Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Compressed Air Energy Storage Market by Method, Storage, Application, End-use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
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.
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
The compressed air energy storage industry was negatively impacted by the COVID-19 pandemic. This was primarily due to travel and import-export restrictions, stay-at-home orders, and other reasons that have temporarily halted or suspended operations at manufacturing and industrial units. Due to the pandemic's effects on the economy, the clearance process for installing compressed air energy storage (CAES) devices has been delayed.
The COVID-19 pandemic had a negative effect on the compressed air energy storage sector. This is mostly due to travel and import-export restrictions, stay-at-home directives, and other factors that have caused manufacturing and industrial units to temporarily cease or suspend operations. The pandemic's impact on the economy has created a delay in the approval procedures needed to install compressed air energy storage (CAES) devices.
Key factors driving the growth of the compressed air energy storage market include the enormous potential of CAES systems for effective energy storage for power generation. 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 a subterranean cavern. These factors are driving the global CAES market. The high cost involved in setting a CAES plant is the major factor that is anticipated to hamper the market growth in the near future.
Systems for storing compressed air energy have many benefits that increase energy savings and improve air quality. By improving energy storage during periods of peak demand, CAES aids in lessening the burden on the electrical grid.
As a result, energy firms can guarantee that there is enough electricity available during periods of high energy demand. As a result, less alternative energy generation is required, and administrative costs are decreased. CAES lowers carbon emissions while enhancing the stability of the electricity grid during high usage times.
Additionally, compared to other energy production techniques, CAES devices require very little maintenance. It is also possible to produce energy on a small scale with this technique. Because CAES systems do not require frequent compressor running, compressor wear is decreased. This is anticipated to encourage the compressed air energy storage market growth.
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
For more information about this report visit https://www.researchandmarkets.com/r/wvivez
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