What is Compressed Air Energy Storage Market?
Compressed Air Energy Storage (CAES) is recognized as one of the most effective and economical technologies to conduct long-term, large-scale energy storage. CAES refers to the energy stored in the form of high pressure compressed air and consumed in a different form of energy converted from the compressed air. In supporting power network operation, compressed air energy storage works by compressing air to high pressure using compressors during periods of low electric energy demand and then the stored compressed air is released to drive an expander for electricity generation to meet high load demand during the peak time periods. CAES is used to store energy and generate energy when it is needed due to this benefit its demand is increasing.
Highlights from Compressed Air Energy Storage Market Study
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Siemens AG (Germany), Hydrostor Inc. (Canada), Apex Compressed Air Energy Storage LLC (United States), Ridge Energy Storage and Grid Services LP (United States), Dresser-Rand Group (United States), LightSail Energy (United States), General Compression, Inc. (United States), Bright Energy Storage Technologies (United States), Gaelectric Holdings PLC (New Zealand), Pacific Gas and Electric Company (United States), Baker Hughes Company (United States) and Airlight Energy Manufacturing SA (Switzerland) |
In Compressed Air Energy Storage Market, it has been observed that most of the companies are upgrading or introducing innovative products. They rely on strategies such as mergers & acquisitions, product development, geographical expansion, technological innovation and sourcing strategies to enhance their market share. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Compressed Air Energy Storage market throughout the forecasted period.
Siemens AG (Germany), Hydrostor Inc. (Canada), Apex Compressed Air Energy Storage LLC (United States), Ridge Energy Storage and Grid Services LP (United States), Dresser-Rand Group (United States), LightSail Energy (United States), General Compression, Inc. (United States), Bright Energy Storage Technologies (United States), Gaelectric Holdings PLC (New Zealand), Pacific Gas and Electric Company (United States), Baker Hughes Company (United States) and Airlight Energy Manufacturing SA (Switzerland) are some of the key players profiled in the study. Compressed Air Energy Storage Market Segmentation:
Scope | Sub-Segments |
---|
Application / End User | Peak Shaving and Demand Side Management, Renewable Power Generation Plants, Smart-Grids and Wind Energy Network, Compressed Air Engines and Other |
Type | Adiabatic Compressed Air Energy Storage (A-CAES), Diabatic Compressed Air Energy Storage (D-CAES) and Isothermal Compressed Air Energy Storage (I-CAES) |
Technology | Advanced Adiabatic Compressed Air Energy Storage (AA-CAES),Liquid Air Energy Storage (LAES),Supercritical Compressed Air Energy Storage (SC-CAES) |
Storage Type | Constant-Volume Storage,Constant-Pressure Storage |
On the basis of geography, the market of Compressed Air Energy Storage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Spain, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Trend for Power Generation from Renewable Energy
Market Growth Drivers:
Growing Interest in Energy Storage by Utilizing Renewable Energy Source and Increase in Demand Of Energy
Challenges:
Decentralized Compressed Air Energy Storage
Restraints:
Lack of Investment
Opportunities:
Renewable Energy Harvesters Adopting Efficient Storage Equipment and Growing Use of Isothermal Compressed Air Energy Storage
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Compressed Air Energy Storage Providers, Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Users
Market Leaders & Development Strategies
In September 2019, Hydrostor completed the acquisition of Meridiam for and USD 37 million. The acquired company joined Hydrostor’s A-CAES projects in Canada, the USA, Australia and Chile.
In November 2019, Hydrosto together with NRStor Incorporated, a diversified Canadian energy storage project developer and announced the completion of the Goderich A-CAES Facility, located in Ontario, Canada. This plant represents a pivotal advancement in long-duration energy storage and a world first in the successful commercialization of fuel-free (adiabatic) CAES technology.