IMARC Group, a leading market research company, has recently releases report titled “Compressed Air Energy Storage (CAES) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global compressed air energy storage market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the compressed air energy storage?
The global compressed air energy storage (CAES) market size reached US$ 4.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.9 Billion by 2028, exhibiting a growth rate (CAGR) of 23.50% during 2023-2028.
What is Compressed Air Energy Storage (CAES)?
Compressed air energy storage (CAES) refers to an energy storage method that involves condensing air and storing it in an underground reservoir. It operates on the gas turbine cycle, where the air is capsulized using a rotary compressor. The stored energy can be recovered by allowing the air to expand, which drives high-pressure air through a turbine to generate electricity. CAES serves various purposes, including supplementing energy usage during periods of high demand, improving air quality, and ensuring system stability. It enables power companies to meet the energy needs of an entire service area without additional production, reducing reliance on the electrical grid and lowering costs and operational expenses. In addition to this, CAES also offers a long shelf-life by allowing the compressor to unload before restarting, thereby reducing short cycling and maintenance costs associated with frequent maintenance.
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What are the growth prospects and trends in the compressed air energy storage industry?
The escalating production of electricity from renewable sources, such as wind, solar, and hydropower, to meet global supply and demand is primarily driving the compressed air energy storage (CAES) market. Besides this, the extensive utilization of this process by system operators and generators for power storage to ensure a reliable supply during peak request periods is further augmenting the market growth. Moreover, the cost-effectiveness and environmental friendliness of CAES make it a suitable choice for offshore wind turbines, which are also catalyzing the global market. Apart from this, the rising need for this method to stabilize aging power grids and replace coal-based electricity generation with natural gas is acting as another significant growth-inducing factor. Furthermore, the elevating requirement for isothermal storage that maintains consistent internal and external temperatures using heat exchangers is expected to bolster the compressed air energy storage (CAES) market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Adiabatic
- Diabatic
- Isothermal
Breakup by Storage Type:
- Constant-Volume Storage
- Constant-Pressure Storage
Breakup by Application:
- Power Station
- Distributed Energy System
- Automotive Power
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Alacaes SA
- Apex Compressed Air Energy Storage LLC
- Hydrostor Inc.
- Pacific Gas and Electric Company
- Storelectric Limited
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