The global compressed air energy storage market is expected to grow primarily due to the ease of availability of party products. Energy management sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK, April 3, 2023 /PRNewswire/ --
Global Compressed Air Energy Storage Market Forecast Analysis:
As per the report published by Research Dive, the global compressed air energy storage market is expected to register a revenue of $31,827.7 million by 2031 at a CAGR of 23.6% during the forecast period 2022-2031.
Segments of the Compressed Air Energy Storage Market
The report has divided the market into the following segments:
Method: diabatic, adiabatic, and isothermal
Storage: traditional CAES storage and liquid gas CAES storage
Application: energy management, backup & seasonal reserves, and renewable integration
End-use Industry: power station, distributed energy system, and automotive power
Region: North America, Europe, Asia-Pacific, and LAMEA
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Segment | Sub-Segment |
Method | Isothermal - Most dominant in 2021 |
The cost of isothermal CAES system is about one-seventh compared to that of traditional adiabatic CAES methods which has resulted in the growth of its popularity. This is expected to push the growth of this sub-segment further. | |
Storage | Traditional CAES Storage - Highest market share in 2021 |
Growing demand for traditional CAES storage due to its high operational efficiency is expected to augment the growth rate of the market in the 2022-2031 timeframe. | |
Application | Energy Management- Most profitable in 2021 |
The ability of compressed air energy storage systems to provide robust energy management solutions with integrated storage technologies is expected to propel the sub-segment forward. | |
End-Use Industry | Power Station - Most lucrative in 2021 |
The growing usage of compressed air energy storage systems in power stations to reduce the dependance on fossil-fuel based energy is anticipated to push the market forward. | |
Region | North America - Significant market share in 2021 |
The rapidly increasing energy demands of this region, along with growing adoption of renewable energy generation sources is predicted to propel the market in the forecast period. |
Dynamics of the Global Compressed Air Energy Storage Market
The growing energy demands across the globe in the recent years is expected to make the compressed air energy storage market a highly profitable one in the forecast period. Additionally, ability of compressed air energy storage systems to provide enhanced quality of air by lowering harmful carbon dioxide emissions is predicted to propel the market forward. However, according to market analysts, extensive use of natural gas associated with compressed air energy storage might become a restraint in the growth of the market.
Improved storage system provided by compressed air storage technology is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing global population and urbanization is expected to propel the compressed air energy storage market forward in the coming period.
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COVID-19 Impact on the Global Compressed Air Energy Storage Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The compressed air energy storage market, too, was negatively impacted due to the pandemic. The lockdowns brought down the global energy demands as industries across different sectors were virtually shut down. Also, the supply of raw materials required for setting up compressed air energy storage systems was disrupted due to import-export restrictions which further reduced the growth rate of the market.
Key Players of the Global Compressed Air Energy Storage Market
The major players of the market include
- Siemens Energy AG
- Pacific Gas and Electric Company
- ALACAES
- General Compression Ltd (GCL)
- Apex Compressed Air Energy Storage LLC
- Storelectric Limited
- Hydrostor Inc
- Ridge Energy Storage
- Grid Services LP
- LightSail Energy
- Bright Energy Storage Technologies
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in January 2021, Goldman Sachs, a global investment banking company, announced that it would be investing $250 million in Hydrostor, a leading compressed air energy storage systems developer in Canada. This investment by Goldman Sachs is aimed at providing an impetus to the research that is being conducted by Hydrostor to develop advanced CAES systems.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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