Global Compressed Air Energy Storage Market to Gather $31.8 Billion at a CAGR of 23.6% CAGR by 2031: Allied Market Research
The global compressed air energy storge market to witness huge surge owing to increasing demand for clean energy due to rising pace of infrastructure development.
Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) — Recently, Allied Market Research published a report, “Compressed Air Energy Storage Market by Method (Diabatic, Adiabatic, Isothermal), by Storage (Traditional CAES Storage, Liquid Gas CAES Storage), by Application (Energy Management, Backup and Seasonal Reserves, Renewable Integration), by End-use Industry (Power Station, Distributed Energy System, Automotive Power): Global Opportunity Analysis and Industry Forecast, 2021-2031“. As per the report, the global compressed air energy storage market is predicted to garner $31.8 billion by 2031. The market was valued at $4.0 billion in 2021 and is anticipated to rise at a CAGR of 23.6% from 2022 to 2031. The report provides a comprehensive study of evolving market trends, regional scenarios, and the competitive landscape of the industry.
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Growth Drivers, Market Restraints, and Growth Opportunities:
Growing demand for clean energy for infrastructure development as well as for smooth running of power plants is predicted to be the primary growth driver of the market. Also, since compressed air energy storage systems produce sustainable energy, the popularity of these systems has escalated which will help the market to grow. However, high capital costs of compressed air energy storage systems might restrain the market growth. Moreover, use of CAES systems enhances the durability of the compressor which is predicted to create new investment opportunities in the industry.
The isothermal segment to be highly dominant in the forecast timeframe
Based on method, the isothermal segment accounted for the highest share of the market in 2021 with around half of the total revenue. Also, the same segment is expected to have the fastest CAGR of 24.2% during the 2021-2031 period. The high round-trip efficiency and double air compression offered by the isothermal method of CAES systems is expected to aid the segment to rise higher.
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The traditional CAES Storage segment to flourish immensely in the analysis period
Based on storage, the traditional CAES storage segment gathered the largest market share in 2021, with around half of the total revenue. The reliable and cost-efficient nature of traditional CAES systems is expected to help the market to continue its dominance in the forecast period. On the other hand, the liquid gas CAES Storage segment is anticipated to be the fastest growing with a CAGR of 24.0% during the analysis timeframe.
The energy management segment to garner a huge market share by 2031
Based on application, the energy management segment gathered the maximum revenue with around half of the total market share. Also, the same segment is expected to have the highest CAGR of 24.1% during the analysis period. The ability of compressed air energy storage systems to provide efficient energy management solutions is expected to drive the growth of this segment.
The power station segment to be the most profitable by 2031
Based on end-use industry, the power station segment generated the highest revenue in 2021, with nearly three-fifths of the total share. Furthermore, the same segment is anticipated to have the highest CAGR of 23.9% during the analysis timeframe. The ability of compressed air energy storage to provide huge potential for power stations has led to a decline in dependence on fossil fuels which is expected to expand the scope of the market.
North America region offer lucrative growth opportunities
Based on region, the North America compressed air energy storage market held the largest market share in 2021 with around half of the total market revenue. Government regulations pushing for increased use of renewable energy such as those in California have strengthened the position of the market in this region. The market in the Asia-Pacific region is projected to witness the fastest CAGR of 24.9% during the analysis timeframe. The growing use of CAES systems in countries including India, China, Japan, and South Korea is estimated to augment the growth rate of the market.
Leading Companies in the Industry
- LightSail Energy
- Siemens Energy AG
- General Compression Ltd (GCL)
- Apex Compressed Air Energy Storage, LLC
- Storelectric Limited
- Pacific Gas and Electric Company
- Ridge Energy Storage and Grid Services LP
- Bright Energy Storage Technologies
- Hydrostor Inc.
Trending Reports in Energy Storage Industry:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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