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

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Allied Market Research

16 Feb, 2023, 15:35 GMT

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.

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Drivers, restraints, and opportunities:

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.
The isothermal segment to dominate in terms of revenue during the forecast period: 

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.

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The traditional CAES Storage segment to rule the roost:

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.

The energy management segment to dominate the market during the forecast period:

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.

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The power station segment to grab the largest revenue during the forecast period:

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.

North America region garnered the major share in 2021:

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.

Leading Market Players: 
  • 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
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