The global liquid air energy storage market is evaluated to reach a CAGR of 40.57% during the forecast period of 2023-2026
NEW YORK, April 28, 2020 /PRNewswire/ --
KEY FINDINGS
The global liquid air energy storage market is evaluated to reach a CAGR of 40.57% during the forecast period of 2023-2026. The significant factors steering market growth are low operating and capital costs, sustainable and clean energy storage with a longer lifespan, government support and technological advancements, rise in electricity consumption, and increasing focus on renewable electricity generation.
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MARKET INSIGHTS
The liquid air energy storage systems use electricity to cool down the air until it liquefies.The liquid air is converted to a gas, which is then used to turn a turbine and generate electricity.
The market is primarily driven due to its low capital and operating costs. The liquid air energy storage is a high-end cold store technology that uses a low-pressure device, a cost effective and largely available material, granite shingle, and a discharge device comprising of a standard gearbox, all of which reduces overall maintenance cost, and offers a longer lifespan.
The costs associated with LAES systems is one of the major factors hindering the market growth.Huge initial capital investment is needed for power plants and IPPs.
The power utilities are reluctant to upgrade their power plants with liquid air energy storage systems because of the high costs involved. 5-15 MW capacity segment captured the largest revenue share in 2019. The companies are trying to increase the efficiency of their products and services through collaborations and partnerships.
REGIONAL INSIGHTS
The global liquid air energy storage systems market is analyzed regionally through the regions of North America, Europe, Asia Pacific, and the Rest of the World.As of 2019, Europe holds the largest market share in terms of revenue and is estimated to be consistent with the trend until the end of the forecast period.
This is attributed to the presence of renewable installations in Europe.
COMPETITIVE INSIGHTS
The intensity of competition is estimated to be high, with the companies trying to increase their market share in the global market. Some of the well-established companies functioning in the market are Highview Power, Messer Group GmbH, Custom Metalcraft, Inc, Linde Kryotechnik, Mitsubishi Hitachi Power Systems Ltd, etc.
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• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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Companies mentioned
1. HIGHVIEW POWER
2. CUSTOM METALCRAFT INC
3. BAKER HUGHES COMPANY (FORMERLY, BAKER HUGHES, A GE CO LLC)
4. HEATRIC (DIVISION OF MEGGITT (UK) LIMITED)
5. LINDE KRYOTECHNIK AG
6. MESSER GROUP GMBH
7. MITSUBISHI HITACHI POWER SYSTEMS LTD (MHPS)
8. VIRIDOR LIMITED
9. MAN ENERGY SOLUTIONS SE
10. KEUKA ENERGY LLC
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