According to the report by Expert Market Research (EMR), the global molten salt battery market size reached a value of USD 1.57 billion in 2023. Aided by the rising electrification of transport and increasing integration of renewable energy sources into the global energy mix, the market is projected to further grow at a CAGR of 16.50% between 2024 and 2032 to reach a value of USD 6.28 billion by 2032.
Molten salt batteries employ a salt that becomes liquid at elevated temperatures as their electrolyte. These batteries stand out for their ability to operate at high temperatures, which enhances their efficiency and energy storage capacity. Common types include sodium-sulphur and sodium-nickel chloride batteries, which are primarily used in grid storage, electric vehicles, and renewable energy integration.
The primary driver for the molten salt battery market growth is the increasing integration of renewable energy sources, such as wind and solar, into the global energy mix. The intermittent nature of these energy sources necessitates reliable storage solutions, where molten salt batteries excel due to their high capacity and durability.
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Further, the push towards the electrification of transport and the stabilisation of electrical grids against fluctuations are also major market drivers. As nations invest in smarter grid technologies and electric vehicles, the demand for efficient, high-capacity batteries is expected to rise significantly.
Technological advancements in battery design and materials have also contributed to market growth, enhancing the efficiency, and reducing the costs of molten salt batteries, making them more competitive with other energy storage technologies, consequently driving up the molten salt battery market share.
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Electric vehicles make up a significant portion of the market due to the growing demand for electric vehicles. The molten salt batteries possess high energy density and high power density, making them well-suited for electric vehicles. These salt-based batteries, which combine the advantages of a solid-oxide fuel cell and a metal-air battery, are not only recyclable and environmentally friendly but also cost-effective and safe. The conversion of molten salt into soft-solid salts using solid oxide nano-powders has numerous potential applications in emerging sectors, such as renewable energy. This technology enables cutting-edge storage solutions for homes and at the grid level.
As per the molten salt battery market analysis, North America currently leads the market, driven by robust investments in renewable energy and grid modernisation. The United States is at the forefront, with numerous large-scale renewable integration projects and grid storage installations. Europe follows closely, with its strong focus on renewable energy adoption and reducing carbon emissions. European countries are heavily investing in energy storage technologies, including molten salt batteries, to support their energy transition goals.
The Asia-Pacific region is anticipated to experience the fastest growth due to rapid industrialisation and increasing investments in renewable energy in countries like China, India, and Japan. These nations are aggressively enhancing their energy storage capabilities to support large-scale renewable deployments, leading to molten salt battery market expansion.
Market Segmentation
The market can be divided based on the battery type, end-use, and region
Market Breakup by Battery Type
- Sodium Sulphur
- Liquid Metal
- Others
Market Breakup by End-Use
- Power Plant
- Military
- Electric Vehicles
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global molten salt battery market. Some of the major players explored in the report by Expert Market Research are as follows:
- Sumitomo Corporation
- Ambri Incorporated
- BASF SE
- Alfa Laval Corporate AB
- Others
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