Top Molten Salt Thermal Energy Storage Companies

Global Molten Salt Thermal Energy Storage Market size was valued at USD 1.86 million in 2023 and is poised to grow from USD 2,030 million in 2024 to USD 4,134.83 million by 2032, growing at a CAGR of 9.30% in the forecast period (2025-2032).

The competitive landscape of the global molten salt thermal energy storage industry is evolving rapidly, driven by startups and established players striving to enhance efficiency, scalability, and sustainability. Companies are leveraging advanced materials, AI-driven optimization, and novel heat storage techniques to gain a competitive edge. MGA Thermal, for example, has positioned itself as a leader in innovative thermal energy storage by developing Miscibility Gap Alloys (MGA) that provide high-density, long-duration heat storage. The company recently partnered with Chevron in December 2024 to deploy a five-megawatt-hour storage unit, marking a strategic move to integrate TES into industrial decarbonization efforts. 'MGA Thermal ', 'Natura Resources ', 'Abilene Christian University (ACU) ', 'Copenhagen Atomics ', 'TerraPower ', 'MoltexFLEX, Ltd. ', 'Terrestrial Energy ', 'Kyoto Group ', 'Klingele Paper & Packaging Group ', 'Malta Inc. ', 'Alfa Laval ', 'Hyme Energy'

The increasing global shift towards renewable energy sources like solar and wind power has significantly fueled the demand for molten salt thermal energy storage (TES). Governments and private entities are investing in energy storage solutions to address the intermittency challenges of renewables. Molten salt TES systems enable round-the-clock power generation, making them a preferred choice for solar thermal plants and hybrid renewable systems. Countries such as Spain, the U.S., and China are expanding their concentrated solar power (CSP) projects, integrating molten salt storage for improved efficiency and energy security.

Strategic Collaborations and Mergers Driving Innovation: The market is witnessing a surge in strategic partnerships between technology providers and energy firms to enhance molten salt TES deployment. For example, in May 2024, Alfa Laval and Hyme Energy joined forces to develop steam generators for molten salt energy storage, contributing to the launch of the world’s first molten hydroxide salt energy storage plant in Denmark. Similarly, Malta Inc. launched the Store2REPower project in June 2024 to test next-generation heat exchangers, reinforcing the trend of cross-sector collaborations aimed at optimizing TES performance.

How is North America Shaping the Molten Salt Thermal Energy Storage Market?