USD 1.5 billion
Molten Salt Battery Market Size, Share, Growth Analysis, By Battery Type(Liquid Metal, Sodium-Sulphur, Others), By End-Use(Military, Power Plants, Electric Vehicles, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15B2017 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
64
|Figures:
75
Molten Salt Battery Market Insights
Molten Salt Battery Market size was valued at USD 1.49 billion in 2022 and is poised to grow from USD 1.86 billion in 2023 to USD 11.09 billion by 2031, growing at a CAGR of 24.7% in the forecast period (2024-2031).
Molten salt batteries are a form of the battery system that employs molten salts as electrolytes and has a high power and energy density. To feed the networks, molten salt batteries store the energy produced by solar and wind power facilities. The molten salt battery system operates at a high temperature, which is kept there by the battery self-heating when it is being charged and discharged.
US Molten Salt Battery Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Liquid Metal
Fastest Growth
Liquid Metal
Growth Rate
24.7% CAGR
Global Molten Salt Battery Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Molten Salt Battery Market Segmental Analysis
The Global Molten Salt Battery Market is segmented based on the Battery Type, End-Use, and region. Based on the Battery Type, the Global Molten Salt Battery Market is segmented as Liquid Metal, Sodium-Sulphur, and Others. Based on the End-Use, the Global Molten Salt Battery Market is segmented as Military, Power Plants, Electric Vehicles, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Molten Salt Battery Market Analysis by Deployment Type
The electrodes and electrolyte are both liquid in a liquid metal battery, which is utilized for grid-scale power storage. The electrolyte sits in between the sodium and sulphur electrodes in the sodium sulphur battery. The sodium-sulfur battery has uses in the storage of renewable energy.
Global Molten Salt Battery Market Share By Deployment Type, 2021 (%)
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Molten Salt Battery Market Regional Insights
In the region of Latin America, the installation of solar renewable capacity has dramatically expanded. Among the important nations that have seen a significant increase in the renewable capacity expansion are Brazil, Chile, and Mexico. Sales of molten salt batteries are anticipated to increase in the upcoming years due to the expansion of the renewable energy sector in Latin America.
One of the major markets for the selling of electric automobiles is the European Union. The International Energy Agency states that new electric car sales have increased significantly in nations including France, Germany, and Norway. The molten salt battery market is anticipated to expand at a respectable rate in Europe as a result of the rise in sales of electric vehicles. According to the EIA, China led the world in new electric car sales in the Asia Pacific area in 2018. Additionally, the Asia Pacific region's renewable energy market has recently expanded at a commendable rate. The Asia Pacific region's molten salt battery industry is projected to develop as a result.
Global Molten Salt Battery Market By Geography, 2021 - 2028
- Largest
- Fastest
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Molten Salt Battery Market Dynamics
Molten Salt Battery Market Driver
Economical costs of Batteries
- In renewable energy facilities, lithium-ion batteries have been employed for energy storage purposes. Manufacturers in the energy storage business, however, are concentrating on creating new batteries that would be more economical and effective than lithium-ion batteries. One of these, molten salt batteries, is now undergoing market introduction and has uses in energy storage systems for renewable grids. The molten salt battery market is anticipated to expand strongly in the next years due to its low cost and superior efficiency over its traditional competitors. The molten salt batteries are used in electric cars, and it is anticipated that the rising popularity of electric vehicles will soon propel molten storage battery sales.
Molten Salt Battery Market Restraint
Low penetration of Molten Salt Battery in the market
- A few firms on the market produce molten storage batteries. Because of this, molten salt batteries are not readily available everywhere, which causes growth to occur at comparatively lower rates.
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Molten Salt Battery Market Competitive Landscape
The Global Molten Salt Battery market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase molten salt battery market share and profitability.
Molten Salt Battery Market Top Player's Company Profiles
- EnerVault Corporation
- Ambri Inc.
- SolarReserve LLC
- General Electric Company
- Mitsubishi Electric Corporation
- Primus Power Corporation
- NGK Insulators Ltd.
- Sumitomo Electric Industries Ltd.
- Johnson Controls International plc
- UniEnergy Technologies LLC
- ZBB Energy Corporation
- EnSync Energy Systems Inc.
- Fluence Energy LLC
- Robert Bosch GmbH
- GS Yuasa Corporation
- Saft Groupe S.A.
- Tesla, Inc.
- BYD Company Ltd.
- LG Chem Ltd.
- Aquion Energy Inc.
Molten Salt Battery Market Recent Developments
- In June 2019, a sales partnership agreement was signed between BASF New Business GmbH and NGK Insulators, Ltd., allowing BASF to molten salt battery market and sell NGK's sodium-sulfur batteries through its international channels.
- In May 2019, Alfa Laval, Concord New Energy Group, and Breakthrough Energy Ventures each contributed $26 million to the X-storage company's start-up. A freestanding thermal energy storage prototype based on concentrated solar power (CSP) Molten Energy Storage is what the start-up company known as Malta plans to construct.
- In May 2019, Noor III CSP tower in Morocco reportedly performed remarkably well, producing outputs that were greater than the desired outputs. The facility, which makes use of molten salt storage technology, is one of the biggest CSP power stations in operation in the world.
Molten Salt Battery Key Market Trends
NA
Molten Salt Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Molten Salt Battery Market Analysis, energy storage is a crucial instrument for enabling and maximizing the advantages of the efficient integration of locally generated renewable energy. The companies in the energy storage industry are primarily working on creating cutting-edge energy storage solutions for developed economies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.49 billion |
| Market size value in 2031 | USD 11.09 billion |
| Growth Rate | 24.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Molten Salt Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Molten Salt Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Molten Salt Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Molten Salt Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Molten Salt Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Molten Salt Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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