Compressed Air Energy Storage Market to Reach $31.8 Billion, Globally, by 2031 at 23.6% CAGR: Allied Market Research

Surge in demand for energy, rising demand for clean energy, increasing need for infrastructure and power plants, and ability of compressed air energy storage system to offer unrealized potential for producing sustainable energy drive the growth of the global compressed air energy storage market.

PORTLAND, Ore., Feb. 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "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." According to the report, the global compressed air energy storage industry generated $4.0 billion in 2021, and is estimated to reach $31.8 billion by 2031 witnessing a CAGR of 23.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Download Report Sample: https://www.alliedmarketresearch.com/request-sample/32345

Surge in demand for energy as a result of urbanization and growing population, rising demand for clean energy, increasing need for infrastructure and power plants, and ability of compressed air energy storage system to offer unrealized potential for producing sustainable energy drive the growth of the global compressed air energy storage market. However, high capital cost, high self-discharge rate, and complex cooling systems restrict the market growth. Moreover, in CAES systems, compressed air is stored to reduce the frequency of compressor runs, which prolongs the compressor's shelf life and reduces the compressor's general wear. These elements are expected to produce ample opportunities to accelerate compressed air energy storage market size in the coming years.

COVID-19 Scenario:

• The outbreak of the COVID-19 pandemic negatively impacted the compressed air energy storage market. As a result of the strict lockdown measures implemented by governments around the world, the sales of the industry were negatively impacted.
• Energy storage project development were delayed due to supply chain disruptions, unavailability of raw materials, and lack of labor force.
• However, the global market for compressed air energy storage has already recovered in the post-pandemic.

By method, the isothermal segment contributed to the largest share of nearly half of the global compressed air energy storage market revenue, and is expected to retain its dominance by 2031. Also, the same segment would portray the fastest CAGR of 24.2% during the forecast period, as the isothermal method of compressed air energy storage (CAES) has excellent round-trip efficiency and offers double air compression compared to the adiabatic and diabatic methods.

Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/32345

In terms of storage, the traditional CAES storage segment garnered the highest share in 2021, holding more than half of the global compressed air energy storage market revenue, and is expected to retain its dominance by 2031. This is because the traditional CAES is a reliable and cost-efficient energy storage option. However, the liquid gas CAES Storage segment is projected to witness the fastest CAGR of 24.0% from 2022 to 2031. Its storage uses electricity for cooling of air.

Based on application, the energy management segment contributed to the largest share of more than half of the global compressed air energy storage market in 2021 and is expected to maintain progressive growth during the forecast period. Also, the same segment would portray the fastest CAGR of 24.1% during the forecast period. This is because compressed air energy storage facilitates robust energy management solutions with the help of sustainable energy storage system.

Procure Complete Report (220 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3KcvdxD

Based on end-use industry, the power station segment has garnered the major share in 2021, generating around three-fifths of the global compressed air energy storage market revenue and is projected to maintain its dominance by 2031. Also, the same segment would portray the fastest CAGR of 23.9% throughout the forecast period. This is because the compressed air energy storage offers huge potential for power stations by reducing the need for fossil-fuel-based energy.

By region, North America accounted for the highest share in 2021, holding more than half of the global compressed air energy storage market revenue, and is projected to rule the roost by 2031. The growth of this region is due to California's mandate of meeting 50% of the state electricity demand via renewable energy sources. The Asia-Pacific region, simultaneously, would portray the fastest CAGR of 24.9% during the forecast period. This is because, the Asia-Pacific countries namely China, South Korea, India, and Japan are constantly evaluating the feasible energy storage and energy generation sources.

• LightSail Energy
• Apex Compressed Air Energy Storage, LLC
• Ridge Energy Storage and Grid Services LP
• Hydrostor Inc.
• Siemens Energy AG
• Storelectric Limited
• ALACAES
• General Compression Ltd (GCL)
• Pacific Gas and Electric Company
• Bright Energy Storage Technologies

Solar Energy Storage Market: Global Opportunity Analysis and Industry Forecast, 2021-2031

Pumped Hydroelectric Energy Storage (PHES) Market: Global Analysis and Industry Forecast, 2021-2030

Energy Storage Systems Market: Global Opportunity Analysis and Industry Forecast, 2021–2030

Hydrogen Energy Storage Market: Global Opportunity Analysis and Forecast, 2020–2027

Thermal Energy Storage Market: Global Opportunity Analysis and Industry Forecast, 2020-2030

Carbon Capture, Utilization, and Storage (CCUS) Market): Global Analysis and Forecast, 2021-2030

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. 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.

Contact us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power

Follow Us on Blog: https://www.marketinshort.com/

Follow Us on | Facebook | LinkedIn | YouTube

SOURCE Allied Market Research