Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The "Compressed Air Energy Storage Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The global compressed air energy storage (CAES) market is set to witness substantial expansion from 2024 to 2028, driven by robust growth in the iron & steel industry and other end-users. CAES technology, despite its low energy efficiency and limited installation options, emerges as a promising solution to the energy storage challenge, offering high storage capacity and a long life cycle.
Key Market Highlights:
Sustainable Energy Solution:
- CAES technology stores energy by compressing air to high pressure and later releases it to generate electricity.
- The heat generated during compression is captured and stored, enhancing process efficiency.
- CAES boasts a large storage capacity, emits no pollutants, and can be located close to power plants, reducing losses.
Versatility and Scalability:
- CAES systems cater to various capacities and applications, from load shifting to grid stability.
- They excel in intermittent renewable energy integration, especially in wind power.
Clean Energy for a Growing World:
- Rising global energy demand, driven by urbanization and population growth, necessitates sustainable solutions.
- CAES systems offer untapped potential for sustainable energy generation and infrastructure support.
Environmental Benefits and Grid Stability:
- CAES technology reduces carbon emissions, contributing to net-zero carbon emission targets.
- It enhances grid stability during peak power consumption, reducing strain on electrical infrastructure.
Growing Demand for Sustainable Energy:
The world's increasing need for sustainable energy sources, capable of curbing greenhouse gas emissions, aligns with CAES technology's potential. The demand surge stems from global population growth and urbanization, driving infrastructure and power plant requirements. CAES offers a compelling solution, extending the lifespan of compressors and ensuring stable power generation.
Investment Boosts Market Growth:
Notable investments in the CAES sector bolster its growth prospects. In 2022, the Australian Renewable Energy Agency (ARENA) supported Hydrostor's Advanced Compressed Air Storage Project (A-CAES) in New South Wales with an investment of USD 28.42 million. The project aims to achieve financial completion by the end of 2023, with an estimated total cost of USD 437.79 million. It is poised to become one of the world's largest compressed air storage systems, capable of storing renewable low-voltage energy for up to eight hours.
Furthermore, Goldman Sachs invested USD 250 million in 2022 to assist Hydrostor in building over 1 GW/8.7 GWh of Advanced Compressed Air Energy Storage (A-CAES) projects in California and Australia. A-CAES technology utilizes renewable energy or grid power to operate compressors, storing compressed air underground for on-demand electricity generation. The funding not only accelerates project milestones but also paves the way for energy storage companies to expand into markets with immediate flexible energy storage demands.
Market Players
Some of the major market players in the global compressed air energy storage market are Siemens Energy AG, General Compression Ltd (GCL), Hydrostor Inc., Pacific Gas and Electric Company, Apex Compressed Air Energy Storage, LLC, Ridge Energy Storage and Grid Services LP, Storelectric LTD, Bright Energy Storage Technologies, Magnum Development LLC, and MAN Energy Solutions SE.
Report Scope:
In this report, the global compressed air energy storage market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Compressed Air Energy Storage Market, By Method:
- Diabatic
- Adiabatic
- Isothermal
Compressed Air Energy Storage Market, By Storage:
- Traditional CAES Storage
- Liquid Gas CAES Storage
Compressed Air Energy Storage Market, By Application:
- Energy Management
- Backup and Seasonal Reserves
- Renewable Integration
Compressed Air Energy Storage Market, By End-use Industry:
- Power Station
- Distributed Energy System
- Automotive Power
Compressed Air Energy Storage Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- South America
- Brazil
- Argentina
- Colombia
- Middle East
- Saudi Arabia
- South Africa
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/vlbqo9
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