The global compressed air energy storage market was valued at $4 billion in 2021, and is projected to reach $31.8 billion by 2031, growing at a CAGR of 23.6% from 2022 to 2031. The technology of compressed air energy storage allows for the large-scale energy storage of compressed air in underground Contact online >>
The global compressed air energy storage market was valued at $4 billion in 2021, and is projected to reach $31.8 billion by 2031, growing at a CAGR of 23.6% from 2022 to 2031. The technology of compressed air energy storage allows for the large-scale energy storage of compressed air in underground caverns or pressurized storage tanks. After that, a compressor is used to pump compressed air into an enclosure while waiting for the energy to be used. The process of forcing high-pressure air through the atmosphere to produce electricity then makes use of the stored energy that causes the air to expand.
An effective energy storage method called compressed air energy storage (CAES) allows energy to be stored once and then utilized later. Both off-peak and peak load periods can make extensive use of this technology to fulfil the high energy demand. The market size for compressed air energy storage can be linked to CAES systems'' capacity to provide efficient and on-demand energy for usage in a variety of sectors, including power generation.
However, it is anticipated that the high cost of establishing compressed air energy storage facilities will limit the market share for compressed air energy storage in the coming years. Complex cooling systems, a high self-discharge rate, and the expensive expense of installing subterranean storage intercoolers for heat dissipation all contribute to the cost of CAES. These factors are anticipated to restrict the global compressed air energy storage market opportunities to some extent.
Globally, there is a growing demand for clean energy that reduces the release of dangerous greenhouse gases. The demand for energy has increased significantly as a result of urbanization and rising world population. The need for infrastructure and power plants has increased because of this. The compressed air energy storage system aids in fulfilling the world''s expanding energy needs since it offers unrealized potential for producing sustainable energy. Additionally, compressed air is stored in CAES systems, reducing the need for frequent compressor runs. This prolongs the compressor''s useful life and lessens the compressor''s general wear. These elements are expected to produce fantastic chances to accelerate compressed air energy storage market size in the coming years.
The key players profiled in this report include Siemens Energy AG, General Compression Ltd (GCL), Hydrostor Inc., Bright Energy Storage Technologies, Pacific Gas and Electric Company, Apex Compressed Air Energy Storage, LLC, Ridge Energy Storage and Grid Services LP, ALACAES, Storelectric Limited, and LightSail Energy.
The global compressed air energy storage market is segmented on the basis of method, storage, application, end-use industry and region. By method, the market is sub-segmented into diabatic, adiabatic and isothermal. On the basis of storage, the CAES market is bifurcated into traditional CAES storage and liquid gas CAES storage. By application, the market is classified into energy management, backup and seasonal reserves, and renewable integration. End-use industry is divided into power station, distributed energy system and automotive power. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The compressed air energy storage industry''s traditional CAES storage subsegment is expected to have the largest market in 2021. Due to its affordability and dependability, the conventional CAES storage technology is popular. In this type of storage, sizable underground enclosed caves are used to store compressed air. The classic CAES approach has a high operational effectiveness, which accounts for its widespread use. These elements are anticipated to fuel the traditional CAES storage''s growth in the ensuing years.
By end-use industry, the energy management sub-segment dominated the global compressed air energy storage market share in 2021. The market for compressed air energy storage has enormous potential for application in power plants to lessen the reliance on fossil-fuel based energy. The CAES can be utilized at large power plants for a variety of purposes, including peak shaving, load shifting, voltage control, and frequency control. It can be used to produce power steadily at renewable energy facilities like wind turbines. In the approaching years, it is projected that these factors would increase the market share of power plants.
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Global Opportunity Analysis and Industry Forecast, 2021-2031
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