Dublin, April 18, 2024 (GLOBE NEWSWIRE) -- The "Compressed Air Energy Storage - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Compressed Air Energy Storage Market to Reach $22.5 Billion by 2030
The global market for Compressed Air Energy Storage estimated at US$4.8 Billion in the year 2023, is projected to reach a revised size of US$22.5 Billion by 2030, growing at a CAGR of 21.2% over the analysis period 2023-2030.
In 2023, the competitive landscape of the global compressed air energy storage (CAES) market is characterized by players categorized as strong, active, niche, or trivial in their market presence. The outlook for the CAES market is optimistic, with strong windfalls anticipated due to rising energy demand
. The market is poised for growth, with significant contributions expected from renewable energy integration, grid optimization, and transmission and distribution (T&D) deferral. Various drivers, including the strength of renewable energy and ambitious projects, are keeping the CAES market on a growth trajectory. Diabatic technology currently holds a monopoly in the global CAES market.
Renewable Energy Integration end-use segment is expected to record 21.4% CAGR and reach US$10.1 Billion by the end of the analysis period. Growth in the Grid Optimization end-use segment is estimated at 18% CAGR for the next 8-year period.
The U.S. Market is Estimated at $1.9 Billion, While China is Forecast to Grow at 20.7% CAGR
North America emerges as a major hub for CAES projects, with hydrostor facilities expected to provide a significant boost to the market. Regional analysis reveals the USA, Canada, China, and the Asia-Pacific region as key contributors to the market's revenue growth, with North America leading in terms of project development.
The Compressed Air Energy Storage market in the U.S. is estimated at US$1.9 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$1.8 Billion by the year 2030 trailing a CAGR of 20.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 16.8% and 22.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 21% CAGR.
MARKET OVERVIEW
- World Shifts to an Endemic COVID-19 Strategy with Focus on Multilateral Approach to Managing Future Pandemics
- Prolonged Pandemic, Ukraine-Russia Conflict and Ensuing Economic Disruptions Impact Growth Outlook
- World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2021 through 2024
- COVID-19 Pandemic Brings Numerous Challenges to the Energy Sector
- Global Energy Market Growth Outlook (In %) for Years 2019 through 2025
- Opportunities for the Power & Energy Sector in the Post-Pandemic Era
- COVID-19 Pandemic Impacts Compressed Air Energy Storage Systems Market
- Competitive Scenario
- Compressed Air Energy Storage - Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
- Global Compressed Air Energy Storage Market to Enjoy Strong Windfalls Ahead
- Rising Energy Demand Sets Compressed Air Energy Storage Market on Boiling Point: Outlook
- World Compressed Air Energy Storage Market by End-Use (2024 & 2030): Percentage Breakdown of Sales for Renewable Energy Integration, Grid Optimization, and T&D Deferral
- Drivers Keeping Global Compressed Air Energy Storage Market in Hot Seat
- Renewables Going Strong, CAES to Record Strong Growth
- Compressed Air Energy Storage on Cloud Nine with Flurry of Ambitious Projects
- Diabatic Technology Enjoys Monopoly in Global Compressed Air Energy Storage Market
- Regional Analysis: North America Emerges as Major Hub for Compressed Air Energy Storage Projects
- World Compressed Air Energy Storage Market by Region (2024 & 2030): Percentage Breakdown of Revenues for Developed and Developing Regions
- World Compressed Air Energy Storage Market - Geographic Regions Ranked by CAGR (Revenues) for 2023-2030: USA, Canada, China, Asia-Pacific, Rest of World, Europe, and Japan
- Hydrostor Facilities to Provide Big Boost to Compressed Air Energy Storage
- India: Development of Energy Storage Critical for Attaining Renewables-Related Goals
- Israel: Augwind's AirBattery Compressed Air Energy Storage Solution
- China: Salt Cavern CAES, the First in the Country, Becomes Operational
- Australia: A-CAES System of Hydrostor Selected for Energy Supply Backup in Rural New South Wales
- Compressed Air Energy Storage (CAES): Bundling Energy for Use at Peak Hours
- Total Electrical Energy Stored Over Lifetime of Storage Technology
- CAES Technologies
- Pushing Efficiency & Maintaining High Pressure
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Compressed Air Energy Storage Gains Attention
- CAES Helps Clean Energy Sector Gather Full Steam Ahead
- Intriguing Advantages Widen the Business Case for CASE
- Compressed Air Energy Storage Technology: Galvanizing Socio-Economic Gains
- Compressed Air Energy Storage Emerges as Ideal Companion of Renewable Energy
- Renewable Energy Sector on Growth Trajectory
- A Note on Renewable Energy Programs in Select Countries
- Targets for Electricity Production from Renewable Energy Sources Worldwide by Country
- Global Wind and Solar Installed Capacity (GW) for the Years 2011, 2017, 2020 and 2023E
- Global Levelized Cost (US$ Per MWh) of Energy Storage Technologies in Utilities by Type: 2015 and 2030
- Intermittent Nature of Renewable Energy Favors CAES Adoption
- Electricity Demand Patterns Encourage Market Expansion
- Global Energy Demand & Growth (In Million Tonnes of Oil Equivalent (Mtoe)) for the Years 1990, 2000, 2010, 2020, 2030 and 2040
- Demographic Trends and Urbanization Drive Electricity Demand
- World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
- Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
- Growing Importance of Grid Connected Energy Storage Augurs Well
- Global Energy Production by Energy Source (2017, 2020, 2030 and 2040): Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share for Petroleum, Nuclear, Natural Gas, Coal and Renewables
- Grid Modernization Programs Emphasize Grid Connected Energy Storage
- Grid Reliability Assurances from CAES Promote Uptake
- Compressed Air Energy Storage Walks in the Air & Offers Viable Option for Grid-Scale Storage
- CAES to Help Utilities Realize Zero-Carbon Grid Targets
- EnPowered Payments, A Unique On-bill Payments Platform Helping Customers Easily Secure CAES Systems
- What Makes CAES a Strong Energy Storage Contender?
- Smart Grids Elevate the Prospects
- Strong Smart City Investments to Fuel Large-Scale Adoption
- Number of Smart Cities Worldwide by Geographic Region (2025F)
- Factors Impeding Implementation of CAES
- Efforts to Make Compressed Air Storage an Appealing Option
FOCUS ON SELECT PLAYERS(Total 27 Featured)
- Siemens Energy AG
- Pacific Gas & Electric Company
- Hydrexia
- Hydrostor, Inc.
- Korea Electric Power Corporation (KEPCO)
- NRStor, Inc.
- MAN Energy Solutions SE
- Enel Green Power SpA
- Gravitricity
For more information about this report visit https://www.researchandmarkets.com/r/75j0rj
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