New York, USA, March 15, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global compressed air energy storage market. According to the report, the global market is projected to surpass $31,827.7 million and grow with a CAGR of 23.6% in the estimated period, 2022–2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the compressed air energy storage market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Compressed Air Energy Storage Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global compressed air energy storage market. During the pandemic, the shutdown of manufacturing and production plants owing to manpower shortages and delays in the supply of raw materials harmed the compressed air energy storage market. Moreover, delay in the delivery of numerous parts needed to set up CAES plants such as electric motors, pistons, storage tanks, and others during the pandemic hindered the market growth.
Factors Impacting the Compressed Air Energy Storage Market Growth
The key factor boosting the growth of the global compressed air energy storage market is a significant rise in the need for compressed air energy storage due to the need to reach net zero carbon emission targets. Furthermore, the increasing demand for sustainable energy that aids in the reduction of harmful greenhouse gas emissions is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the substantial use of natural gas necessary for heating air during the expansion stage is anticipated to deter the market’s growth.
The report segments the global compressed air energy storage market into method, storage, application, end-use industry, and region.
Isothermal Method Sub-Segment to Grab a Foremost Share of the Market
The isothermal method sub-segment of the method segment is expected to observe leading growth in the forecast period. This growth is mainly because isothermal method aids in overcoming the drawbacks of conventional adiabatic and diabatic methods.
Traditional CAES Storage Sub-Segment to Grab a Leading Share of the Market
The traditional CAES storage sub-segment of the storage segment is foreseen to observe leading growth in the forecast period. This growth is mainly because traditional CAES storage is an affordable and dependable storage option.
Energy Management Sub-Segment to Witness Rapid Growth
The energy management sub-segment of the application segment is predicted to grow enormously in the forecast period. This growth is mainly because energy management has the potential to shape the future of sustainable energy storage systems.
Power Station Sub-Segment to Observer Swift Growth
The power station sub-segment of the end-use industry segment is projected to grow enormously in the forecast period. This growth is mainly because of the rising adoption of compressed air energy storage solutions in power stations, as these energy storage solutions aid in lowering dependence on energy derived from fossil fuels.
North America Region to Perceive Maximum Growth
The report analyzes the global compressed air energy storage market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth in the estimated period. This growth is mostly due to the increasing need for energy and the growing utilization of renewable power sources like CAES systems in this region.
Key Players of the Market
The report states some of the foremost players operating in the global compressed air energy storage market including
- General Compression Ltd (GCL)
- Siemens Energy AG
- Hydrostor Inc.
- Pacific Gas and Electric Company
- LightSail Energy
- Bright Energy Storage Technologies
- Apex Compressed Air Energy Storage
- Ridge Energy Storage and Grid Services LP LLC
- ALACAES
- Storelectric Limited
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in July 2022, Hydrostor Inc., a top supplier of long-term energy storage solutions, announced important milestones for its 500 MW innovative compressed air energy storage system in southern California.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Compressed Air Energy Storage Market:
- A Quick Look at the Advantages of Compressed Air Energy Storage Over Traditional Batteries
- Global Compressed Air Energy Storage Market to Undergo Significant Growth by 2031 with Improvements in Compressor Technologies
