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Global Molten Salt Battery Market Size, Share, Growth, Trends, Price, Forecast: By Battery Type: Sodium Sulphur, Liquid Metal; Others; By End-Use: Power Plant, Military, Electric Vehicles, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2023-2028
Global Molten Salt Battery Market Outlook
The global molten salt battery market size reached a value of approximately USD 1.35 billion in 2022. The market is further projected to grow at a CAGR of 16.50% between 2023 and 2028, reaching a value of USD 3.41 billion by 2028.
Key Trends in the Market
Molten salt batteries are a type of battery system that uses molten salts as electrolytes and offer a high power density and high energy density with a long lifespan. At room temperature, the components of molten salt batteries are solid, due to which they can be stored in an inactive state for extended periods of time. When the molten salt batteries are activated, the electrolytes, cathodes, and anodes separate, and ionic exchange takes place that generates energy.
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- The use of molten salt batteries has a number of advantages over modern solid-state batteries which is aiding the global molten salt battery market growth. In large-scale applications, batteries with liquid components have a higher current density, a longer cycle life, and a more straightforward production process.
- Molten salt batteries are generating interest as a grid energy storage solution for renewable energy sources. Renewable energy, electric cars, grid storage, and electric vehicles are a few potential uses for the molten salt iron-oxygen battery.
- Technological advancements in molten salt battery design and development are expected to be key trends in the molten salt battery market over the coming years. Development of more efficient and cost-effective molten salt batteries are likely to increase their applications.
Market Analysis
Based on battery type, the market is divided into sodium sulphur, and liquid metal, among others. On the basis of end-use, the market is segmented into power plant, military, and electric vehicles, among others. The regional markets for molten salt batteries are categorised into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global molten salt battery market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Sumitomo Corporation
- Ambri Incorporated
- BASF SE
- Alfa Laval Corporate AB
- Others
Market Share by End-Use
Electric vehicles account for a sizable share of the molten salt battery market based on end-use, driven by the increasing demand for electric vehicles. The high energy density and high power density characteristics of molten salt batteries make them suited for electric vehicles. Salt-based batteries that combine the performance advantages of a solid-oxide fuel cell and a metal-air battery are recyclable, environmentally beneficial, inexpensive, and safe. Converting molten salt into soft-solid salts utilising solid oxide nano-powders has many potential uses in emerging industries, including renewable energy, by facilitating cutting-edge storage solutions in homes and at the grid level.
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Market Share by Region
Regionally, North America occupies a significant share of the molten salt battery market, supported by the growing demand for electric vehicles and extensive military expenditure in countries such as the United States. Importance of renewable energy is also on the rise in North America, which is expected to bolster the market for molten salt batteries in order to effectively store generated power. The presence of key players in the region is also augmenting the market growth of molten salt batteries in North America. Meanwhile, Europe is expected to witness rapid growth in the market for molten salt batteries, which can be attributed to the increasing sales of electric vehicles, particularly in countries like France and Germany.
Competitive Landscape
Sumitomo Corporation, founded in 1919 and with headquarters in Tokyo, Japan, is one of the biggest general trade firms in the world. The company imports and exports a wide range of products, including textiles, metals, machinery, chemicals, gasoline, and food items.
Ambri Incorporated was established in 2010 and is currently headquartered in Massachusetts. The company makes grid-level storage batteries for storing generated electricity from the sun and wind. Ambri systems are dependable and safe as they do not create or exhaust any gases and there is no risk of thermal runaway.
Alfa Laval Corporate AB, a supplier of specialist goods and services for heat transfer, separation, and fluid handling, is based in Lund, Sweden. Founded in 1883, the company provides food production, environmental protection, and energy optimisation. Alfa Laval sells items including evaporators, gasketed plate heat exchangers, spiral heat exchangers, plate heat exchangers, and air heat exchangers, among others.
Other market players include BASF SE, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Battery Type |
|
| Breakup by End-Use |
|
| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
|
| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Molten Salt Battery Market Analysis
8.1 Key Industry Highlights
8.2 Global Molten Salt Battery Historical Market (2018-2022)
8.3 Global Molten Salt Battery Market Forecast (2023-2028)
8.4 Global Molten Salt Battery Market by Battery Type
8.4.1 Sodium Sulphur
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Liquid Metal
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Others
8.5 Global Molten Salt Battery Market by End-Use
8.5.1 Power Plant
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Military
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Electric Vehicles
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Others
8.6 Global Molten Salt Battery Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
9 North America Molten Salt Battery Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Molten Salt Battery Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Molten Salt Battery Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Molten Salt Battery Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Molten Salt Battery Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Sumitomo Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Ambri Incorporated
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 BASF SE
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Alfa Laval Corporate AB
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Molten Salt Battery Market: Key Industry Highlights, 2018 and 2028
2. Global Molten Salt Battery Historical Market: Breakup by Battery Type (USD Million), 2018-2022
3. Global Molten Salt Battery Market Forecast: Breakup by Battery Type (USD Million), 2023-2028
4. Global Molten Salt Battery Historical Market: Breakup by End-Use (USD Million), 2018-2022
5. Global Molten Salt Battery Market Forecast: Breakup by End-Use (USD Million), 2023-2028
6. Global Molten Salt Battery Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Molten Salt Battery Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Molten Salt Battery Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Molten Salt Battery Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Molten Salt Battery Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Molten Salt Battery Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Molten Salt Battery Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Molten Salt Battery Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Molten Salt Battery Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Molten Salt Battery Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Molten Salt Battery Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Molten Salt Battery Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Global Molten Salt Battery Market Structure
Key Questions Answered in the Report
In 2022, the global market for molten salt batteries attained a value of approximately USD 1.35 billion.
The market for molten salt batteries is projected to grow at a CAGR of 16.50% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028, reaching USD 3.41 billion by 2028.
The major drivers of the market include the growing applications of molten salt iron-oxygen batteries, advantages of molten salts such as low costs, non-toxicity, and non-flammability, and improved production capacities.
Increasing sales of electric vehicle, rising importance of renewable energy, technology advancements, and growing use in power generation are the key trends of the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The primary end-uses of molten salt batteries in the market are power plant, military, and electric vehicles, among others.
The major players in the market, according to the report, are Sumitomo Corporation, Ambri Incorporated, BASF SE, and Alfa Laval Corporate AB, among others.
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