The molten salt batteries market size is expected to advance at a CAGR of 24.9% during 2024–2030, to reach USD 11,543.2 million by 2030. This is ascribed to the need for excess energy storage in renewable power facilities and the superior efficiency, cost-effectiveness, and other advantages of these devices. These are also widely used in electric cars, which contributes in increasing their sales.
Moreover, compared to other types of batteries, they possess lower self-discharge rates, which means they are able to store power for longer periods, without losing it. Furthermore, they are manufactured from eco-friendly materials, because of which they are considered more sustainable. Additionally, they are useful for stationary energy storage systems in the commercial, residential, and industrial sectors. Along with this, they are utilized to provide backup power and support off-grid applications.
Lithium-ion batteries are majorly used for renewable energy storage, but manufacturers are currently focused on more-economical batteries. Those using molten salts as the electrolyte are 33 times cheaper than lithium-ion batteries, which will create a high demand for them across the globe in the future. Additionally, with technological advancements, the cost of molten salt batteries is decreasing gradually, and they are becoming more popular for grid-scale applications.
Renewable energy sources, such as wind and solar, are gaining attention because they are clean and sustainable forms of power. During times of high demand and fluctuations in the weather, the energy generated from these sources and stored in molten salt batteries can be discharged into the grid. This aids in the stabilization of the grid and enables the fulfillment of the demand for electricity even when renewable sources are not functioning.
This way these batteries act as a bridge between production and demand. They are also known to store energy for a longer duration, which makes them more efficient for usage in peak times. In addition, they are able to work at high temperatures, which makes them compatible with concentrated solar power (CSP) systems. The heat generated by CSP plants can be stored, and when required, converted to electricity. Additionally, they are more stable, safer, and have a long life.
The most-significant molten salt batteries market players are NGK Insulators Ltd., Ambri, and Sumitomo Electric Industries Ltd.