Compressed Air Energy Storage Market By Method (Diabatic, Adiabatic, Isothermal), By Storage (Traditional CAES Storage, Liquid Gas CAES Storage), By Application (Energy Management, Backup and Seasonal Reserves, Renewable Integration), By End-use Industry (Power Station, Distributed Energy System, Automotive Power): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global compressed air energy storage market is anticipated to reach $31,827.7 million by 2031, growing from $3,995.4 million in 2021, at a CAGR of 23.6% from 2022 to 2031.
The enormous potential of CAES systems for effective energy storage for power generation is responsible for the post-pandemic rapid rise of the worldwide compressed air energy storage sector. The CAES systems can be utilized for both small- and large-scale energy storage. As a result, load shifting, peak shaving, and frequency & voltage management have potential uses in the compressed air energy storage sector. Since CAES is a sustainable energy storage system that can fulfil the rising energy demands, the compressed air energy storage market is anticipated to expand quickly. In CAES, low-cost power can be produced during peak hours if it is used to store compressed air in an underground cavern. These factors are anticipated to propel the market growth.
Compressed air energy storage devices have high setup and investment costs, which limit market expansion. Additionally, installing CAES facilities requires a drawn-out regulatory process, which is expected to slow market expansion.
As infrastructure (roads) activities increase in both established and emerging nations, the compressed air energy storage market is anticipated to grow (especially medium and heavy commercial vehicles for the movement of goods).
The compressed air energy storage market is segmented into type, storage, application, end-use industry, and region. On the basis of method, the market is classified into diabatic, adiabatic and isothermal. Based on storage, the CAES market is bifurcated into traditional CAES storage and liquid gas CAES storage. On the basis of application, the market is categorized into energy management, backup and seasonal reserves and renewable integration. By end-use industry the market is divided into power station, distributed energy system and automotive power. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, Italy, France, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, United Arab Emirates, South Africa, and rest of LAMEA).
Asia-Pacific is anticipated grow at the fastest CAGR during the projected timeframe. Energy demand and the need for dependable energy storage solutions are rising quickly in nations like China, Japan, India, and others. The government has taken a number of actions to promote environmentally friendly power generation.
The COVID-19 pandemic had left businesses in the compressed air energy storage sector with serious financial worries. Due to import-export limitations, among other things, these businesses have encountered a scarcity of workers due to concerns about the COVID-19 virus. Due to these considerations, the compressed air energy storage market size has suffered during the pandemic. The availability of necessary funds for installing compressed air energy storage systems has been impacted by the government's budget shift toward healthcare institutions. Additionally, these elements have prolonged the CAES approval procedure. The demand for compressed air energy storage was significantly impacted by the aforementioned considerations.
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.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the compressed air energy storage market analysis from 2021 to 2031 to identify the prevailing compressed air energy storage market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the compressed air energy storage market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global compressed air energy storage market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Method
Diabatic
Adiabatic
Isothermal
By Storage
Traditional CAES Storage
Liquid Gas CAES Storage
By Application
Energy Management
Backup and Seasonal Reserves
Renewable Integration
By End-use Industry
Power Station
Distributed Energy System
Automotive Power
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
UAE
Israel
Rest of LAMEA
Key Market Players
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
LightSail Energy
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