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. The burgeoning energy sector, rising production of electricity, and the growing employment of CAES in offshore wind turbines represent some of the key factors driving the market.
Compressed air energy storage (CAES) is a method of storing energy by compressing air in an underground storage reservoir. It relies on the gas turbine cycle that is used to compress air using a rotary compressor. It helps retrieve stored energy by allowing the air to expand, which pushes high-pressure air through a turbine to create electricity. It is used to supplement energy usage during high-demand periods, enhance air quality, and maintain system stability. It allows energy companies to provide sufficient energy for the entire service area without the need for added energy production. It reduces dependency on the electrical grid and decreases energy charges and operational overhead. It enhances power grid stability by lowering the strain on the electrical infrastructure and improving energy reliability. It offers a long shelf-life as CAES allows the compressor to unload before starting again and reduces short cycling. As it requires little maintenance costs due to reduced compressor maintenance frequency, the demand for CAES is rising across the globe.
Compressed Air Energy Storage (CAES) Market Trends:
At present, there is a rise in the production of electricity from renewable sources, such as wind, solar, and water energy, to meet the supply and demand for electricity across the globe. This, along with the increasing utilization of CAES by electricity system operators and electricity generators to store electricity, represents one of the key factors supporting the growth of the market. In addition, the growing demand for CAES to ensure the provision of the electrical grid with energy during peak demand periods is positively influencing the market. Moreover, there is an increase in the demand for isothermal storage that relies on heat exchangers to always keep the internal and external temperatures same. This, coupled with the thriving energy sector around the world, is catalyzing the demand for CAES. Apart from this, the growing employment of CAES in offshore wind turbines due to its cost-effectiveness and environment-friendliness is offering a favorable market outlook. In line with this, the increasing demand for CAES to ensure the stability of the aging power grid and replace coal-based electricity generation with natural gas is providing lucrative growth opportunities to industry investors. Additionally, the rising awareness among the masses about the benefits of using CAES, such as increased energy reliability, is strengthening the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global compressed air energy storage (CAES) market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on type, storage type, and application.
The report has provided a detailed breakup and analysis of the compressed air energy storage (CAES) market based on the type. This includes adiabatic, diabetic, and isothermal. According to the report, diabetic represented the largest segment.
Storage Type Insights:
- Constant-Volume Storage
- Constant-Pressure Storage
A detailed breakup and analysis of the compressed air energy storage (CAES) market based on the storage type has also been provided in the report. This includes constant-volume storage and constant-pressure storage.
- Power Station
- Distributed Energy System
- Automotive Power
A detailed breakup and analysis of the compressed air energy storage (CAES) market based on the application has also been provided in the report. This includes the power station, distributed energy system, and automotive power.
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for compressed air energy storage (CAES). Some of the factors driving the North America compressed air energy storage (CAES) market included the increasing demand for energy storage, rising adoption of renewable energy sources, and government support for energy efficient technologies.
The report has also provided a comprehensive analysis of the competitive landscape in the global compressed air energy storage (CAES) market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies include Alacaes SA, Apex Compressed Air Energy Storage LLC, Hydrostor Inc., Pacific Gas and Electric Company, Storelectric Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Adiabatic, Diabatic, Isothermal
|Storage Types Covered
||Constant-Volume Storage, Constant-Pressure Storage
||Power Station, Distributed Energy System, Automotive Power
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alacaes SA, Apex Compressed Air Energy Storage LLC, Hydrostor Inc., Pacific Gas and Electric Company, Storelectric Limited, etc.
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Key Questions Answered in This Report:
- How has the global compressed air energy storage (CAES) market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global compressed air energy storage (CAES) market?
- What is the impact of each driver, restraint, and opportunity on the global compressed air energy storage (CAES) market?
- What are the key regional markets?
- Which countries represent the most attractive compressed air energy storage (CAES) markets?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the compressed air energy storage (CAES) market?
- What is the breakup of the market based on the storage type?
- Which is the most attractive storage type in the compressed air energy storage (CAES) market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the compressed air energy storage (CAES) market?
- What is the competitive structure of the global compressed air energy storage (CAES) market?
- Who are the key players/companies in the global compressed air energy storage (CAES) market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the compressed air energy storage (CAES) market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global compressed air energy storage (CAES) market.
- The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the compressed air energy storage (CAES) industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.