it. In 2016, when SolarReserve connected its 110 MW Crescent Dunes solar thermal power plant in the state of Nevada, it reached its peak as a company. But the enjoyment of reaching that peak could not be prolonged. And having spent almost four years from that moment, the company filed its bankruptcy a few months ago in 2020. And a few days ago, all activity ceased permanently.

     Market Segmentation is based on the technology depends upon Sensible Heat Storage, Latent Heat Storage and Thermochemical Storage. Based on the application it has been Power generation, District Heating & Cooling and Process Heating & Cooling. Based on the region it splits Asia Pacific, Americas, Europe and Middle East & Africa. Wherein, North America dominated the global molten salt thermal energy storage (TES) market in 2019. The market drivers are the major factors driving the growth in this region. Europe was the second-largest regional market in terms of revenue share. 

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