The size of the molten salt batteries market was USD 2,461.1 million in 2023, and it will power at a rate of 24.9% by the end of this decade, to touch USD 11,543.2 million by 2030. 

The growth of the industry has a lot to do with the growing demand for stowing energy competently, particularly the one produced by renewable sources. These batteries provide numerous benefits, which comprise improved safety, higher energy densities, and longer lifespan.

Liquid-metal batteries leads the industry with a share of 30%, as they are appropriate for stowing energy at the grid level and are extremely scalable. This means that they can be made bigger without negatively affecting their competence. They are also thought of as safer than many other batteries as they reduce the risk of thermal explosions as a result of the chemical reactions that happen within. 

Furthermore, the use of lucrative materials decreases their manufacturing cost and, eventually, purchase cost. Further benefits of these batteries are a low self-discharge rate and long-life cycle.

North America molten salt batteries market is leading, and this trend will continue in the years to come as well, with about USD 5.2 billion. This is because of the rising requirement for EVs. The U.S. is the leader of the region, and it will power at a rate of 25%. This is credited to the rising emphasis on renewable sources of energy and the snowballing requirement for these systems from the power and energy industry.

Also, the industry is growing considerably in Europe as a result of the booming renewable energy capacity. As per IRENA, the installed CSP capacity in the continent will reach 2.3 GW by 2030. 

Furthermore, the EU now plans to have 42.5% of its 32%. Therefore, with additional clean power plants coming online, the requirement for these batteries will increase to store the excess electricity and release it to the grid when the requirement increases.

Grid storage is a main application for the reason that these devices can stow a large energy amount, which can be used later. Though the grid is enormous, it is not always capable of catering to the high requirement for electricity in most places. The issue worsens when a large count of renewable electricity installations connected to it, since their generation is not dependable. Therefore, when extra energy is produced, it should be stowed, so that it can be released when generation reduces or requirement increases.

It is because of the growing interest in electric vehicles all over the world, the demand for molten salt batteries is on the rise. This trend will continue in the years to come as well.

Source: P&S Intelligence