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. 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.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.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 The compressed air energy storage (CAES) 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. The CAES is more effiicient, cost effective, and low maintenance compared to the other energy storage technologies. The growing depedency on renewable energy sources to increase investment in CAES drives the market growth over the forecast period. However, high initial cost restraints the market growth.
MARKET SCOPE
The "Global Compressed Air Energy Storage Market Analysis to 2028" is a specialized and in-depth study of the energy storage with a special focus on the global market trend analysis. The report aims to provide an overview of the compressed air energy storage market with detailed market segmentation by type, application and geography. The report provides key statistics on the market status of the leading compressed air energy storage market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
-On the basis of type the market is segmented into adiabatic, diabatic, and isothermal
-On the basis application, the market is segmented as power station, distributed energy system, and automotive power
MARKET DYNAMICS
Drivers
-Growing depedency on renewable energy sources to increase investment in CAES drives the market growth
-The associated advantages of CAES propels the market growth
Restraints
-High initial cost restraints the market growth
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). The compressed air energy storage market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the compressed air energy storage market in these regions.
IMPACT OF COVID-19 ON COMPRESSED AIR ENERGY STORAGE MARKET
The outbreak of the COVID-19 has severely impacted the energy and power industries, which resulted a decline in market growth in the year 2020. The outbreak of the pandemic led to demand-supply gap, shutdown of several manufacturing industries across the globe, which in turn, caused disruptions in raw material procurement and further led to price volatility. The withdrawal of upcoming investments and hold on for ongoing projects in renewable energy sources has directly influenced the market growth. However, the global situation is getting recoverd at a slow & steady pace which is anticipated to increase in coming years. Furthermore, the key players engaged in the market are also focusing on investment in compressed air energy storage which is further strengthening the market growth during the pandemic recovery period. The increase in energy demand owing to rise in population, supportive government initiatives encourageing deployment of advanced stora technologies, and growing awareness among consumers leds adoption of renewable energy across the globe are some of the key factors anticipated to boost the demand for the compressed air energy storage market in the projected period.
MARKET PLAYERS
The report covers key developments in the compressed air energy storage market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the compressed air energy storage market are anticipated to provide lucrative growth opportunities in the future with the rising demand for compressed air energy storage in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the compressed air energy storage market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-Siemens Energy
-General Compression
-Hydrostor Inc.
-Bright Energy Storage Technologies
-Pacific Gas and Electric Company
-Apex Compressed Air Energy Storage, LLC
-Ridge Energy Storage and Grid Services LP
-ALACAES
-Storelectric Ltd
-LightSail Energy
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.