Selbyville, Delaware,, Aug. 07, 2023 (GLOBE NEWSWIRE) --
The compressed air energy storage market valuation is expected to cross USD 3.5 billion by 2032, as reported in a research study by Global Market Insights Inc. This is attributed to a remarkable surge in demand and innovation, driven by the pressing need for sustainable energy solutions and the growing integration of renewable energy sources.
CAES, a cutting-edge technology that stores excess energy in compressed air form, has emerged as a frontrunner in the energy storage landscape. Increasing investment in renewable energy projects worldwide is generating strong demand for compressed air energy storage solutions. In June 2023 IRENA signed an MoU with Global Renewables Alliance to work collaboratively towards a fast, sustainable, and economical energy transition, as part of the former’s target to achieve 1 TW annual new renewable capacity in 2030.
The collaboration will be focused on facilitating worldwide delivery of renewable energy and enable policymakers to eliminate barriers to the development of renewables. With its ability to store large amounts of energy for long durations and provide rapid response times, CAES offers a reliable and flexible solution for grid stabilization and peak demand management.
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Compressed air energy storage market share from the diabatic technology segment will register commendable growth over 2023 to 2032. Diabatic CAES technology improves the overall efficiency and performance of the energy storage system. Diabatic CAES utilizes waste heat for heating the compressed air, reducing energy losses and enhancing the overall energy utilization. The technology is gaining popularity due to its higher efficiency and lower carbon emissions, which will further impact industry trends.
Compressed Air Energy Storage (CAES) is finding significant application in on-site power systems, offering a reliable and sustainable energy storage solution for industrial facilities, commercial buildings, and off-grid areas. With CAES, excess energy generated during off-peak hours can be compressed and stored, ready to be converted back to electricity during peak demand periods.
This ensures a constant and uninterrupted power supply, reduces reliance on the grid, and enables more efficient energy management. CAES in on-site power applications provides businesses with greater control over their energy consumption and contributes to overall energy cost savings while promoting a greener and more sustainable future.
Asia Pacific compressed air energy storage market size will expand at a remarkable rate through 2032. Countries like China, Japan, and India are heavily investing in renewable energy projects and developing efficient energy storage solutions to support their growing energy demands. In May 2023, London-based Octopus Energy announced an investment of over USD 1.8 billion in the Asia Pacific energy sector by 2027, in an effort to expedite the clean energy transition. Close to USD 1.4 billion is earmarked for solar and wind generation, while half of the funds will be invested in renewable energy projects in Japan. The increasing adoption of CAES technology is thus driving overall market growth in the region.
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Hydrostor Inc., Siemens, APEX CAES, Pacific Gas and Electric Company, ALACAES, Storelectric LTD, Cheesecake Energy Ltd, AUGWIND ENERGY, TerraStor Energy Corporation, ENERGY DOME S.p.A., Sherwood Power, Corre Energy, Green-Y Energy AG are among the major entities operating in the compressed air energy storage market. Companies are launching new products and services, such as advanced control systems and optimized energy storage solutions to establish a strong presence in the industry.
Compressed Air Energy Storage (CAES) Industry News:
- June 2023 - Solvay announced the signing of an Option Agreement with Corre Energy to provide 4 salt caverns for the development of a compressed air energy storage facility. The CAES site is designed to store up to 80 GWh of clean energy in compressed air form, with an installed generation capacity of 640 MW.
Partial chapters of report table of contents (TOC):
Chapter 4 Competitive Benchmarking
4.1 Innovation & sustainability landscape
4.2 Competitive landscape, 2022
4.2.1 Strategy dashboard
Chapter 5 Compressed Air Energy Storage Market, By Technology
5.1 Key technology trends
5.2 Adiabatic
5.3 Diabatic
5.4 Isothermal
Chapter 6 Compressed Air Energy Storage Market, By Application
6.1 Key application trends
6.2 On site power
6.3 Black start
6.4 Electric supply capacity
6.5 Others
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
