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 trends, size, share, 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) is a method of storing energy by compressing air and storing it in an underground reservoir. This system operates based on the gas turbine cycle, wherein air is compressed using a rotary compressor and then stored. When energy is needed, the stored air is released to expand, driving high-pressure air through a turbine to generate electricity. CAES serves multiple purposes, such as supplementing energy demand during peak periods, improving air quality, and ensuring system stability. It enables power companies to meet the energy needs of an entire service area without requiring additional production, thereby reducing reliance on the electrical grid and cutting costs and operational expenses. Moreover, CAES offers a long shelf-life by allowing the compressor to unload before restarting, thereby decreasing short cycling and maintenance costs typically associated with frequent maintenance intervals.
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What are the growth prospects and trends in the compressed air energy storage industry?
The increasing generation of electricity from renewable sources like wind, solar, and hydropower, in response to global demand, serves as the primary driver for the growth of the compressed air energy storage (CAES) market. Moreover, system operators and power generators extensively employ this technique to store power, ensuring a dependable supply during peak demand periods, thereby further boosting market expansion. Additionally, the cost-effectiveness and eco-friendliness of CAES render it a favorable option for offshore wind turbines, thereby propelling the global market forward. Furthermore, the growing necessity for this technology to stabilize aging power grids and transition from coal-based to natural gas electricity generation serves as another significant catalyst for market growth. Furthermore, the increasing demand for isothermal storage, which maintains uniform internal and external temperatures using heat exchangers, is anticipated to reinforce the compressed air energy storage (CAES) market in the forthcoming 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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