Compressed Air Energy Storage Market – Global Industry Analysis, and Forecast, 2021-2031

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Compressed Air Energy Storage Market – Global Industry Analysis, and Forecast, 2021-2031

Compressed Air Energy Storage market in China, South Korea, India, and Japan is anticipated to expand significantly in the next few years owing to the presence of favorable governmental policies and regulations that boost the usage of renewable energy in these countries

Compressed Air Energy Storage Market: Overview

Compressed air energy storage involves conversion of electrical energy into high-pressure compressed air that can be released at a later time to drive a turbine generator in order to produce electricity
Compressed Air Energy Storage (CAES) technology stores energy indefinitely by compressing air in an underground storage reservoir. It competes economically with other utility scale energy storage technologies that are needed to serve large loads.
Excess power is taken from the grid when power prices are low to store as compressed air. This compressed air is expanded to meet peak power needs or high price demands. Utilities are investing significantly in renewables and compressed air energy storage technologies.

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Key Drivers and Restraints of Compressed Air Energy Storage market

Increasingly unpredictable production of electricity from renewable sources (such as wind, solar, and ocean energy) and high levels of inflexible generation have led to challenges in meeting supply and demand for electricity for utilities. As a result, electricity system operators and electricity generators have been seeking ways to store electricity to cater to this imbalance in supply-demand for electricity.
Common forms of energy storage include battery storage, compressed air energy storage, and pumped hydro storage. In terms of energy storage, technology cost per unit of energy stored by pumped storage is at £50/kWh, while that of electrochemical storage stands at about £500/kWh. Therefore, compressed air energy storage solution is attractive as the proposed technology cost per unit of energy stored is £1-£10/kWh.
Co-location of production facilities of renewable energy and energy storage assets is a key driver of energy storage. This helps stabilize the production of electricity, and in turn, ensures provision of grid with energy during peak demand periods. In turn, this is estimated to propel the compressed air energy storage market during the forecast period.
High capital cost and lack of technological development are some of the factors that are projected to hamper the compressed air energy storage market during the forecast period.

Global Compressed Air Energy Storage Market: Segmentation

In terms of type, the global compressed air energy storage market can be divided into adiabatic, diabatic, and isothermal. The isothermal segment is expected to expand at a high CAGR during the forecast period. Isothermal storage involves heat exchangers to always keep the internal and external temperatures same. Thus, heat dissipates into the atmosphere when the air is compressed. Once the air is released to drive the turbine and produce electricity, heat is brought in from the external environment. Hence, isothermal storage is more efficient than the other two segments.

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Global Compressed Air Energy Storage Market: Regional Segmentation

In terms of region, the global compressed air energy storage market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
The market in Asia Pacific is estimated to expand at a significantly higher CAGR during the forecast period. The market in China, South Korea, India, and Japan is anticipated to expand significantly in the next few years owing to the presence of favorable governmental policies and regulations that boost the usage of renewable energy in these countries.
North America is anticipated to be a lucrative region of the global compressed air energy storage market in the near future. Extensive proliferation of renewable energy and integration with power grids, especially in the U.S.; and rise in investment in energy storage are estimated to propel the market in the region in the near future.
Europe is likely to be a vital region of the global compressed air energy storage market during the forecast period. High growth of renewable energy and significant increase in energy storage in Europe can be ascribed to the European Commission’s focus on strong long-term support for energy storage.

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COVID-19 Impact on Global Compressed Air Energy Storage Market

The COVID-19 pandemic has adversely affected the global compressed air energy storage industry. Manufacturers have suffered closures owing to the lockdown measures implemented by various countries to curb the spread of the disease. Disruption of the supply chain has resulted in short-term delays and hiccups for energy storage projects. Demand for renewable energy continues to rise. This is boosting the need for energy storage. Easing of lockdowns is estimated to offer opportunities for the compressed air energy storage market. The global compressed air energy storage market is projected to expand steadily in the long run.

Key Players in Market

The global compressed air energy storage market is consolidated. Prominent players operating in the global compressed air energy storage market are engaged in development of innovative products and implementation of the technology on a large scale.

Key players operating in the global compressed air energy storage market include: